Who does NOT have a bank account? Why not?

[michael0360]

i dont trust banks

 

[wawaweewa]

Originally Posted by Lxj

Every year that your money is sitting in that nike box the inflation causes it to lower in value.  At least when you put it in the bank the measly 2.0% will offset the inflation.  However, if you have to pay bank fees your net value might end up being negative.

2%? 99% of savings accounts are getting .5% or less.

 

[michael0360]

i dont trust banks

 

[wawaweewa]

Originally Posted by Lxj

Every year that your money is sitting in that nike box the inflation causes it to lower in value.  At least when you put it in the bank the measly 2.0% will offset the inflation.  However, if you have to pay bank fees your net value might end up being negative.

2%? 99% of savings accounts are getting .5% or less.

 

[mez 0ne]

Originally Posted by ALDY

.

/ Thread.

Better hope ya house doesn't burn down

 

[mez 0ne]

Originally Posted by ALDY

.

/ Thread.

Better hope ya house doesn't burn down

 

[air max 87]

i have both

 

[air max 87]

i have both

 

[oo206oo]

Originally Posted by Mojodmonky1

Originally Posted by Faint Dj3

Overdraft fees. I was young and all and basically broke, but don't tell me I can only spend the amount of money I have in my account and then charge me $35 each time I overdraft. All the while im vigilantly checking my balance.

how is that being burned?  I'm pretty sure it was in the Terms of Service agreement you signed when you opened the bank account.

  

For real. While thats a pretty funny Louis CK joke, it doesnt qualify as you being "burned".
You were broke and overdrafted. And the bank charged you for it, per the agreement that you signed, allowing them to do so.

 

[oo206oo]

Originally Posted by Mojodmonky1

Originally Posted by Faint Dj3

Overdraft fees. I was young and all and basically broke, but don't tell me I can only spend the amount of money I have in my account and then charge me $35 each time I overdraft. All the while im vigilantly checking my balance.

how is that being burned?  I'm pretty sure it was in the Terms of Service agreement you signed when you opened the bank account.

  

For real. While thats a pretty funny Louis CK joke, it doesnt qualify as you being "burned".
You were broke and overdrafted. And the bank charged you for it, per the agreement that you signed, allowing them to do so.

 

[supa vegetto]

i feel him though when i was in college balling on a budget i wouldve greatly appreciated a DECLINE over 35.00.. way too many times has a 2 or 3 dollar purchase resulted in a 32 or 33 dollar purchase. you live, you learn and you grow.

 

[supa vegetto]

i feel him though when i was in college balling on a budget i wouldve greatly appreciated a DECLINE over 35.00.. way too many times has a 2 or 3 dollar purchase resulted in a 32 or 33 dollar purchase. you live, you learn and you grow.

 

[mojodmonky1]

Originally Posted by supa vegetto

i feel him though when i was in college balling on a budget i wouldve greatly appreciated a DECLINE over 35.00.. way too many times has a 2 or 3 dollar purchase resulted in a 32 or 33 dollar purchase. you live, you learn and you grow.

exactly.

ive made the same mistake when I was young dumb and in college.  At the end of the day I could only be mad at myself for not being on top of my own finances.
  

 

[mojodmonky1]

Originally Posted by supa vegetto

i feel him though when i was in college balling on a budget i wouldve greatly appreciated a DECLINE over 35.00.. way too many times has a 2 or 3 dollar purchase resulted in a 32 or 33 dollar purchase. you live, you learn and you grow.

exactly.

ive made the same mistake when I was young dumb and in college.  At the end of the day I could only be mad at myself for not being on top of my own finances.
  

 

[villansfinest]

Yeah, bank accounts generally have rules that you have to follow. Breaking those rules can be costly.


For those of you without bank accounts;

How do you pay for things? All cash?
I used a money order for something i didn't want showing up on my statement, or associated with my checks. But it wasn't very convenient.

How do you determine how much money to hold on you at any one time?

How do you accomplish high dollar transactions? Buying a house/car/etc? (I guess i'm assuming that people without bank accounts don't do those things. I suppose one could have a bank account, purchase a home and pay a mortgage, and then close all of their accounts and make payments by... money order?)

 

[villansfinest]

Yeah, bank accounts generally have rules that you have to follow. Breaking those rules can be costly.


For those of you without bank accounts;

How do you pay for things? All cash?
I used a money order for something i didn't want showing up on my statement, or associated with my checks. But it wasn't very convenient.

How do you determine how much money to hold on you at any one time?

How do you accomplish high dollar transactions? Buying a house/car/etc? (I guess i'm assuming that people without bank accounts don't do those things. I suppose one could have a bank account, purchase a home and pay a mortgage, and then close all of their accounts and make payments by... money order?)

 

[d money87]

I don't get this either. At work I deal with alot of people who don't have banks and it baffles me. Every grown adult should have a bank account

 

[d money87]

I don't get this either. At work I deal with alot of people who don't have banks and it baffles me. Every grown adult should have a bank account

 

[Arthur Shelby]

Originally Posted by air max 87

i have both

Both are needed iMO

 

[wawaweewa]

Money87 wrote:

---

I don't get this either. At work I deal with alot of people who don't have banks and it baffles me. Every grown adult should have a bank account

Why? People keep their capital in banks because it generates interest that it otherwise would not. 
What interest are those accounts generating now? 0.1%? 0.25%? 

If there was ever a time not to keep your money in a bank it is now. Last time I checked everyone still takes cash and there's the added benefit of no paper trail. 

People are just so used to it that they don't give it a second thought. 

 

[Arthur Shelby]

Originally Posted by air max 87

i have both

Both are needed iMO

 

[wawaweewa]

Money87 wrote:

---

I don't get this either. At work I deal with alot of people who don't have banks and it baffles me. Every grown adult should have a bank account

Why? People keep their capital in banks because it generates interest that it otherwise would not. 
What interest are those accounts generating now? 0.1%? 0.25%? 

If there was ever a time not to keep your money in a bank it is now. Last time I checked everyone still takes cash and there's the added benefit of no paper trail. 

People are just so used to it that they don't give it a second thought. 

 

[703 hwy]

Not having a bank account in 2011 is very confusing to me. I still don't understand why people choose checks over direct deposit in today's world. Most of the time people blame banks it's usually their fault. Been with wachovia for like 10yrs and no issues ever.

 

[703 hwy]

Not having a bank account in 2011 is very confusing to me. I still don't understand why people choose checks over direct deposit in today's world. Most of the time people blame banks it's usually their fault. Been with wachovia for like 10yrs and no issues ever.

 

[jthagreat]

Originally Posted by wawaweewa

Originally Posted by Lxj

Every year that your money is sitting in that nike box the inflation causes it to lower in value.  At least when you put it in the bank the measly 2.0% will offset the inflation.  However, if you have to pay bank fees your net value might end up being negative.

2%? 99% of savings accounts are getting .5% or less.

exactly
i bet its less than .05 too.