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Posted by Mark Bole on January 20, 2008, 9:15 am
John A. Weeks III wrote:
>
>>
>>>> NFL pension.
>>> In the wake of the Las Vegas fiasco, I heard somewhere that his
>>> pension from the NFL is over $250k annually (unconfirmed). As the
>>> others said, this pension is creditor protected.
>> If he deposits a monthly pension check into a personal bank account,
>> does that mean the creditors can then take the money from his account?
>> Does it mean he would have to cash the check and then take all the cash
>> home with him in a briefcase in order to protect it from creditors?
>
> Yes. Or find some other way to hide the money so he can move
> it off-shore or into a protected asset before the Goldman family
> can attach it. BTW, this is a similar game to what folks on
> Welfare have to play each month. At in the two states where I
> frequent, folks who accept welfare are not allowed to have
> bank accounts, and if they have any money left at the end of
> the month, that amount is to be subtracted from the next month
> check. Now you know why they live month to month.
>
> -john-
I wonder if that applies to prepaid cards. For example, if you have a
tax refund coming, some banks offer to set up a Mastercard or Visa
account to receive the refund, you can even set up payroll direct
deposit to these cards. They are specifically marketed to the
"unbanked", those who for whatever reason do not have conventional
checking accounts. These cards can be used just like credit cards as
long as there is a balance, the primary drawback is that for cash, you
either have to use an ATM and pay related fees, or get "cash back" from
your everyday purchases.
-Mark Bole
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