MO Purchases using OV @ WM

    Hide Wikipost
Old Nov 29, 14, 7:26 pm   -   Wikipost
Please read: This is a community-maintained wiki post containing the most important information from this thread. You may edit the Wiki once you have been on FT for 90 days and have made 90 posts.
 
Last edit by: prasha11
Wiki Link
Does not work anymore, is dead..... what is the point to report 'not working'?

As of 08/25/2014, Bancorp cards (Vanilla Visa, OneVanilla, etc.) are rarely working first try for debit transactions at Walmart. There is no apparent geographical basis. Basically, it's a crapshoot.

Do not agitate a cashier or store and lose the ability to make these transactions in the future. Multiple failed swipes or transactions will likely increase scrutiny. You do not want that. It is best to stop using these cards.



Vanilla VISA defaulting to credit
As of 5/29/2014, at most Walmart locations, all Vanilla VISA cards issued by The Bancorp Bank are automatically recognized as credit. Most Mastercard have required a workaround for some time. The MoneyCenter Express (ATM, kiosk, Kate) is not affected by this change.
Print Wikipost

Old Jun 21, 14, 1:38 am
  #1636  
 
Join Date: Sep 2011
Location: USA
Posts: 1,178
Originally Posted by carpentry4thought View Post
He could be talking about 2 days ago, and I'd recommend self-employment at any rate. Especially for MSers.

Yes, I was talking about 2 days ago...and thank you! ^
tsmith12 is offline  
Old Jun 21, 14, 1:38 am
  #1637  
 
Join Date: May 2014
Posts: 571
Originally Posted by Yossarian147 View Post
What guarantees the value on the card though? OVs and gift cards are not FDIC insured. What happens if Bancorp goes under?
I think it is insured? Though I don't know about the prepaid accounts (cards).

Last edited by carpentry4thought; Jun 21, 14 at 1:44 am
carpentry4thought is offline  
Old Jun 21, 14, 1:59 am
  #1638  
Suspended
 
Join Date: May 2012
Location: ORD
Programs: AA, UA, AS, DL, BA, F9, IHG Plat, HH Gold, CC Gold, SPG Gold, MR Silver
Posts: 1,786
Originally Posted by carpentry4thought View Post
I think it is insured? Though I don't know about the prepaid accounts (cards).
Always better to know than think. Couple minutes on google search yielded...Their GC's are NOT FDIC insured.
skibum7732 is offline  
Old Jun 21, 14, 2:03 am
  #1639  
 
Join Date: May 2014
Posts: 571
Originally Posted by skibum7732 View Post
Always better to know than think. Couple minutes on google search yielded...Their GC's are NOT FDIC insured.
Always better to post with a link. A couple of seconds more would yield that.
carpentry4thought is offline  
Old Jun 21, 14, 2:12 am
  #1640  
 
Join Date: Dec 2013
Posts: 42
Originally Posted by prasha11 View Post
What makes U conclude 'OVs and gift cards are not FDIC insured'
https://www.onevanilla.com/onevanilla/about.html
Yossarian147 is offline  
Old Jun 21, 14, 2:36 am
  #1641  
Suspended
 
Join Date: May 2012
Location: ORD
Programs: AA, UA, AS, DL, BA, F9, IHG Plat, HH Gold, CC Gold, SPG Gold, MR Silver
Posts: 1,786
Originally Posted by carpentry4thought View Post
Always better to post with a link. A couple of seconds more would yield that.
I gave you the answer, however it is better to teach one how to fish than to give a fish. I even told you how to find it, google search....the rest is up to you. I do not believe in spoonfeeding...not even babies and small children

Maybe you should just call Bancorp 10 times to get an answer, as you suggested someone do w Citi. That way you will know for sure
skibum7732 is offline  
Old Jun 21, 14, 2:52 am
  #1642  
 
Join Date: Dec 2008
Posts: 365
I share the dominant sentiment on this thread that the professionals should keep all information about manufactured spending off this thread. Personally I have many secret MS avenues that are enormously profitable, but I'm not going to share them publicly with newbies, amateurs, semi-pros and bloggers with bowties. If you're a certifiable money churner, then feel free to PM me, and I'll review your credentials.
st.exupery is offline  
Old Jun 21, 14, 2:59 am
  #1643  
 
Join Date: Aug 2013
Location: Phoenix, AZ
Programs: US/AA, UA, AS, BA, IHG, HGP
Posts: 215
I laughed, thank god for flyertalk.

Originally Posted by st.exupery View Post
I'll review your credentials.
TMKTakot is offline  
Old Jun 21, 14, 3:29 am
  #1644  
Suspended
 
Join Date: May 2012
Location: ORD
Programs: AA, UA, AS, DL, BA, F9, IHG Plat, HH Gold, CC Gold, SPG Gold, MR Silver
Posts: 1,786
Originally Posted by st.exupery View Post
I share the dominant sentiment on this thread that the professionals should keep all information about manufactured spending off this thread. Personally I have many secret MS avenues that are enormously profitable, but I'm not going to share them publicly with newbies, amateurs, semi-pros and bloggers with bowties. If you're a certifiable money churner, then feel free to PM me, and I'll review your credentials.
+103.268, I wholeheartedly agree. I am really hoping this is the start of a serious herd, or turd, thinning. I think you will find many around here who are fully certifiable, but not necessarily money churners.
skibum7732 is offline  
Old Jun 21, 14, 3:31 am
  #1645  
Suspended
 
Join Date: May 2012
Location: ORD
Programs: AA, UA, AS, DL, BA, F9, IHG Plat, HH Gold, CC Gold, SPG Gold, MR Silver
Posts: 1,786
Originally Posted by carpentry4thought View Post
Always better to post with a link. A couple of seconds more would yield that.
ie. Please spoonfeed me!
skibum7732 is offline  
Old Jun 21, 14, 4:21 am
  #1646  
 
Join Date: Feb 2012
Location: Los Angles
Posts: 2,101
Originally Posted by Yossarian147 View Post
What guarantees the value on the card though? OVs and gift cards are not FDIC insured. What happens if Bancorp goes under?

Originally Posted by Yossarian147 View Post
Bancorp is a member of FDIC, VG and OV are fixed value cards, has implied product - purchased value guaranty. MyVanilla is re-loadable (withdrawals and deposits) falls in different category, similar to bank accounts.
prasha11 is offline  
Old Jun 21, 14, 6:18 am
  #1647  
Original Member
 
Join Date: May 1998
Posts: 1,101
Originally Posted by Yossarian147 View Post
What guarantees the value on the card though? OVs and gift cards are not FDIC insured. What happens if Bancorp goes under?
It does not really matter if the cards are directly FDIC insured.

The issuer of such a card is under incredible regulatory activity, like daily physical monitoring. They have to maintain a ratio of cash to liabilities ( such as the cards) that allows them to honor all card charges with a lot left over.

If they get even close to violating those ratios, one night (literally during the night) the regulators force a transfer of the assets and liabilities to a competitor who is willing to do the purchase. The competitor is willing to do the purchase because the publicity surrounding a "default" on prepaid cards would destroy the entire industry.

I have been trying to decide whether to buy some Bancorp stock. As always, I think the market overreacted to the press release, although it already got a little jump since the bad news. My hesitation is that it is likely that there will be a large decrease in the purchases of Vanillas as a result of this WalMart liquidation issue. MSers are their lowest profit margin clients but likely effectively make up a large portion of their revenue from these cards.

The common person who these cards were designed for just does not buy several $500 cards a day. I doubt that the market will understand that any drop in the purchase of Bancorp gift cards came from MSers with no access to nearby grocery store shifting their purchases to US Bank and Metabank gift cards.
Andy2 is offline  
Old Jun 21, 14, 8:09 am
  #1648  
 
Join Date: Apr 2014
Posts: 1,270
Originally Posted by skibum7732 View Post
I gave you the answer, however it is better to teach one how to fish than to give a fish. I even told you how to find it, google search....the rest is up to you. I do not believe in spoonfeeding...not even babies and small children

Maybe you should just call Bancorp 10 times to get an answer, as you suggested someone do w Citi. That way you will know for sure
There's a difference between spoon feeding instructions and providing references to support your claims.
ZzzzX is offline  
Old Jun 21, 14, 8:15 am
  #1649  
 
Join Date: Apr 2014
Posts: 1,270
Originally Posted by Andy2 View Post
It does not really matter if the cards are directly FDIC insured.

The issuer of such a card is under incredible regulatory activity, like daily physical monitoring. They have to maintain a ratio of cash to liabilities ( such as the cards) that allows them to honor all card charges with a lot left over.

If they get even close to violating those ratios, one night (literally during the night) the regulators force a transfer of the assets and liabilities to a competitor who is willing to do the purchase. The competitor is willing to do the purchase because the publicity surrounding a "default" on prepaid cards would destroy the entire industry.

I have been trying to decide whether to buy some Bancorp stock. As always, I think the market overreacted to the press release, although it already got a little jump since the bad news. My hesitation is that it is likely that there will be a large decrease in the purchases of Vanillas as a result of this WalMart liquidation issue. MSers are their lowest profit margin clients but likely effectively make up a large portion of their revenue from these cards.

The common person who these cards were designed for just does not buy several $500 cards a day. I doubt that the market will understand that any drop in the purchase of Bancorp gift cards came from MSers with no access to nearby grocery store shifting their purchases to US Bank and Metabank gift cards.
Thank you.
ZzzzX is offline  
Old Jun 21, 14, 8:16 am
  #1650  
 
Join Date: Sep 2013
Location: Warm, sunny Florida
Posts: 251
I suspect you're right. Similar to what we're facing in the medical industry. Insurers are cutting reimbursements all around so you need to make it up with volume. Once that volume dries up though...

Originally Posted by Andy2 View Post
It does not really matter if the cards are directly FDIC insured.

The issuer of such a card is under incredible regulatory activity, like daily physical monitoring. They have to maintain a ratio of cash to liabilities ( such as the cards) that allows them to honor all card charges with a lot left over.

If they get even close to violating those ratios, one night (literally during the night) the regulators force a transfer of the assets and liabilities to a competitor who is willing to do the purchase. The competitor is willing to do the purchase because the publicity surrounding a "default" on prepaid cards would destroy the entire industry.

I have been trying to decide whether to buy some Bancorp stock. As always, I think the market overreacted to the press release, although it already got a little jump since the bad news. My hesitation is that it is likely that there will be a large decrease in the purchases of Vanillas as a result of this WalMart liquidation issue. MSers are their lowest profit margin clients but likely effectively make up a large portion of their revenue from these cards.

The common person who these cards were designed for just does not buy several $500 cards a day. I doubt that the market will understand that any drop in the purchase of Bancorp gift cards came from MSers with no access to nearby grocery store shifting their purchases to US Bank and Metabank gift cards.
nuclfusion is offline  

Thread Tools
Search this Thread
Search Engine: