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OfflineNewbieS
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Registered: 07/18/04
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Company makes debit card that lets you withdraw from your 401k plan at ATMs.
    #7963207 - 02/01/08 01:42 AM (16 years, 9 hours ago)

New Debit Card Borrows Against 401k
Last Edited: Thursday, 31 Jan 2008, 7:17 PM EST
Created: Thursday, 31 Jan 2008, 6:48 PM EST



In a move that financial analysts are calling a dangerous gamble, one company is offering a debit card that lets you tap into your 401k savings.

With the threat of a recession looming, many families are looking for ways to get some quick cash to make it through these hard times.

In a move that financial analysts are calling a dangerous gamble, one company is offering a debit card that lets you tap into your 401k savings.

Borrowing against your 401k isn't a new concept, but financial planners say making that money so easily accessible through a debit card greatly increases the potential danger.  Money taken out of a 401k now could mean less money left for retirement.

The Reserve Solutions ReservePlus debit card lets employees borrow against their 401k plan by making withdrawals at ATMs, paying interest on the money withdrawn.

The director of Reserve Solutions says there are a number of advantages to the program including:

    * Young contributors are more likely to open accounts, knowing they can access the money in an emergency

    * Since people can withdraw as they need, Reserve Solutions says its clients take out 35% less than traditional 401ks


The ReservePlus debit card was first offered in 2003, but Reserve Solutions is just beginning to market it now.  Reserve Solutions claims the program has between 5,000-10,000 subscribers.





I cannot see this as ending well.  What a retarded idea!  I'm pretty shitty when it comes to money but I'd NEVER resort to taking money from my 401k!  :nonono:


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Invisiblebadchad
Mad Scientist

Registered: 03/02/05
Posts: 13,372
Re: Company makes debit card that lets you withdraw from your 401k plan at ATMs. [Re: Newbie]
    #7963567 - 02/01/08 06:13 AM (16 years, 4 hours ago)

Sounds like a great idea, until they retire.

It seems to me, a lot of people will just spend any type of money they can get their hands. They have no concept that when they borrow money, they have to pay it back. They just spend, spend, spend, until they cannot spend anymore.

This absolutely boggles my mind. I don't understand how you can get into debt, and then knowingly keep adding to it. How can someone open up a credit card bill for over 1k, and then mentally say: "Oh well, I'll just get a new card and max that out".

This card sounds like a disaster.


--------------------
...the whole experience is (and is as) a profound piece of knowledge.  It is an indellible experience; it is forever known.  I have known myself in a way I doubt I would have ever occurred except as it did.

Smith, P.  Bull. Menninger Clinic (1959) 23:20-27; p. 27.

...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely.

Osmond, H.  Annals, NY Acad Science (1957) 66:418-434; p.436


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Invisiblememes
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Registered: 01/11/05
Posts: 27,785
Loc: In a Tree
Re: Company makes debit card that lets you withdraw from your 401k plan at ATMs. [Re: badchad]
    #7964151 - 02/01/08 10:03 AM (16 years, 59 minutes ago)

lol, America saves practically nothing, and now we have cards where we can easily withdraw from those little savings we do have, heh.


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