I have considered not having a bank account for a little while. I know it's possible because when I went through my divorce I didn't have one for almost a year but I also know that they can be a convenience too. I recently had trouble with customer service a National Bank so if I do open another it will be with a local bank where customer service is handled on a personal level. If I don't open another bank account I will use a combination of money orders and prepaid debit cards to pay my bills. I actually was more aware of my spending when I didn't have a bank account. Even a debit card can seem like magic if you don't watch it well.
I have a couple of bank accounts but I'm still fascinated that an economy as developed and large as the US still has so many people that don't have an account. Thinking about it, it's probably the fact that the economy is so large and developed that people are able to get away with it. There are so many different options for them to earn, borrow (if needed) and save. Not everyone has to exist with the traditional capitalist model that requires an intermediary like a bank to dictate the terms. I guess if you are able to free yourself from the system, more power to you.
I have had accounts with various banks. But most of the times, they lie dormant because I use them basically for withdrawals not for deposits since I can do that elsewhere. They are suitable for withdrawing larger amounts of cash since the withdrawal fee is the same. For this reason, it is not cheap to withdraw small amounts of cash.
I have 4 accounts; a savings, 2 current (1 UK, the other Botswana) and business account. I couldn't not have a bank account. I think in as much I agree with moist people that banks rob you blind, for me they remain the safer option over keeping money in the house or about your person. Plus, if you a lot of it, you can earn some decent interest. I don't really like physically going into the bank, so I intend to do all my transactions online too.
In the past, I usually had a checking account and savings account, plus another savings or combined account at a local credit union. I don't currently have a savings account or any type of account with a credit union, but it's something I would consider again in the future. I wouldn't open an account that charges a fee to maintain the account, though. I use my PayPal account more than I use my bank account, but I would never do away with a bank account in favor of strictly some form of online account.
I am not very fiscally responsible. I have had many different bank accounts, yet somehow find myself overdrafting to make ends meet. Because of this I have a smart access bank card from PNC. It’s basically a prepaid checking account that I set up to have direct deposit for my work checks. Before using direct deposit, I only cashed my check through the bank it was made out of (Wells Fargo). They constantly hounded me about making a checking account for safety reasons (getting robbed). I miss using cash. For me it really helped managed how much money I had at all times, and eliminated the need to spend recklessly.
It's just crazy to think a lot of people in America don't have one! But I guess if you feel that strongly about banks and have a trust issue, it's understandable. -and who can blame them? My own mum had a huge amount of her retirement money disappear out of her account, which the bank REFUSED to refund a few years ago, claiming she must have stolen it out of her own account!!! I mean, just ludicrous. I don't think she's ever recovered from it, to be honest.
I actually don't have a bank account. At this stage in my life, I feel as though I don't need one. Perhaps they are good for establishing credit or something, but I've been using the joint account of my parents. I just have my paychecks deposited to their account and ask them to withdraw a specific amount of money for me if I need it. If not, I ask to borrow my mom's debit card. I've had no problems at all, but I did recently get a PayPal account and while I've been transferring the money to my parents' account, I'm considering just leaving it on my PayPal account.
I have a bank account but I have rarely used it in the past few years. Most of my finances are dealt with using Paypal and their prepaid debit card. I pay my bills in cash and I never bothered to use checks.
I have a bank account and I find it very useful. I find that whenever I have cash I almost seem to lose track of how much I actually have. With a bank account, I can keep it all in one place. I think if you do get one, though, you should definitely keep an eye on your spending. Before I go on any shopping trip or out with friends, I check my balance and try to sort out how much I am ok with spending. They're also great for online shopping or other digital things. I suggest you get one!
