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Life without a bank .....

Crazy Horse

Crazy Horse

Well-known Member
Earlier this week on this forum, one guy responded to a thread with the comment that he didn't use any bank at all for/with his money. Now I
assume that means banks, credit unions, and other financial institutions of the same kind. How in the world would a guy do that in this day
and age? Obviously, not a lot of walkin' around money in his financial picture but seriously, just a pocket (or buried tobacco can) full of
greenbacks and you live like that?
 
It's hard to imagine anyone living like that, but I suppose some people do. They probably avoid paying any taxes that way, unless they work for someone that deducts income tax.
 
Credit union provides all banking services we need. Most free or minimum charge.

But no, I can't imagine going on a no-banking diet.
 
I've been hearing stories about our nation going cashless. No joke. Paper and coins going the way of the buggy whip by government or Federal Reserve mandate. I'm not real keen on that, not in the least, but if it happens, what then? Bank accounts still exist, but use a credit or debit card of sorts. I don't get an income tax credit/refund in the mail, it's direct deposit. I think that Social Security checks are the same as well. I'm not quite old enough to get one, but maybe someone that does can verify that government checks like Social Security are no longer paper? In any event, I have a couple of accounts...one through a large national bank, and one through a local credit union.

Mark
 
JCCWI- "Those who began receiving Social Security checks before May of 2011 have until March 1, 2013, to sign up for electronic payments, the Treasury Department announced. Those who don't sign up to have their Social Security checks direct-deposited by that date would receive their benefits through the Direct Express card program."

You do not have to hve a bank account to get Social Security payments. They will issue a debit type card to you. FYI
Poke here
 
Father in law has only ever used a bank for his mortgage. Never had any credit cards, car loan or any other loan or account. Bought a new Town Car 5 yrs ago. I was with him. Took the car for a ride, came back and said he wanted it. Salesman said he would go get credit app. FIL asked if cash didn't work any more. Guys jaw hit the floor and kinda stuttered, uh yeah. Fil reached in his coat pocket and pulled out almost $40k and layed it on the desk. Salesman didn't know what to do with it. Just stood there with a blank stare. Same thing when he bought his class a motor home about 12 years earlier. He has since passed. MIL has an account only for ssi and his pension check.
 
Ok I am going to jump in here. Believe it there are many out there in my area 1. is the guy who is shaddy (owes child support, doesn't pay taxes etc) works handyman type jobs and has no credit. We will put workers comp or welfare hero in this section. 2. The guy that can't balance a check book (wife does if he has one) so he uses cash all the time. We will put the can't handle credit card maxed out in 48 hours in this section. 3.People who just don't like banks for what ever reason and don't like plastic and so on, its there choice. With me I use two banks but the older I get I get more like person #3 I do not like people automatically charging my bank account for say a utility bill. Don't like to use credit card for small transaction due to possibility of theft (doughnut shop). Industrial places I deal with all take checks or you have account, I do that for major stuff. Last around me a bank will honor a check on them even if your are not a customer. Still have people that sell stuff or do work and will only take cash no checks. Last there used to be some exemption on Gov checks where you could still get them religious etc.
 
I have a friend who I think does that. He's been divorced and through bankruptcy. I think the cash technique is to keep others from knowing what he's got going on. He is a great guy, but it is a bit different.
 
I tried to pay for my van with cash but the dealership wouldn't take it. They would only take 9000 in cash and had to write a check for the balance. Something about going over 10K creates a bunch of paperwork.

I do allot of business with the carnival industry and those guys deal mostly in cash.
 
It's a wonder the Irs didn't visit him. That's a big red flag for the irs.Banks are required to turn people in who deposit over 10 grand or make smaller deposits to stay under the 10 grand amount.Local chevy dealer won't take large cash amounts,says it's a lot more paperwork.
 
Crazy Horse- Here is why I don't want to use banks (I know I don't really owe anyone an explanation).

20+ years ago, I bought my farm. It was just the land and no structures were on it. I financed it through a small, local savings & loan.

A few years later, the S&L was bought by a national banking company.

A few years after that, I received, in the mail a 'Notice of Foreclosure' on my farm. The banks reason was because I failed to provide "Proof of Insurance" on the house I built on the property.

I called the local branch of the bank and explained to them that I built my house and paid cash for it. The loan was for just the land. I did not need to provide them with "Proof of Insurance" on the home. I talked to each level in that branch up to the Vice president. Each one stated that they were going to continue with the Foreclosure proceedings because I refused to provide "PoI".

Getting close to the foreclosure date, I was finally able to talk to the president of the national chain. I explained to him that the loan was only for the property and he could check the deed. I built the house and paid with cash therefore, the bank had no justification for wanting "PoI" on the home. He said he would call me back.

He called back a few days later and said he read the deed and the loan was, in fact, for the land only. They had no reason to ask for "PoI" on the home.

They dropped the Foreclosure proceedings.

There it is in a nutshell....if I have to fight and fret so much to save my property from a greedy bank, when they were wrong to begin with. Why should I use their services?
 
I understand only about 7% of the money in the U.S. is in the form of "paper money" every thing else in in digital form, simply numbers on a computer screen. If script is abolished , and you do not trust your wealth to numbers on a computer screen , I would suggest you buy gold coins. Not gold shares , but actual physical gold coins. The value of gold may go up and down , but the Reserve bank cannot just print more of it, causing it's value to deflate, and it's buying power to diminish. I am not a big fan of the central banking system.
 
There is a guy on YouTube. Goes by the name donze52. He has several videos of him burying money in his back yard and around McCook NE. One video he states he has been robbed about nine times. I wonder why?
 
I have an account at several banks (checking-savings) just for pension and SS direct deposit. I do about 90% of my business with cash and no credit cards.
 
As slumlords, we get plenty of tenants who have no bank accounts. For most, it's not a matter of choice; if you bounce a few too many checks, you'll get blacklisted and you will be unable to get a bank account (particularly another checking account) anywhere. So these people pay in cash or money order, and either get paid in cash or have to use check cashing services. Seems like a miserable way to live, but if you never learn basic money management skills, that's inevitably where you'll end up.

There are certainly people who chose to deal only in cash and not use banks. I suspect most of them started out by being blacklisted and then convinced themselves they are better off without a bank account. Of course once you start down that rabbit hole there's no turning back: Folks who don't have bank accounts often don't pay taxes, let alone workers comp insurance. And of course dealing in cash makes it difficult for spouses to collect child support or for bill collectors to garnish wages.

I've had a checking account since I was seventeen. I can't imagine not having at least one bank or credit union account. For one thing, my mattress sure would be lumpy.

A while back I sold a car to a guy who paid in cash. 12 grand, mostly in twenties but some hundreds. I knew my credit union has to report any transaction of more than $10K. But I was surprised at the paperwork they had to fill out when I deposited the cash. Money laundering laws require them to report large cash transactions.

On a humorous note, I take care of the coffee station at work. 25 cents a cup on the honor system. The other day a co-worker tells me, "I don't carry cash any more. Can I use Paypal to pay for my coffee?"
 
That's the reason I have accounts at two banks. You could split the 12 thousand and put 6 thousand in each bank and no paper work no questions asked.
 
I'm about to do more business with credit unions and forget the banks in our small town. Had a bank loan for ten years and made monthly payments on it. Had eight month left to go and receive a notice from the bank saying that they were going to lower my monthly payments and extend the loan for three more years. I said no way. Why would a bank even do such a thing. I am on edge wondering what they will try next.
 
Friend who is a clerk at the post office told me that quite a few people in town
would come in around the first of every month and purchase USPS money
orders and enough stamped envelopes to pay their bills. USPS money orders
are inexpensive and easy to use.
MikeS.
 
I live on cash. Yes have checking account with debit card, only used for online perches. Use money orders for mail in bills. My savings is cash in safe deposit box. I have more cash on person than is in bank. My SS and employment are direct deposit. Since had problems in early 80s with ex and borrowing to live on I decided if cant pay cash don't need it.
 
I sold new cars for a while, cash works and it was ONE form we had to fill out. Sold a new car to a couple that acted like they were afraid of the bank or dealers and didn't want to do a lot of paperwork, they brought in a cashier's check, I had to do the cash form with them, they were upset. I told them next time just write us out a check. They were dumbfounded, couldn't believe we'd take a personal check for a new car.
 
Some of our entry level ethnic employees don't use a bank, some use Walmart like a bank. They get paid go to Walmart and cash their check, take cash, some wire money back home through Walmart, some use the cash to buy prepaid cards.
 
Unless things have changed, USPS money orders are NOT cheap. THe grocery store or Walmart are much cheaper for money orders.

(quoted from post at 04:21:24 11/26/16) Friend who is a clerk at the post office told me that quite a few people in town
would come in around the first of every month and purchase USPS money
orders and enough stamped envelopes to pay their bills. USPS money orders
are inexpensive and easy to use.
MikeS.
Click to expand...
 
I can't imagine life without a bank, at least for money storage. I went all cash for a couple of years and it can be done if you have a bank to accept your direct deposits and hold your cash. This was before debit cards. In my mind I treat debit as cash and only carry a few bucks in "walking around" money. For me the record of all transactions that I can pull up on my computer has become a great tool for tracking my spending and seeing where my money goes. I also like online bill payment. Some months the saved postage will almost cover my service charges and the money is out of my account so that I don't have to remember what cheques might be still in the mail. The account balance is the available balance.

As far as limits to cash transactions I have run up against them once when we were stuffing odd bills and change in a jar for the down payment on a car. Mrs. rolled all the change and converted it to paper. On Saturday morning when we picked up the car the salesman couldn't accept that much cash. We were fortunately near a branch of our Credit Union and had to deposit half of the down payment in her account and half in mine then we could pay the down payment in two debit transactions. Had I known we would have brought a cashiers cheque. We only brought cash because that was the actual money we saved.
 
> That's the reason I have accounts at two banks. You could split the 12 thousand and put 6 thousand in each bank and no paper work no questions asked.

Not necessarily. Banks are required to report cash transactions smaller than 10K if they are "suspicious". Since suspicious isn't clearly defined, they're likely to err on the safe side (for them).
 
I do have bank accounts though prefer to pay cash for most things. I do hate having to deposit checks then write a check for things. I have had problems in the past with being able to cash checks. It always ------ me off to have to take a check and then not be able to cash it. Was into PCA with this issue one time and the guy said something about cashing theirs. I said his were just as bad.
No I am not divorced and avoiding child support as I don't have any kids. Not dodging foreclosure nor poor credit. I have walked in and bought semi tractors with the stroke of a pen and had financial institutions wonder if I was crazy with the way I paid my bill by sending them a payment every 2 weeks instead of one each month.
Not a deadbeat either just like to do business in cash. There are no quetions if it is paid for with a paid receipt and cash written on it.
With ICC authority the government knows more about me than I want also.
 
It works where I live and they say nothing but they might if you where doing it several times a week.
 


as to the $10,000 rule..

I sell used tractors and fairly often deposit more than 10k... The bank simply asks questions to put on an electronic form and everyone is happy. Its not a big deal, just a few more questions. I did get a call from the bank HQ eventually wanting to know why the multiple cash deposits as I had tripped some kind of alarm... I simply told them what I did and they marked me down.. And life goes on... Still get the questions about what the money is far when over 10k.. I dont try to hide it and I especially dont break up the deposits as that can be a crime in itself.

Lots of "low credit" folks and lower income folks deal in cash and its just a way of life.


Selling a tractor and getting $15k in 20s and 10s is a bit scary when the stack of bills is over a "foot and half" tall even today. I dont want to be known for having money around the house, to it goes to the bank asap.

Oddly I never carry more than $50 bucks in my wallet????????
 
(quoted from post at 14:34:45 11/25/16) Earlier this week on this forum, one guy responded to a thread with the comment that he didn't use any bank at all for/with his money. Now I
assume that means banks, credit unions, and other financial institutions of the same kind. How in the world would a guy do that in this day
and age? Obviously, not a lot of walkin' around money in his financial picture but seriously, just a pocket (or buried tobacco can) full of
greenbacks and you live like that?
Click to expand...

I use banks, credit unions and credit cards to my advantage. I use a credit union for checking and a safe deposit box, When I wanted a line of credit the bank was the way to go, but closed the account when I paid off the loan. I opened a checking and savings account with Chase earlier this year because they gave me $500 free money. I requested no checks for the checking account, so it didn't cost me a thing. I added a credit card, and because I used it for $350 in purchases the first month they gave me another $150. Their Visa card is accepted at Costco for gas and diesel, so I save additional money there. I used Discover when I built my house and they paid me back over $1000 in rewards money the first year. I use a GM card occasionally and every once in a while they throw in some bonus cash towards a new GM vehicle. I write less than ten checks a year, recurring bills go on the credit cards (which are paid off each month)...and earn me extra cash back.
 
I'll agree with you on one thing. When it comes to borrowing money, (a necessary evil in some cases) I have never dealt with a bank in my life that didn't make me want to put a gun in my mouth and pull the trigger before the deal was done. My son is financing a house right now, and the paperwork, delays and BS is a freaking nightmare!
 

The first experiment for a cashless society has begun in India when Mordi announced unexpectantly that high denomination notes are now banned and anyone holding these notes had 2 weeks to exchange them for the new currency after they set up a bank account. This has created havoc and violence already. The banks have run out of new currency already.
Here's how it affects their farmers:
Indian farmers & bank
 
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