Getting my money back | Hacker News Reader

Getting my money back

3 pointscrazydinosaur5 comments

Fellow hackers - I wanted to get this question out there, because I hate being screwed by banks. I recently got a gift from someone - a debit card, in my name, from a well known bank. The card has $1800 on it, and I can go to any store, and buy whatever the hell I want. Except there is a catch. Given the economy, (and what I mean by that is my personal economy) I don't want to go out and spend it all. I want to withdraw it, and put it into my bank account for safe keeping. I went to my bank yesterday, and we tried to withdraw cash, to deposit it, but was told this was impossible. I called customer service for the card, and was told it was it a "no cash out" card - ie, you can't get cash out of an ATM, or withdraw any cash. Weird - it's my money, I should be able to do whatever the fuck I want, right? Plus, on top, this wonderful bank starts charging a 'monthly fee' for this great service.

So, that's why I'm coming to you guys - I was thinking of paying myself (via Square) for services worth $1800 bucks - but that would mean paying Jack Dorsey and Co. 2.75% of my hard earned cash.

Have you any other ideas on how I can turn my $1800 in to cash?

There's no way to convert it without giving a discount because the gift card is inherently less valuable than cash. One possibility is to find someone you trust who is going to make a large cash purchase and ask them to use your card instead. However, I don't see why you don't just pay your expenses with the card for a month or two and bank your normal income.

You could also buy coins from the mint and then deposit them into your account. People do this to rack up frequent flyer miles for free.

http://www.npr.org/blogs/money/2011/07/13/137795995/how-freq...

Unfortunately the US Mint has discontinued purchases with credit card since July 22, 2011.

Find a store that sells products with high value-density and does full cash refunds for unopened products, buy $1800 worth of stuff, then return it the next day and ask them to put the refund into a different account/cash?

Alternatively, if online gambling sites are legal in your area, you could sign up to one, convert your money to chips, and cash out into a normal bank account. If it's one that gives you a little extra credit for free when you join, you could place that on low-risk bets, and probably even end up with more than $1800 in the end. Just don't get hooked. ;)

... all the ideas I'm having sound like money laundering. Oh well, I guess that's what it is, really, albeit not for nefarious purposes.

You could also use the money to buy your basic necessity expenses and deposit the money coming from your other sources to another account. I am sure you have some bills to pay (rent, food, groceries, laundry etc). Pay all these with that card and deposit the money that you are supposed to spend. The banks are getting notorious for charging a "monthly fee" and it is going up. So try to look for a credit union near your place for opening an account and as soon as the money on this account vanishes just go ahead and close it. Unless you want to put more than 8k in the account to waive the monthly fees, I do not see a point to keep this account. My 2 cents.

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