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I’ve gotten my money back plenty of times... Investment selling, ATM withdrawals, money transfer, etc.
Howerver if there is a bank run, then, you shouldn’t expect to get your money back all at once or in an instant as it’s been shown that your money is simply used by the bank for someone else to borrow.
I guess some people have not heard of FDIC. Its only been around for 85 years.
Each and every person I’ve ever known or heard of who practices these methods is dirt poor. Keeping your cash under a mattress isn’t going to help you if the government collapses and all hell breaks loose. You will get robbed and lose it all. Cash will also be worthless due to hyperinflation.
Well, if it’s that bad; what are you going to do with your money in a bank that’s been permanently closed & is totally defunct?
How are you going to use your plastic if there are no communications & no electricity? If the government actually “collapses” you won’t have any utilities & you can’t just dial 911. Nothing will matter but hard, tangible currency.
Well, if it’s that bad; what are you going to do with your money in a bank that’s been permanently closed & is totally defunct?
How are you going to use your plastic if there are no communications & no electricity? If the government actually “collapses” you won’t have any utilities & you can’t just dial 911. Nothing will matter but hard, tangible currency.
Money won't matter one iota. Guns and ammo will bring you all the products you'd need to survive. You'll just end up using dollar bills as firestarter.
People are unbanked for a number of reasons. They may have defaulted on a prior account in the past and in the STARS system which flags them and they won’t be able to open an unsecured bank account. They may have garnishments for unpaid child support or IRS debt and the govt can go in and take money out of the account without permission and they do not want that. They may be undocumented and feel that a bank account can make them vulnerable to immigration.
My parents and many of their friends never have bank account. Growing up I don't even know what is a credit card or debit card. I learned about it when I got my first credit card offer letter as a freshman. They pay everything in cash or money order. Nothing hard. Pay rent in cash and get rent receipt. Pay utility bills at the payment center and get the receipt and so on.
Car payment, insurance... money order.
Now all the bills are my responsibility so I put everything in auto pay.
Medicaid for long term care is different from Medicaid for low income working people. If you're looking for Medicaid to pick up a nursing home tab, you have to run yourself out of money first. For married couples, you're allowed to keep your house and ~$125K in other assets. Medicaid for low income health care mostly doesn't look at net worth. It's only looking at income.
Again, that depends on the state. In Texas no form of medicaid allows one to have more than $2K, their house, and a car. It is heavily asset dependent.
I'm not sure if this is the right subforum to ask this question. If not, can a mod move this to the correct subforum?
For example, i have watched a few documentaries or seen a few scenes where certain people would mention how they have no bank accounts and deal everything in cash. First off, how does someone like that even do things? Example such as paying rent or doing anything like that. Or even buying someone online that would require a debit card for example. Because even if you buy amazon cards, well you have to pay via debit or credit card.
Post office sells money orders.
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Also it seems like people like that have their own cars as well. How is that even possible? Do they do it under someone else's they know name? Then again, how would insurance work for something like that. I know cash is king when you can spend it on anything you want etc like food, clothes, going out etc. But obviously someone can't buy property or anything like that or invest in stocks etc. But how do these people even function is what im curious about. Like if they have to pay electricity bill, are they paying rent to someone in cash so no one knows they live there? Or they live with someone close to them and pay them rent? I always been curious about this. Also seems like certain people have nice cars as well who seem to be like this in documentaries. So how is this possible since they have no credit?
More money orders. Most utility bills you can pay at a physical store, usually a grocery or convenience store.
It's expensive and inconvenient. Cars can be bought with actual cash. When my dad sold his Jaguar the guy who bought it showed up with around $30,000 in cash, and that was in the early '90s. Made for a cool picture.
They cash their checks at stores that will cash paychecks, and they load debit cards or buy prepaid cards or get money orders to pay bills that require something other than cash.
Everything else is done in cash.
If they need anything else, they can do with those items i mentioned and never have enough left over to put in the bank.
If they get paid in cash, same thing.
If they are immigrants, they probably wire money to the family in the home countries.
That would be the only reason they'd ever need a bank, but other wire services work too.
This.
Walmart does a lot of these services. There is also an industry for "check cashing" places, prepaid debit, prepaid phones, and other things where a bank account or credit is not required.
I can't imagine living like that. My employer does direct deposit only and I receive direct deposit for my pension, late hubby's S.S., etc. I pay all my bills online. I would hate to waste time getting money orders and then either going to the merchant or having to mail the bill payments in. Ditto for driving around paying cash for utilities. I neither have the time nor the patience. But I guess a lot of people do it; it just seems very complicated to me.
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