That this is probably the worst idea in the history of the world or at least extremely close.  Borrowing from your 401k via a debit card?  Let’s just let this run amok over the next few years and then blame the financial institutions for being greedy and unscrupulous.  Control your urges people…you need to "save" for retirement. 

I’m all about product/service innovation and access to capital but making it easier to borrow pre-tax dollars from yourself that you have to repay with after tax dollars (plus interest) to then be taxed again when you withdraw the dough does not compute.