Living without a bank account?

[Dianne]

Just curious guys, if any of you have tried living without a bank account. I am getting pretty fed up with outright theft by banks these days. I have been hit with over $500. in returned check charges so far this month because my bank credits my deposits when they feel like it. There is a little disclaimer on a deposit ticket saying "deposits may not be available for immediate withdrawal". We have a store and when I deposit customer checks.... the bank holds them for days without my knowledge. Of course I'm running around purchasing the materials the people paid for. I know from a business standpoint, it would be difficult to work without a bank account (if not impossible)... but from a personal level, is it possible?

[Cinderella]

oh boy....seems like you can live with out a bank account but its easier said than done....seems like the gov is really trying to do away with cash...i have a best friend who, in his 28 yrs of life, has never had a bank account...now he has thousands of dollars that he needs to put somewhere and hed like to open a bank account but he fears what question theyll ask when he deposits this large sum of money...he also has no credit no bills nothing...hes one of the few people that i kno of that lives "off the grid", kind of....anyway now he wants to get an apartment, only problem is he has no credit for when they do a credit check....then he needs a bank card or he needs some sort of credit to get a car etc....hes lived for a long time not needing these things but now he cant do anything with out these things...

[acptulsa]

You buy a lot of money orders to pay bills with, but you can get quite a lot of them for the price of one goofy fee. In Oklahoma, banks must cash checks which are drawn on that bank, whether the addressee is a customer or not. That varies from state to state. Otherwise check cashing places eat a pretty healthy percentage. Most online merchants have a 'send us a check or money order' option.

It works after a fashion. Less stressful than certain punitive, pain in the butt banks.

[Minarchy4Sale]

try a credit union. generally much friendlier and will explain their policies up front.

[Krugerrand]

oh boy....seems like you can live with out a bank account but its easier said than done....seems like the gov is really trying to do away with cash...i have a best friend who, in his 28 yrs of life, has never had a bank account...now he has thousands of dollars that he needs to put somewhere and hed like to open a bank account but he fears what question theyll ask when he deposits this large sum of money...he also has no credit no bills nothing...hes one of the few people that i kno of that lives "off the grid", kind of....anyway now he wants to get an apartment, only problem is he has no credit for when they do a credit check....then he needs a bank card or he needs some sort of credit to get a car etc....hes lived for a long time not needing these things but now he cant do anything with out these things...

To solve the apartment issue ... offer 6 months rent paid up front. That will usually quiet any need for a credit check ... unless it's a large commercial apartment complex.

[Krugerrand]

try a credit union. generally much friendlier and will explain their policies up front.

I've been exceptionally pleased with my credit union. Policies are better, service is friendlier, the rates are better.

[Sean]

I lived without a bank account for quite sometime. Paid most of my bills with cash as it is legal tender and must be accepted as currency. Cashed my paycheck at the bank that it was drawn every payday. Didn't pay any fees for this. As for banks not crediting deposits ASAP. Some banks are notorious for this such as Bank of America. They know that if they hold deposits for as long as possible they will catch a certain percentage of people for return check fees.

[disorderlyvision]

I have a bank account only to be able to use paypal, because I will not own a credit card. I do not keep much money in it. If I need to use paypal I will make a deposit. otherwise I act as my own bank. I can't pay myself interest on my savings, but I don't have to worry about a bank run either. Cash is king. Like another poster said offer to pay 6 months rent upfront for an apartment. pay cash for a car (probably get a much better deal that way too).

[Pete]

It would be great to get by without a bank account but, gosh, what a challenge bookkeeping with a business would be, and then you'd get ripped off getting checks cashed and paying to have checks made for out of town suppliers. If you could go all cash (including no credit card or check receipts) it could be made to work, but at what cost?

I'd look into a new bank if I were you. Mine makes funds available the next day, and I can check my available balance any time by phone or on the web.

[Dianne]

I saw somewhere online that there are some ATM companies where you make a deposit to your card by money order, etc. and you then use same as your bank's credit card.

Has anyone had any experience with these type companies?

[acptulsa]

I saw somewhere online that there are some ATM companies where you make a deposit to your card by money order, etc. and you then use same as your bank's credit card.

Has anyone had any experience with these type companies?

No, but they exist and around here they are available from certain local grocery store here (and probably check cashing storefronts as well). Handy for people who hate banks but work for people who love direct deposit.

And (as much as there's a difference) these are debit cards, not credit cards.

[unklejman]

I would like to add to recommending a credit union. They are run by a board of elected members by members. Everything done is for the benefit of members and not for profit.

[rockandrollsouls]

You could try prepaid visas if you want to transfer money to internet platforms.

[Dianne]

I thought credit unions were for state and federal employees. Can anyone open a credit union account?

[acptulsa]

I thought credit unions were for state and federal employees. Can anyone open a credit union account?

I do believe that, too, still varies by state. The Ninth and Tenth Amendments ain't completely dead yet!

Oklahoma used to limit membership to people who were this or that kind of employee. Not any more. Join any OK CU you like.

[ramallamamama]

It cracks me up when tellers try to sell me 2% 6mo CDs.

[Krugerrand]

I thought credit unions were for state and federal employees. Can anyone open a credit union account?

Some are affiliated by major employers, others by industry, others by place of residence.

Here's a good place to start if interested:
http://www.creditunion.coop/cu_locator/quickfind.php

[Curiousity]

We haven't had a bank account for years and we are self employed.
On the rare occasion we need a CC, we by a visa gift card or give the cash to my mom who will then let us use her card (like, maybe once a year) we have never had any issue finding a place to live, but it is much more difficult to rent an apt. Than it is to rent a home from a private homeowner. Usually an extra month deposit does the trick and the private homeowners prefer the cash payment.

If we ever open an account again, it'll be with a CU. No way will we ever go back to banks.

[Uriel999]

I'm a member of a credit union and it kicks ass.

[ChaosControl]

I belong to a local credit union. I've never been charged any fee and they perform their deposit transactions instantly. I am satisfied with their service.

Due to a lot of purchases online, including stock transactions, the complete absence of any banking-type account is unrealistic for me in the near future. Rather than letting banks take advantage of you, take advantage of them. :)

[acptulsa]

Rather than letting banks take advantage of you, take advantage of them. :)

I am with the sort of major, ugly big, influence-buying bank I most despise. I don't mind. I have been with them well over a year and have paid no charge and no interest to them in the entire time--not even a transaction fee for hitting the wrong ATM.

Not often you get a chance to take a meganational and screw it properly. :p

[anaconda]

I did it for about 4 years. You'll be buying a few money orders to pay some bills, probably. You will find yourself having to give your fingerprint and pay a fee (like $3 or $5 or something) to cash someone's check. Although my employer's bank cashed my paycheck without this. A credit card will make your "bankless" life easier also.

[Zippyjuan]

Personal checks always take a few days to clear- the bank will not let you take out any of the money until they are certain they have it in their hands (although with electronic banking the process should be able to go through much faster). Checks written on accounts from the same bank usually clear faster and there is not normally any hold on paychecks or direct deposit payroll. You should give yourself a little cushion to be sure the checks you write on the account will clear. Sounds like you are trying to cut it a little too close. If you have been hit with $500 in check fees you must do that quite a bit.

If you were to close the account and still try to get payment from your customers you will have a hard time cashing those checks or trying to get them to pay you in cash. Trying to run a business without a bank is nearly impossible. You may be able to do it on a personal level (not having your own bank account) but that will be very inconvenient too and cost you money as well. The easiest and cheapest thing would probably be to keep a bit more money in that account so that the checks you write will clear without penalty.