Posted on 04/22/2013 3:18:36 PM PDT by rightwingintelligentsia
Sabino Fuentes-Sanchez hid $25,000 all around his house because he didn't trust banks. Lasonia Christon receives her Wal-Mart salary on a pre-paid debit card. Kim James was homeless for most of the past decade in part because she had no place to save money.
There are plenty of reasons people still live all-cash lives, but the sheer number who do it might surprise you. At a time when the majority of Americans use online banking, and some even deposit checks using their cellphone cameras, roughly eight percent of America's 115 million households don’t have a checking or savings account, according to census data compiled by the FDIC.
The numbers are far higher among minorities: More than 20 percent of African-Americans and Hispanics are essentially left out of the American banking system.
Frozen in the cash-only past, they face myriad “kick-them-while-they-are-down” situations where getting money costs money. Banks typically charge $6 to cash checks. Want to secure an apartment? Fee-based money orders are the only option. Without credit cards, they must turn to triple-digit interest rate payday loans for emergencies.
(Excerpt) Read more at inplainsight.nbcnews.com ...
That's a huge reason many people avoid bank accounts. Many of the people cited in this article [minorities in particular -- but not limited to] lead incredibly chaotic lives with strings of boyfriends, ex-wives, children scattered about, arrest warrants, tax problems, etc..
Probably one of the most rational decisions they make is to conduct their affairs, such as they are, all in cash. Liberals can't stand that, though. And they can't conceive that everyone isn't just like them. No, it must be capitalistic oppression that's holding these people back and, therefore, new LAWS are called for.
Seems it used to be that you couldn’t have ‘assets’ to draw welfare.
C’mon. These people use cash for a couple of obvious reasons. First, if they do fall behind on a rental payment or other obligation, the creditor has little chance of seizing cash assets in court. Second, in order to qualify for welfare benefits, these folks need to show little or no income and assets.
I’m here in CA and all those not on drugs that do that are illegals out my way probably 99.999%.
I would LOVE research on how many false tax returns our visitors are filing?
IMO some areas like the zip 90001 on South Central Los Angeles are costing taxpayers many millions a block in theft, false claims and undeserved benefits.
I never thought we as tax payers were supposed to put up with theft of our tax dollars. What do we get out of this deal outside of dependents?
RAT voters.
Business appears to be booming on “Hardcore Pawn”.
When the banks collapse and the bail-ins begin they will get the last laugh.
Every sane person hides cash income. Doesn't matter whether they're "illegal" or not.
The underground economy has always been pretty big in America, but in the era of Baraq it’s gotten huge.
The US looks more like a S. American banana republic every day.
“No bank account = no traceability of transactions.”
Which is nice. I’d like to be able to do that these days.
Who is this imbecile? Totally clueless that he's a idiot.
Off the books tax free income, moron.
Google it!
I’m moving to cash transactions, big time.”
Our local grocery store give $.10 off a gallon of gas for every $100 you spend up to $.30/$300. Following a suggestion by one of my neighbors, I took $400 in cash, bought a pre-paid VISA card with it at this same store and so was eligible for $.30/gallon off my gas. I use the same VISA card to pay for other purchases and just keep refilling it by cash at the same grocery store.
Not only do many Walmart employees just use the debit card, many take ALL the money off the card in cash just after midnight on payday. Then there are the MANY workers who take their paychecks to Walmart or other retail stores to cash. no banks
And you can still open accounts with very small amounts of money, like $100.00.
The examples of people dealing in cash are examples of people who want to do so for their own reasons. That's their choice, and no doubt for them paying a $6.00 check cashing fee with no record of the income beats paying no fee and leaving a paper trail.
It's more likely that Sabino Fuentes-Sanchez hid $25,000 all around his house because he has no papers.
No, you have to have a photo ID and proof of a physical address.
I went through this nightmare recently because I am a full-time RV'er.
Took me 90 days working full-time to get a driver license, PO Box and bank account.
Thank you George W. Bush and the Patriot Act.
The underground economy. It can be good but usually it is used to mask less than savory behavior.
May as well get along with those who have no steady incomes. Most of us will join them before long.
Is that functionally a debit card then?
MT will not let me register a vehicle that is only driven in MT as I don't have property there though I stay as there for months at a time. What do they do with/for real homeless people?
I found an operation in Chamberlain, SD that provides mail forwarding and somehow will assist in getting a SD driver's license and plates.
If one spends 4 months in three states/yr, how does one get a state residency?
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