Over the past couple of years, the music and radio industry has faced its fair share of ups and downs, specifically in the black community. One story that has reverberated with many is that of a DJ who fell from grace, got entangled in substance abuse, and ended up on the streets. This narrative brings to light the struggles faced by many black radio announcers who are unemployed or even homeless. There’s a growing concern about the lack of local community connection from black radio stations, often overshadowed by national figures like Tom Joyner. While Joyner is respected for his advocacy of issues that concern the black community, his recent involvement in endorsing a prepaid card has stirred controversy due to its high fees, reminding us of the blurred lines between celebrity endorsements and exploitation.
Syndication versus Local Connection
Tom Joyner, a renowned national radio host, has been making waves not just for his radio persona but also for his endorsement of a prepaid card. While Joyner’s advocacy is appreciated, the need for a local community connection is more pertinent than ever. The debate is whether black radio, a once vital voice for the black community, has become an overly commoditized platform.
The Controversy around Prepaid Cards
Prepaid cards, often marketed to low-income groups, have come under criticism for charging excessive fees. Despite this, Joyner has lent his voice to a prepaid card, the Reach Card. The card, marketed as a tool to build self-esteem, has three disclosed fees: activation, monthly, and ATM withdrawal. However, additional charges like ATM fees and possible overdraft fees have raised eyebrows.
Consumer Advocacy and Celebrity Endorsements
Consumer advocacy groups have criticized celebrity-endorsed prepaid cards like the Kardashian Kard for its high fees. Such endorsements often lead to exploitation, with celebrities cutting ties when scrutinized. The need for financial literacy and fair banking practices is more crucial than ever, highlighting the role of radio hosts beyond just entertainment.
#MusicIndustry #RadioHosts #CommunityConnection #PrepaidCards #FinancialLiteracy
Do your research. Compared to the other “ripoff” reloadable debit cards, the ReachCard appears to have far less fees than most all others. Also, regarding ATM fees, if ANY “banked” person goes to an ATM outside of their bank, there are additional fees added on top of the bank’s fee. And one last thing, try spending your “cash” on the internet or using the convenience of “pay at the pump” and if you lose your “cash”, it’s gone….
I’ve actually HAD one of those cards and I’ve done my research. A person can save those erroneous fees and go to a bank and get a secure card and at the same time rebuild their credit. Thanks for pointing something else out. Does Tom’s card report to credit agencies? This is always a plus when one is trying to improve their credit. The BEST card in a situation like this where a person feels they have to have one of these cards is the Green Dot card. Otherwise go to a bank, where they report it, save those fees and rebuild or generate credit at the same time.
Per my research, the average fees paid on “bank” accounts per year is in the $180-200 range. Here’s one of my references:
https://news.blogs.cnn.com/2011/01/07/dollars-sense-bank-fees-rise-from-the-dead-ford-focus-goes-electric/
If a customer has 3 or 4 overdrafts on their bank account per year, that customer is exceeding the $120 stated by ReachCard. The ReachCard has no overdraft charges, since the transaction will be declined (with no decline fee), if the funds are not available. Plus, these cards are designed for people who cannot get a bank account for various reasons, so what you and I may take for granted, may not be accessible to others.
I “believe” (not sure) the ReachCard does credit building, but through the secondary services and not the primary ones.
Regarding Greendot (the industry leader), they have more fees, although all-in they are comparable.
Unfortunately for the industry, the Kardishians have put the prepaid debit industry in a negative light. We should not judge an industry (or new product) using the worst-case scenerio. Anyway, why would anyone get finanical services from a sex-tape star? 😉
By the way, I do have a Premier card (from PreCash), and I pay NOTHING. I do this by only loading with direct deposits (free) and doing non-PIN, signature based transactions only (PIN based transaction are $0.95). There is a $2.95 decline fee, which I avoid by getting my daily balance texted to me each day (at no extra charge).
WAKE UP AMERICA!!! HOW IS IT THAT A BANK CAN TAKE MY MONEY MAKE A PROFIT FROM IT AND GIVE ME NOTHING? THE ONLY WAY I CAN GET SOME MONEY IS TO INVEST THE AMOUNT THE BANK WANTS IN IT THEN I CAN GET A PERCENTAGE..NOT ONLY THAT BUT WHAT ABOUT THE MONTHLY FEES FOR THEM TO KEEP TRACK OF YOUR MONEY YOU SPEND?. OK SAY I PUT 400.00 IN THE BANK NEVER TOUCH IT FOR 5 YEARS DOES MY MONEY GET GREATER? NO BUT THE BANK WILL USE IT TO LOAN IT TO OTHERS AND MAKE A PERCENTAGE IN INTREST AND GUESS WHAT I DON’T RECEIVE A PENNY, BUT WAIT, IF I HOLD MY MONEY MY HOME AND IT’S MORE THAN 3,000.00 IT’S A CRIME? MANY PLACES IT IS I HEARD. DO YOUR RESEARCH AND LET ME KNOW!!! JUST AS WELL AS INSURANCE ON A CAR IF YOU WENT TO BUY A CAR WHY CANT YOU PAY ONE SET PRICE FOR IT AND IT’S OVER.. YOU CAN HAVE INSURANCE FOR 12 YEARS ON A CAR AND NEVER HAVE A ACCIDENT, LIKE WHO WANTS TO HAVE A ACCIDENT, AND PAY THE COST OF THE CAR ALL OVER AGAIN AND GET NOTHING BACK, THAT WAS MONEY YOUR GAVE AWAY..THINK ABOUT IT…IT YOU GOT THE MONEY TO GIVE AWAY GET A CREDIT CARD. AS FOR ME I’M ALOT BETTER HOLDING MY MONEY MYSELF, I CANT CHARGE MYSELF A OVER DRAFT OR A FEE OF ANY SORT..JUST MY THOUGHT ABOUT IT ALL…..