Do You Even Have A Bank Account?

Discussion in Bank Accounts started by Cash In Hand • Sep 22, 2015.

  1. Cash In Hand

    Cash In HandMember

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    There are millions of people in America who don't have a bank account. They don't want one and have no plans to get one. They don't really care about a credit score, they pay cash for their vehicles and all other items, they may have pre-paid debit cards so they don't have to carry a lot of cash, they may have an online account like Paypal with a debit card for that........there are plenty of ways to be a working, spending consumer in America without having a bank account.

    Are you one of these people? If so, how do YOU do it?
     
  2. Krissttina Isobe

    Krissttina IsobeWell-Known Member

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    :oops:Our family has checking and savings account locally. We like our checking and savings account. I do have paypal debit card too, so I understand the ease of having the other accounts too. I like both to have for there is safety in having a checking and savings account. Maybe it's old fashioned to have a checking and savings account, but we like and use it. Guess it's up to the individual what kind of accounts they would like to get.
     
  3. karamara

    karamaraMember

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    I have a Paypal and bank account. I pretty much use my Paypal for pretty much everything, from getting paid to purchasing items you know, the usual stuff. My bank account is for what I call my 'real money'. I also have investments and trust funds that my banks manages pretty well for me.
     
  4. Theo

    TheoWell-Known Member

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    I know a few people in the US who don't have bank accounts or debit cards. My friend doesn't have one because he doesn't believe in them and also got his account closed down due to overdrafts I think. Anyhow, he gets paid by check weekly and cashes it. When he needs a debit card to pay for his top up on his phone, he asks to use someone's card.

    It's possible not to have a bank account, and my old landlady used PayPal for everything too, but if it works for people fine. However if you travel a lot, then I don't think it's practical.
     
  5. Corzhens

    CorzhensWell-Known Member

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    I have 2 bank accounts, 1 for personal that means for myself and another for official that is to hold the money that is intended for expenses. It's good to have a bank account particularly the ATM since the money is handy. Whenever I would be needing cash, I just look around and more often than not there would be an ATM in sight. But I normally use my credit card for my purchases especially the big purchases.
     
  6. Lushlala

    LushlalaWell-Known Member

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    I can see why some people would be reluctant to have a bank account. I'm currently having all manner of problems with mine, and wish I could do away with it, but over here you need one to get paid. Plus in this country I don't think they take security as seriously as they really ought to. I've heard of many horror stories involving money disappearing out of people's accounts and not getting it returned to them, including my own mum's. I'm in the middle of swapping to a different bank, but I keep wondering if I may be jumping out of the pan, straight into a raging fire!
     
  7. Denis Hard

    Denis HardWell-Known Member

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    I know a few people who don't have bank accounts. One of them in is a conspiracy theorists who doesn't want to let the banksters have his money. But he's great at starting businesses so he always has most of his money in some venture where he'll be making more money anyway. He has a safe at home where he keeps the money he intends to spend or hasn't invested yet. He's very lucky because none of his money has been stolen.

    Getting back on topic — I have 4 bank accounts but having learned something from the Greek crisis, I'll always have some cash stashed somewhere just in case . . .
     
  8. Ke Gordon

    Ke GordonWell-Known Member

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    Yes, I have two bank accounts currently, well 3 actually, but two of them really have no money in. I also have a retirement account at a bank. My roommate does not have a bank account though. He keeps all of his money on cash or a credit card. I mean what do you do if you need to get a check cashed..?I don't understand why not to have a bank account.
     
  9. AllAboutTheLincolns

    AllAboutTheLincolnsMember

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    I have one, but I've been considering just hiding my money at home and taking $50 wherever I go in order to keep from being charged incorrectly. However, certain services only take transactions through the bank, so I'll have to reconsider what I'm doing. I don't have any actual troubles with my bank, but it's that sense of paranoia that something might go wrong and that I won't be there to help. Certainly something to consider, but, since money is going digital, not something to freak out over.
     
  10. sidney

    sidneyWell-Known Member

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    I'm not from the US, but I do have a bank account and a debit card. I can't be able to withdraw my Paypal funds if I don't have a bank account, so for me then it's a must.
     
  11. Spectre456

    Spectre456Active Member

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    I don't like the idea of not having a bank account. It's so much easier to missplace or get your money stolen if you only use cash, and I'd rather not take that risk.
     
  12. missbishi

    missbishiWell-Known Member

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    I couldn't manage without a bank account. My wages are paid into it for a start - very few companies in the UK will pay you in cash or by cheque. Also, I need somewhere to transfer my PayPal earnings to. There aren't really that many places you can use PayPal and having the ability to pay with a debit card makes online shopping so much easier.
     
  13. xTinx

    xTinxWell-Known Member

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    I don't live in America but yes, I have a bank account. In fact, I have three. One for my personal savings, one for my online job and other online transactions, and one provided by the company for my bi-monthly payroll. I use all three frequently. The reason why I keep personal bank accounts is that I want to make sure my savings is secure. It's also convenient when you have lots of online transactions (and I do) and in the event you suddenly run out of money - heaven forbid.
     
  14. thenextGeek

    thenextGeekActive Member

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    I have 2 bank accounts. One I use as an emergency fund/personal fund/retirement fund while the other one is a business fund/investment fun. I'm a sucker for bank accounts and I'm planning on creating another bank account just so I can diversify my money. It's a preventive measure against the possibility of bank foreclosures since banks in my country only insures half a million pesos whenever their banks declare bankruptcy which is a fairly low amount if you're starting to gain traction on your businesses.
     
  15. cheryllei9h

    cheryllei9hNew Member

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    I have a savings and a checking account. There is nothing in my savings and only a few dollars in my checking. When I get money through paypal I transfer it there and just use my card for online things or when I go shopping. It's just convenient I guess.
     
  16. shoptodrop

    shoptodropActive Member

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    My husband has to use direct deposit at his job, they won't pay in check, so we have to have a bank account. As long as he has a job that's set up that way, we will have a bank account. Other than that, I like having cash because sometimes I'm worried the card won't work even though my funds are in there. It's happened before or the card breaks easily, etc. It's easier for me to have cash on hand, I like it a lot better. Although I do transfer the money I make from online jobs to my bank account, so that's nice to have for the time being.
     
  17. DrRipley

    DrRipleyExpert

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    I have one but I'd actually prefer not to have it if I had a choice. A lough I have to admit that it's convenient especially for getting paid, as I also have my paypal connected to it as of now and I mainly use it for transferring from Paypal to local, and afterwards I could just withdraw from an ATM which is convenient. I don't have the Paypal debit card because it's not available here. I'm going to have to make another one soon because I need a debit or credit card and as much as I dislike having to go and fill up forms I have to just so I could spend online more freely since Paypal isn't available everywhere.
     
  18. GemmaRowlands

    GemmaRowlandsActive Member

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    I have a bank account, and I really don't see how people can survive with them if I'm being honest. I use mine almost every single day, because I have my bills automatically being taken from it, and then I buy things with my card in the shop. I don't like carrying cash because it might be stolen, but at least if they take my card I can cancel it with my bank before they would be able to do anything with it.
     
  19. gmckee1985

    gmckee1985Active Member

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    I wouldnt recommend not having a bank account. Its just not financially smart. You need to be able to manage, save and invest your money. Banking allows this. I'm not a fan of the fees most banks impose these days but most of them are waved if you have direct deposit. You also need a bank account for housing and employment purposes.
     
  20. gata montes

    gata montesActive Member

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    Agreeably there are pluses and minuses to having a bank account and sometimes more of the latter than the former - the positives however far outweigh the negatives for me - as not only does it make getting paid simpler, as well as more likely - but as I live in the middle of nowhere - its not only easier to pay all my bills online via my bank a/c but more cost effective too - there is also the added bonus - that as all transactions are recorded - its way easier to monitor expenditure.
     
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