A few days ago, I ordered my Google Wallet card. While I have a Nexus 4, and full access to the Google Wallet app (I’m sure to T-Mobile’s displeasure), a physical card is still a necessity as not every merchant supports PayPass, or any contactless payment system.
So why not just use my bank’s ATM card? Well, there is no no reason to not use it. However, my bank (Huntington) charges when I don’t use their ATMs. And where I live now, no retailer offers cash back on debt transactions. Therefore, if I need to pull cash out of my account, I am stuck having to use an ATM (and paying $5 or more in fees), or taking a bus to the bank, or a store to do cash back.
Google Wallet however will not charge me for ATM transactions. This will mean the while I will still get charged by the associated bank, my fees will be half since Google won’t charge me. Another advantage is that I have an easier UI in the Google Wallet app where my entry is a PIN rather than my complicated password. I need my complicated password to see my balance on my bank’s mobile app. I also have more flexibility. If I needed more funds on my account now, I can transfer from my credit card to my Google wallet. And while I will pay 2.9% transaction fee, it is something available in an emergency. With my bank, I will have to use my credit card, and then transfer from my bank to my credit card. In addition to using my credit card – I can transfer with my bank on the fly, but since I don’t have a lot of discretionary funds, this will likely not happen on an impulse.
This will mean that the Google Wallet card will be more flexible, and cheaper to use than my current bank’s ATM card. Of course, I will still have a bank account. I need something for my money to deposit into, and the bank is better for that obviously. However, after I pay all of my bills, any remaining money (with exception of a couple of dollars) will be transferred to my Google Wallet account.
Now, if only I could get my brother and his girlfriend – both of which have Google accounts to pay their portion of the phone bill through Google Wallet. If need be, I can transfer funds from Wallet to my bank account, but since my bills will be paid first, this is not likely. However, direct payments with Google Wallet will make my life easier as I will not have to deposit and transfer funds to get it to my wallet.
The cancellation of my debit card will commence as soon as I receive my wallet card, and make a successful transaction on it. When that happens, the remaining bank funds will be transferred, and I will cancel my bank’s ATM card.