Pockit prepaid cash card

Emmia

GringoGoesToVagas said:

Emmia said:

GringoGoesToVagas said:

Emmia said:

GringoGoesToVagas said:

Emmia said:

GringoGoesToVagas said:

GringoGoesToVagas said:

PS there web site can be found  hear
https://www.pockit.com

If you look at that link on the home page; it says "Salary or Benefits paid early". How do they do this? do you get or do you need a bank account number and sort code for this? How dose an employer or indeed a person pay a visa/ master card? Dont you need a proper card machine to do all this with out the bank account and sort code numbers?

If you read the T&Cs you'll see that you need to give Pockit's  BACS details to your employer/ DWP as the account you want your money paid to.

They can offer this feature as they can "see" that your salary/benefits payment is enroute in the banking system. 

I can see in my banking app the fact my salary is enroute (but not formally credited to my account) a day, sometimes two before the payment lands.


However if your goal is not using banks, I'm not sure this really fits the criteria.

So looks like they are lying on there home page then

How are they lying? Pockit need to be confident they'll be repaid... It's not unreasonable.

I dont undrstand how it works then. what do you mean repaid?

What they're doing is extending you a short term loan against your incoming salary/wages/benefits - they also limit it to £300.

They'll slice off your advance once the payment is made.

I though they where allowing the employer to pay the wages directly onto the card

They do, but if you want money before it physically lands in your account, you are essentially taking out a short term loan with Pockit.

PRAISETHESUN

GringoGoesToVagas said:

grumpy_codger said:

GringoGoesToVagas said:

grumpy_codger said:

GringoGoesToVagas said:

...3rd was by paypoint. I selected paypoint. I was then taken to a page with a bar code that the pay point would scan and i would hand over the money. Those I doubt paypoint will hand me over a pre paid loaded "pockit card".  I emailed Pockit but sadly no reply! ...

I'm pretty it's Pockit who send you the card for £5. Then you go to Paypoint with cash and the barcode. They take your cash and load your card. 

But how do you get the card in the first place?

Through your letterbox.

So ae you saying you pay for it at the paypoint shop with the barcode they give, and then it is delivered after?

As I understand the process:

You open the Pockit account online.

You go to a paypoint, show them your barcode.

Give them your cash

Paypoint credits your Pockit account with the cash you deposited.

You log back into your Pockit account.

Order the debit card.

Wait patiently as the card gets mailed to you.

You then spend your money using the Pockit card.

GeoffTF

GringoGoesToVagas said:

grumpy_codger said:

GringoGoesToVagas said:

grumpy_codger said:

GringoGoesToVagas said:

...3rd was by paypoint. I selected paypoint. I was then taken to a page with a bar code that the pay point would scan and i would hand over the money. Those I doubt paypoint will hand me over a pre paid loaded "pockit card".  I emailed Pockit but sadly no reply! ...

I'm pretty it's Pockit who send you the card for £5. Then you go to Paypoint with cash and the barcode. They take your cash and load your card. 

But how do you get the card in the first place?

Through your letterbox.

So ae you saying you pay for it at the paypoint shop with the barcode they give, and then it is delivered after?

Yes, that is how it works. You pay money into your Pockit account at a PayPoint shop. When you have more than £5 in your account, you can pay for a debit card to be delivered to you by post. Lloyds, Halifax, Bank of Scotland and Monzo bank accounts also allow you to deposit money into your account at a PayPoint shop, but their debit cards are free.

GeoffTF

GringoGoesToVagas said:

GeoffTF said:

Pockit is an expensive bank account for people who cannot get even a Basic Bank Account with a proper bank. It does not have the protections of a normal bank account.

How expensive are they with the visa/ master card transactions as I can not find there fees listed

You will find the charges here:

https://app.pockit.com/policies/terms

Pockit is expensive, so they hide away the charges. You get the same service from proper banks, but they either do not charge you, or pay you to have an account with them.

GringoGoesToVagas

Emmia said:

GringoGoesToVagas said:

Emmia said:

GringoGoesToVagas said:

Emmia said:

GringoGoesToVagas said:

Emmia said:

GringoGoesToVagas said:

GringoGoesToVagas said:

PS there web site can be found  hear
https://www.pockit.com

If you look at that link on the home page; it says "Salary or Benefits paid early". How do they do this? do you get or do you need a bank account number and sort code for this? How dose an employer or indeed a person pay a visa/ master card? Dont you need a proper card machine to do all this with out the bank account and sort code numbers?

If you read the T&Cs you'll see that you need to give Pockit's  BACS details to your employer/ DWP as the account you want your money paid to.

They can offer this feature as they can "see" that your salary/benefits payment is enroute in the banking system. 

I can see in my banking app the fact my salary is enroute (but not formally credited to my account) a day, sometimes two before the payment lands.


However if your goal is not using banks, I'm not sure this really fits the criteria.

So looks like they are lying on there home page then

How are they lying? Pockit need to be confident they'll be repaid... It's not unreasonable.

I dont undrstand how it works then. what do you mean repaid?

What they're doing is extending you a short term loan against your incoming salary/wages/benefits - they also limit it to £300.

They'll slice off your advance once the payment is made.

I though they where allowing the employer to pay the wages directly onto the card

They do, but if you want money before it physically lands in your account, you are essentially taking out a short term loan with Pockit.

If the employer is paying directly onto the card then is there a bank and sort code number? or just a card number?

GringoGoesToVagas

PRAISETHESUN said:

GringoGoesToVagas said:

grumpy_codger said:

GringoGoesToVagas said:

grumpy_codger said:

GringoGoesToVagas said:

...3rd was by paypoint. I selected paypoint. I was then taken to a page with a bar code that the pay point would scan and i would hand over the money. Those I doubt paypoint will hand me over a pre paid loaded "pockit card".  I emailed Pockit but sadly no reply! ...

I'm pretty it's Pockit who send you the card for £5. Then you go to Paypoint with cash and the barcode. They take your cash and load your card. 

But how do you get the card in the first place?

Through your letterbox.

So ae you saying you pay for it at the paypoint shop with the barcode they give, and then it is delivered after?

You log back into your Pockit account.

Order the debit card.

Wait patiently as the card gets mailed to you.

You then spend your money using the Pockit card.

So I pay for it with bar code at paypoint counter, then i need to order the card there on after by Iogging back in, is this what you mean?

GringoGoesToVagas

GeoffTF said:

GringoGoesToVagas said:

GeoffTF said:

Pockit is an expensive bank account for people who cannot get even a Basic Bank Account with a proper bank. It does not have the protections of a normal bank account.

How expensive are they with the visa/ master card transactions as I can not find there fees listed

You will find the charges here:

https://app.pockit.com/policies/terms

Pockit is expensive, so they hide away the charges. You get the same service from proper banks, but they either do not charge you, or pay you to have an account with them.

I see it! the chart/ box  half way down the page. its to big to copy and paste or screenshot
But it dose say

Monthly Usage Fee (Pockit Everyday) for customers who opened an account on or after 00:00 on 9.11.23

Monthly £2.49
Total annual fee £29.88

So they are going to take that out of your balance weather you use the card or not? 

Lets see! I make my first top up of say £10.00. will the £2.49 come off straight away or in one months time?

I see no mention of transaction fees; I mean buying stuff in the shop or online using the card

Emmia

GringoGoesToVagas said:

Emmia said:

GringoGoesToVagas said:

Emmia said:

GringoGoesToVagas said:

Emmia said:

GringoGoesToVagas said:

Emmia said:

GringoGoesToVagas said:

GringoGoesToVagas said:

PS there web site can be found  hear
https://www.pockit.com

If you look at that link on the home page; it says "Salary or Benefits paid early". How do they do this? do you get or do you need a bank account number and sort code for this? How dose an employer or indeed a person pay a visa/ master card? Dont you need a proper card machine to do all this with out the bank account and sort code numbers?

If you read the T&Cs you'll see that you need to give Pockit's  BACS details to your employer/ DWP as the account you want your money paid to.

They can offer this feature as they can "see" that your salary/benefits payment is enroute in the banking system. 

I can see in my banking app the fact my salary is enroute (but not formally credited to my account) a day, sometimes two before the payment lands.


However if your goal is not using banks, I'm not sure this really fits the criteria.

So looks like they are lying on there home page then

How are they lying? Pockit need to be confident they'll be repaid... It's not unreasonable.

I dont undrstand how it works then. what do you mean repaid?

What they're doing is extending you a short term loan against your incoming salary/wages/benefits - they also limit it to £300.

They'll slice off your advance once the payment is made.

I though they where allowing the employer to pay the wages directly onto the card

They do, but if you want money before it physically lands in your account, you are essentially taking out a short term loan with Pockit.

If the employer is paying directly onto the card then is there a bank and sort code number? or just a card number?

Your employer/ DWP pays Pockit via a BACS transfer. You give the BACS details (account number and sort code) for your Pockit account to your employer/DWP to enable this.

Really though, using payday advances would indicate you're not in a good way financially, as you're robbing yourself from next month's paycheck - it's effectively the same as Wonga and other payday loan companies.

If you're trying to go off radar and untracked via your bank account, Pockit may not offer what you want.

GeoffTF

From Pockit's home page:

"The Pockit Card is issued by PSI-Pay Ltd pursuant to a license by Mastercard® International Inc. Funds held within the Pockit account are issued by PSI-Pay Ltd, authorised and regulated by the Financial Conduct Authority of the United Kingdom under the Electronic Money Regulations 2011 (FRN 900011) for the issuing of electronic money.

Access to payments including FPS, BACS, CHAPS and Direct Debits and associated electronic money accounts are provided by Modulr FS Limited. Pockit Limited is a distributor of Modulr FS Limited, a company Modulr FS Limited, a company registered in England and Wales with company number 09897919, which is authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573)  for the issuance of electronic money and payment services.

Whilst Electronic Money products are not covered by the Financial Services Compensation Scheme (FSCS) funds will be held in one or more segregated accounts and safeguarded in line with the Electronic Money Regulations 2011 – for more information please see UK Safeguarding Explanation.

Pockit Limited (FRN 551245) is an Authorised Representative of Jove Technology Limited (FRN 977188). Pockit Limited is permitted to assist with the administration of insurance products on behalf of Jove Technology Limited.

Pockit Limited (FRN 551245) is an Authorised Representative of Steadypay Limited (FRN 789333). Pockit Limited is permitted to assist with the administration of consumer credit products on behalf of Steadypay Limited."

Pockit provides most of the services of a bank account. It is regulated by the Financial Conduct Authority (and Pockit will have to keep records of all your transactions). It is expensive, and does not have FSCS protection for your money. It is an account for people who cannot get a proper bank account.

GringoGoesToVagas

Emmia said:

GringoGoesToVagas said:

Emmia said:

GringoGoesToVagas said:

Emmia said:

GringoGoesToVagas said:

Emmia said:

GringoGoesToVagas said:

Emmia said:

GringoGoesToVagas said:

GringoGoesToVagas said:

PS there web site can be found  hear
https://www.pockit.com

If you look at that link on the home page; it says "Salary or Benefits paid early". How do they do this? do you get or do you need a bank account number and sort code for this? How dose an employer or indeed a person pay a visa/ master card? Dont you need a proper card machine to do all this with out the bank account and sort code numbers?

If you read the T&Cs you'll see that you need to give Pockit's  BACS details to your employer/ DWP as the account you want your money paid to.

They can offer this feature as they can "see" that your salary/benefits payment is enroute in the banking system. 

I can see in my banking app the fact my salary is enroute (but not formally credited to my account) a day, sometimes two before the payment lands.


However if your goal is not using banks, I'm not sure this really fits the criteria.

So looks like they are lying on there home page then

How are they lying? Pockit need to be confident they'll be repaid... It's not unreasonable.

I dont undrstand how it works then. what do you mean repaid?

What they're doing is extending you a short term loan against your incoming salary/wages/benefits - they also limit it to £300.

They'll slice off your advance once the payment is made.

I though they where allowing the employer to pay the wages directly onto the card

They do, but if you want money before it physically lands in your account, you are essentially taking out a short term loan with Pockit.

If the employer is paying directly onto the card then is there a bank and sort code number? or just a card number?

Your employer/ DWP pays Pockit via a BACS transfer. You give the BACS details (account number and sort code) for your Pockit account to your employer/DWP to enable this.

So they do give you an account number and sort code, when and where do they do this?