what's this, new speak? hiding $25,000 in the house cause you don't trust banks is NOT the same thing as being to broke to have an account...
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 ...
So now $25,000 counts as “too broke to afford a bank account.”
I smell BS.
what's this, new speak? hiding $25,000 in the house cause you don't trust banks is NOT the same thing as being to broke to have an account...
Millions of families are on the dole in the US.
The taxpayers are their bank accounts.
I seriously doubt that's why she was homeless.
Cash only means they’re also left out of the tax system. Illegals GO HOME!!
No bank account = no traceability of transactions.
100%
I remember the days when all you had to do to open a bank account was to put a small sum of money in it. Nowadays I believe they check your credit rating. Dead beats need not apply.
As for the “6¢ per check charge” I’ve never paid a charge for writing a check at my C.U., nor have I paid for the checks themselves. 45 years at the same C.U.
No garnishment from bank accounts for child support. Our child support system is broken
I misread that, the article says $6 to cash checks, not 6¢.
Again, I’ve never paid a penny to my C.U. in 45 years.
In addition to the causes mentioned, the numbers might go up in the future as more people learn that, as of Dodd-Frank, you’re not a “depositor” any more — you’re an “unsecured creditor”, subject to being Cyprus-ed at any moment.
I’ve never know of an income requirement for a checking account - alot of teenagers have them.
But - if you screw up a checking account, and abandon it with a negative balance, it becomes very difficult to get another account at any other bank.
The fee to cash a check is generally not levied to a customer of the bank. What they are referring to in this article is a non-customer walking into a bank branch and asking to cash a check.
When a bank cashes a check for a non-customer, that bank is bearing the risk that the check is fraudulent or that it will bounce. Since the check bearer doesn’t have an account, the bank has no recourse and has to eat the loss. Thus, most banks (and credit unions) charge a fee for this service.
That's because you are smart enough to use a credit union. The folks in the article walk down to whatever bank is closest (where they don't have an account) and cash their check and pay the fee. A fool and his money are soon parted.
Of course, folks who earn their money are much more likely to watch their expenses.
I’m moving to cash transactions, big time.
There is a lot wrong in this country when people who don’t earn a living can go off and have 3-6 more children and get paid by usa tax dollars to not work.
Cash only means they’re also left out of the tax system. Illegals GO HOME!!
Plenty of people are paid “under the table”. Not all are wet backs.
But MOST ARE that do that.
They collect on the dole then work the gray market making unreported income.
Then on no income they file or ten or more thousand in tax returns. A real crime in mass going on in that population.
But MOST ARE that do that.
They collect on the dole then work the gray market making unreported income.
Then on no income they file or ten or more thousand in tax returns. A real crime in mass going on in that population.
I agree. I was simply saying thay a lot of people work under the table and not all are illegals.
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