Author Topic: Living without a bank  (Read 2026 times)

Offline Mr. Bill

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Living without a bank
« on: October 05, 2010, 10:37:42 AM »
Living without a bank: Fees and confusion galore

Quote
...In all, I racked up $93 in fees in a monthlong experiment of living without a bank and making a go of it on the economic fringe. That works out to $1,100 a year just to spend my own money. ...

Offline MTUCache

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Re: Living without a bank
« Reply #1 on: October 05, 2010, 09:23:11 PM »
*yawn*... not impressed by his "research".

There's people who pay that much every month in bank fees too, simply because they haven't figured out how to live with a little margin.

There are options out there for prepaid debit cards you can reload for a lot cheaper than $5, and even if you couldn't find them you could load it up for an entire month just with that single charge. As for check-cashing, same deal, you can find places who will gladly cash your check for less than that. Especially if your paycheck is drawn from a local bank. Not to mention you can pay some of your bills with cash (yes, for a small fee) without even having to worry about the prepaid card.

If it was that important to me to keep completely off the financial grid, I think it would have very little impact on my day-to-day life. Considering that if I was going to go that extreme I'd be eliminating 75% of my monthly bills anyway (going propane/firewood, well water, etc), there wouldn't really be that many transactions I'd be conducting every month that I couldn't do with cash.

I'd be focusing more on my security/safety of the cash I had at home though, that's for sure.

Offline Mr. Bill

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Re: Living without a bank
« Reply #2 on: October 05, 2010, 09:33:18 PM »
*yawn*... not impressed by his "research".

I noticed a lot of the comments below the article said something similar.  I guess the interesting bit is the ways that some businesses are set up to take advantage of the ill-informed.

Offline MTUCache

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Re: Living without a bank
« Reply #3 on: October 06, 2010, 11:42:10 AM »
I guess the interesting bit is the ways that some businesses are set up to take advantage of the ill-informed.
This is by far the more interesting way to look at the situation...

Then again, there seem to be an ever-growing number of industries and businesses who's entire reason for existence is the convenience they provide to those who can no longer think or do for themselves. From "Pay Day Loans", to convenience store check-cashers, to "Gold Buyers 'R Us", the idea of legitimate business practices has been cast to the wayside. We find ourselves in a society that pretends to value personal liberty, but increasingly depends on others to provide it to them. The only liberty being enjoyed in these situations is the lax restraint that are put on the loan sharks who run them or the immoral debt collectors they sic on their poor victims afterwards.

Solution? Either more regulation, more government, more rules, and more enforcement on these "predators" (whose prey stand in line to be taken advantage of).... or we stand by, let it happen, and hope that other people will be more responsible and learn from the mistakes of the previous "victims".