Posted on 05/28/2020 8:34:01 AM PDT by sheana
Some help here? I received 2 phone calls yesterday from friends who have children (young adults) on unemployment. They both stated that their children went and pulled all the unemployment money off their debit cards because Kudlow? said on tv that any unused money from unemployment left on the debit cards at the end of July will be pulled off and go back to the feds because the money was meant to be spent and not saved. That there were too many debit cards out there with thousands of dollars on them that apparently the people didn't need. I don't watch tv news but have looked everywhere for this and can't find it. I explained to them how this won't happen and how hard it would be to do since the cards are administered by the states but they are taking it as gospel. I think they probably misheard about people who are refusing to go back to work losing their benefits and having to pay the $ back. Anyone see any of this or have any insights? Thanks!
I think you’re absolutely right; they probably misheard or misinterpreted what was said.
Money from the debit cards can be transferred into personal accounts
Ask at any bank such as BOA which was helping customers do so yesterday
As far as I know there is no clawback.
Maybe the misinterpretation comes from the fact that the extra federal unemployment money does run out, beginning in July. After that the standard unemployment amounts apply.
I know that. But they were panicked. I said...what difference does it make if they move all the money today when the fed boost lasts until July if they don’t go back to work. And then I just shook my head because nothing I said mattered. I don’t see how the feds could do that anyway since the CARES sent the money to the states to administer. How are they gonna confiscate money from cards issued by over 50 states? They swore they heard it on the tv news.
I just shake my head at the number of idiots out there.
I don’t watch tv news but have looked everywhere for this and can’t find it.
—
Much like the Russian Hoax, it is difficult to find what does not exist.
Transferring the money to personal checking seems a lot more secure and accessible. Not every bill can be paid by a debit card.
If there is fraud on that govt debit card, how will they ever prove or get it back? Ps: I hate debit cards, do not trust, they get hacked and frauded all the time around here.
Sounds like this could a ‘teaching moment’ opportunity. When July comes and no claw-back happens, ask them why they believe everything they hear from the LSM. Then ask them if they’ve heard anything else from that source and then checked up on it. Might open their eyes.
Thank you. Since I don’t watch tv news I just wanted to check and make sure I hadn’t missed it! lol
Doubtful. Both people said they personally heard, I think it was Larry Kudlow, him say it on the news. I didn’t believe it when they told me but I did go looking to see if I could find it anywhere. About the only news I get is off FR and I didn’t see it here so.....
That’s not the reason they were pulling the cash and wasn’t why I asked the question. But thanks.
Minors are not eligible for unemployment benefits.
The Govt is right to claw back the money.
It wasn’t the kid’s $, it doesn’t matter if the govt made a mistake, the money needs to go back.
So sad. not
And the tradition of not reading rolls on. Adult children. It was right there.
Adult children.
Grown up toddlers
senior juniors.
I read children.
Let’s see: government debit card subject to the whims of some minor bureaucrat somewhere in the Department of Labor or pulling the money out and getting a stack of twenties. Even without the rumors of a clawback I’ll take the cash if there aren’t any costs associated with getting it.
Minors are not eligible for unemployment benefits.””’
IF a person under 18 has a job & is temporarily out of that job due to the virus issues-—WHY wouldn’t they get unemployment?
I graduated high school at 17 years & 183 days. I had a summer job & that was followed by a permanent full time job at Kroger Divisional Offices in Madison, Wis. I didn’t turn 18 until Nov 21 of that year.
Why would I have been denied unemployment just because I was not yet 18????
I live in MN and in our state, minors cant receive unemployment I am guessing because their parents are suppose to be “taking care of them” or supporting them.
I saw a news story of a high shcooler who received UI and now is on the hook to pay it back. Mistake or not, MN said he has to give the money back. I had a problem with medical insurance. The state made a mistake, but that didn’t matter, I had to pay it back. It sucks, I know first hand.
FUNGIBLE
It in adjective derived from the Latin verb fungi, which means "to perform" (no relation to the noun "fungus" and its plural "fungi.")
It is used to describe goods whose individual units are essentially interchangeable, and each of its parts is indistinguishable from another part.
Oil, wheat and corn are fungible as are gold bars. Money in a bank account is fungible. If you have $2400 in an account they cannot say if it is stimulus money or not. Any CPA or CFO can explain the clearly.
Based on that I'm calling BS on the rumor.
Not sure if you know this or not but unemployment money is now sent out on a bank prepaid debit card. I guess you could put more money on it but it’s pretty obvious what it is.
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