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Old 11-18-2013, 06:01 AM
 
Location: MID ATLANTIC
7,598 posts, read 17,618,792 times
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Quote:
Originally Posted by circa72 View Post
Yes It shows every single deposit and purchase just like a standard bank account.. The more I think about this the account even has a regular routing number.. I don't think there is a requirement as to how a person banks their own money...
I think you are fine. As long as there is as means to accumulate money for future use, can provide a balance and history, the only issue is withdrawing large funds for your down payment and closing costs. Contact customer services and tell them you need a cashier's check from that account. Find out (and and understand) the process and timing. You could be limited to a dollar amount per transaction.

I've had buyers with money in PayPal, which is recognized as a bank. See if your account is protected by FDIC. (it's already covered by MC or VISA). Different drummer, avoid those that can't work outside the box. I do believe if you have the ability to make deposits, you have an asset account.
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Old 11-18-2013, 10:00 AM
 
4,480 posts, read 7,937,629 times
Reputation: 6404
Quote:
Originally Posted by circa72 View Post
I have not had a or used a regular bank for years as I have been trying to clean my credit up and didn't want to run the chances of overdrafts etc. It has been a big convenience to use a prepaid debt card instead of a bank.. My paychecks are deposited directly onto my card every week..
Keeping all your money in one spot is kinda dangerous.

What if you loose your prepaid card? It might take a while to get a new one.
What happens if someone steals your credit card number, say at a restaurant and cleans you out. It may take weeks, or months to straighten that out. How will you pay for things?

There are plenty of free bank accounts, especially credit unions. You should really think about opening one regardless if you get this house or not.

If you have trouble with overdrafts, you shouldn't really buy a house until you can do a better job with your finances.
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Old 11-21-2013, 09:20 PM
 
Location: MID ATLANTIC
7,598 posts, read 17,618,792 times
Reputation: 8078
Quote:
Originally Posted by 399083453 View Post
Keeping all your money in one spot is kinda dangerous.

What if you loose your prepaid card? It might take a while to get a new one.
What happens if someone steals your credit card number, say at a restaurant and cleans you out. It may take weeks, or months to straighten that out. How will you pay for things?

There are plenty of free bank accounts, especially credit unions. You should really think about opening one regardless if you get this house or not.

If you have trouble with overdrafts, you shouldn't really buy a house until you can do a better job with your finances.
Not everyone can stay within someone else's lines.....we live in the USA where we (barely) still have some options over our personal lives. The OP has found his solution to live a normal life, his way, without requiring the use of checks. Why does anyone need checks in today's electronic world? He probably wouldn't be thinking about buying if he didn't have it under control.

If he loses his card, he is protected by VISA (or MC) or he can go into the bank for temporary checks....that's what I do when I run out of checks, and, I am willing to bet probably has more cash stashed than the average bear. This is not as uncommon as it sounds. In fact, we see people with savings accounts, with no checking accounts, doing just fine and paying bills from the account.

My point is, not everyone is the same, nor does everyone need to live to others expectations of they perceive as normal. You know, different drummer?
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