Transit card, or banking scam?
The contract to replace Chicago’s fare payment system was awarded to the publicly traded corporation Cubic in 2011 by the previous mayor, Richard M. Daley, for $454 million, and implemented with alacrity by the current mayor Rahm Emanuel. I’ll have much more to say about this company and its many dubious works in the next part of this series. For now, consider this. In a separate part of the project, Chicagoans are offered the following opportunity, as advertised on the back of their Ventra cards: “Go beyond transit. Call or go online to activate your Money Network® MasterCard® Prepaid Debit Account and use your Ventra Card for purchases, direct deposit, bill pay, and at ATMs.” This is how the City of Chicago intended to turn its millions of captive citizens over to the commercial banking industry: hoovering spare change from the pockets of Chicago’s marginal communities into corporate America’s overstuffed coffers.
Chicagoans who choose to turn bus cards into bank cards will be socked with hidden fees: $1.50 every time they withdraw cash using your bus-card-cum-bank-card from an ATM,$2.95 every time they add money using a personal credit card. Two dollars for every phone call with a service representative (or, oops, each “Operator Assisted Telephone Inquiry”). Two bucks for a paper copy of their account. An “account research fee” of $10 an hour.