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I always wonder * why * they don't have a bank account ?
I got one when I was in high school.....
It probably goes back to the era when banks charged 10 cents for every check they processed, plus a monthly fee to hold your money. People who have to live paycheck to paycheck preferred dealing in cash than paying the bank fees to receive and write checks.
Eventually, banks started offering "free checking", but then you had to pay to see a teller if you wanted to cash your check.
If you're someone who grew up without a checking account because of banking practices, you've probably learned to mistrust banks, and you've raised your children to feel the same way.
Quote:
Originally Posted by WannaliveinGreenville
My last employer it was direct deposit ( DD ) but it was a large corporation. I wonder if employers have to pay anything to the bank for the conveinance of you having your check DD ?
Yes.
Banks will figure out a way to make a buck off of every transaction they can squeeze one out of.
It probably goes back to the era when banks charged 10 cents for every check they processed, plus a monthly fee to hold your money. People who have to live paycheck to paycheck preferred dealing in cash than paying the bank fees to receive and write checks.
Eventually, banks started offering "free checking", but then you had to pay to see a teller if you wanted to cash your check.
If you're someone who grew up without a checking account because of banking practices, you've probably learned to mistrust banks, and you've raised your children to feel the same way. Yes.
Banks will figure out a way to make a buck off of every transaction they can squeeze one out of.
You're speaking of checking accounts ?
Not the same for a savings account and some even give you free money orders against your account.
We're two generations past those days though. Credit Unions are much more prevalent and open to the public as well..just belong to the PTA/PTO and one can join.
Maybe lack of education ? I see way too many lined up at the supermarket customer service area paying a fee to cash their checks.
Don't they realize those fees add up over time. Then they go and buy MO's and pay some more fees.
These are the last folks who can absorb paying fees to use their money.
Well, for one thing they provide insurance on your money up to $250,000 whereas there is no insurance with your money being hid in a mattress. I belong to a credit union that ends up being a lot more generous than any bank. Do you get paid under the table? I just don't understand why anyone would not deposit their money in a credit union or bank when they aren't taking your money and giving you back less. Please Explain.
I do not get paid under the table, that is the only reason I have a business account.
Some people do not have bank accounts because they either owe the bank money for overdrawing their account and have been put on a national list and can't get an account until they pay back the bank, or they are in debt and at risk of having their money garnished from the bank. Perhaps many do not know that a bank will cash their Treasury check without an account.
I do not get paid under the table, that is the only reason I have a business account.
They just don't pay enough interest to bother.
But, it is extra money you didn't have in the beginning. I guess I don't understand the concept of not doing something that will get you extra money absolutely free. Who doesn't love having their balance grow even without constant deposits?
I didn't know that some people just couldn't get accounts in the first place...
Regardless, I may just be of a different generation. The interest rates may not be high, but I sure like paying bills without needing to get cashier checks, going on vacation without needing to get travelers checks or risking having my cash stolen, and I just like not having to go anywhere to cash any checks.
People who get tax refunds are very poor at figuring their withholding. Why loan money to the government for free?
Never had a "debit card" and never intend to. Good point about the fees HappyTexan. Wonder if this is another "payback" to the banking industy?
Like your posts lifelongMOgal, but what is wrong with a debit card? I'm not talking about the one in this thread. I'm talking about debit cards in general. I use a debit card (checking account) and find it to be very convenient. Just curious, thanks.
Would you like your tax refund put on a debit card ?
Next week, the Treasury Department will offer 600,000 "unbanked" Americans a debit card that can receive direct deposits.
When I have a refund, I usually get it direct deposited in my checking account, for which I mostly use the debit card anyway. And I'm pretty sure that, while I shouldn't owe anything, I won't have a refund either because I don't have anything withheld from either the pension or the SS. I'll have my tax adviser prepare a return to be sure, but probably won't have to file it.
I'm guessing this is directed toward lower income Americans who don't have bank accounts. My understanding is that they have to pay a chunk of money to have checks cashed for them at one of those check cashing/quick loan centers. This makes complete sense for them. For anyone else, it doesn't. One of the issues in low income, urban neighborhoods (and lots of rural towns) is that they often don't have local bank branches there. If banks honor treasury checks anywhere without an account (someone said that here, I have no idea if that's true or not), it's not going to help them much if they have to travel to east Egypt to cash it. Even in small rural towns, some poor people (like seniors) are dependent on rides into a larger community, or do most of their shopping locally.
if that means getting the money faster sure why not?
edit: clicked on wrong option in poll........
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Please Explain.
