primitives still discussing banks

[franksolich]

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x2031540

Well, damn.

I can't seem to find Doug's stupid ex-wife on Skins's island, mourning the imminent death of Yugo, or any trace of the sparkling husband dude.

So this'll have to to.

GreenStormCloud (1000+ posts)        Fri Sep-30-11 05:49 PM
Original message
 
Not having any checking account at all at any bank is expensive.

In the various posts about the fee that is going to be charged for debit cards there have been numerous posters who have claimed that they will close all their accounts with banks and use just cash. That will be a hugely expensive mistake. Here are the charges you will incur to avoid a $5 monthly fee.

Check cashing fees. Without an account to deposit your check into you will have to cash your paycheck at a "check cashing service". First you will have to drive to one (time and gas)then fill out a bunch of paperwork to have an account with them, then pay an outrageous fee. The fee is so high that if you look at one of their web pages they won't tell you how much it is. Here is a hint at what rip-offs they are. All of them that I have seen also offer payday loans and car title loans.

Money orders You still have to pay bills. Unless you are going to drive to everywhere you need to pay a bill you will need to buy money orders. Usually they are about $1.00 apiece. Or you can send cash through the mail.

Postage If, like most of us, you have learned to pay bills online because it is easy, cheap, fast, certain, and excellent record keeping, then you will have to forget about that. Each bill requires a postage stamp.

It is one thing to shop around among banks for a better deal. It is another to think that you are going to somehow hurt the banks by not having an account at all.

leftstreet  (1000+ posts)        Fri Sep-30-11 05:52 PM
Response to Original message
 
1. At least those things involve paying for the labor of others. Debit cards, not so much

Lots of primitive comments about credit unions, as usual.

HereSince1628  (1000+ posts)        Fri Sep-30-11 05:54 PM
Response to Original message
 
4. Many employers 'insist' on electronic deposit

Some government help programs even require electronic deposit.

The fees do not seem to be justified by legitimate costs to provide service, but rather on the banks desire to turn a profit.

RebelOne  (1000+ posts)      Fri Sep-30-11 06:14 PM
Response to Reply #4
 
8. I am on social security and it is going to require all recipients receive their checks by direct deposit. I already have direct deposit. And when I was still working (laid off in 2010), my paychecks were direct deposited into my checking account. It was really much better, as I did not have to make a trip to the bank to deposit it. And also, the money was in my account on midnight of the pay day.

HereSince1628  (1000+ posts)        Fri Sep-30-11 06:21 PM
Response to Reply #8

9. Yes, it's great if you don't get charged an extra $5 per month just to have an account that allows you to pay a fee at each electronic transaction.

I know a Veteran's program that pays no more than 1/2 the minimum wage (not a typo) and it requires direct deposit.

A person in such a bad economic place where working for $3 an hour is a good thing, will likely end up paying extra fees for not being able to have a minimum balance required for a free checking account.

hobbit709  (1000+ posts)        Fri Sep-30-11 06:02 PM
Response to Original message
 
5. 1% is the going rate around here.

If you look at what some banks are now charging for monthly checking fees, the new debit card fee and so forth it isn't that much more. I've never had to fill out a bunch of paperwork to cash a check-only show valid ID. The same grocery store that lets me cash a check also lets you make all your utility payments at the same window.

For various reasons not everyone wants a bank account that can be tracked or seized.

i have an account at my credit union but every now and then I don't want to deposit a check there so I cash it.

The only check I ever wrote every month was to the mortgage company-they only way they would let you pay online was through ACH and I don't give ANYONE that kind of access to my account. Plus with my erratic income there was no guarantee that there would be enough money sitting there on the first of the month.

grasswire  (1000+ posts)      Fri Sep-30-11 06:13 PM
Response to Original message
 
7. there are places to cash a paycheck aside from check-cashing stores

Many many supermarkets will do it without any fee. And of course you can take it to the bank it is drafted on and just cash it outright, if you have a couple of pieces of ID.

Money orders are 75 cents at my kroger. That's not bad price to stay out of the banking system.

ArcticFox (568 posts)      Fri Sep-30-11 06:29 PM
Response to Reply #7
 
10. The bank on which a check is drafted may charge a fee for cashing

Wells Fargo, for one, charges a fee for cashing a check drawn on its account, unless you have an account with them.

I've always wondered why that isn't illegal.

safeinOhio  (1000+ posts)      Fri Sep-30-11 07:13 PM
Response to Reply #7
 
11. At the gas station I work at you can put your check on a prepaid VISA card for $3.95. Might be cheaper than banking it and checks.

[BattleHymn]

Postage If, like most of us, you have learned to pay bills online because it is easy, cheap, fast, certain, and excellent record keeping, then you will have to forget about that. Each bill requires a postage stamp.

Support your union mail carriers!  <solidarity fist>


Good grief, you DUmp primitives just fail at everything in general, don't you?  Can't keep a job, can't get a job, don't qualify for a checking account, don't have any money to put into a checking account if you had one- the list goes on.  What a pathetic existence.  Oh, and I guess it is all somebody else's fault. 

[zeitgeist]

Support your union mail carriers!  <solidarity fist>


Good grief, you DUmp primitives just fail at everything in general, don't you?  Can't keep a job, can't get a job, don't qualify for a checking account, don't have any money to put into a checking account if you had one- the list goes on.  What a pathetic existence.  Oh, and I guess it is all somebody else's fault. 

Repeat after me, "It is all the fault of Geroge Bush and Evil Jewish Banksters."

[thundley4]

What's wrong with carrying a couple of hundred bucks around to buy stuff in stores? It's easier than using debit cards all the time.

[BattleHymn]

What's wrong with carrying a couple of hundred bucks around to buy stuff in stores? It's easier than using debit cards all the time.

Well, from a DUmmie's perspective, you'd have to have $200 first.   

[zeitgeist]

What's wrong with carrying a couple of hundred bucks around to buy stuff in stores? It's easier than using debit cards all the time.

I do not now nor have I ever had a debit card but I do carry a credit card.  Cash?  Not so much anymore unless I know I will need it.  I rarely write a check.  I deal with BOA Visa paying the bill monthly. Does it require discipline?  Yes.  And m/zeit is disciplined.    

[JohnnyReb]

What's wrong with carrying a couple of hundred bucks around to buy stuff in stores? It's easier than using debit cards all the time.

Me and you thundley, me and you.

I don't care how short the line is at the cashier, it takes me forever to get checked out because the dude or dudette in front of me has credit/debit card problems.

[GCBill]

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x2031540

Well, damn.

I can't seem to find Doug's stupid ex-wife on Skins's island, mourning the imminent death of Yugo, or any trace of the sparkling husband dude.

Howard Stern (I mean Elizabeth Ferrari) has been busy retweeting up a storm

http://twitter.com/48thave

48thave Elizabeth Ferrari
@

@ggreenwald When President Bachmann orders drone strikes on San Diego, I don't want to hear a peep from these Obama cheerleaders. #sheep