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For a bank not to be able to fork out 8,000 dollars is just crazy. Doesn't sound like that bank has to many commercial accounts, I mean a few liquior stores, bars, grocery stores making deposits and they can't come up with 8,000 dollars, I'd call BS and raise holy he!!.
Yes, it's pretty convenient using a debit card. Plus my employers will only direct deposit. But I'm going back to dealing cash only for the most part. I will simply pull all funding out of the bank each payday, except enough to pay the bills I do electronically, and keep the rest in cash, gold, silver, and actual hard barter-able items.
Here is the sad part - your employers are not willing to pay you any other way than direct deposit. That implies you NEED a bank account. That implies that there will always be a NEED for a bank. I think that's just ridiculous.
OD
P.S. I bank at a credit union, non-profit, checking account is free....I used to have an account at a large US bank. One month I noticed that they took $75 out of my account (3x$25 over three months). I asked why and was told that I did not keep my account above some imaginary limit (I think it was $5K). Needless to say the next day I took my money out of the bank. The branch manager offered to refund the fee (I had my savings account there too) if I remained a client. I pretty impolitely told her that I do not do business with people who stick their hands into my pockets and that I considered what they did a legalized theft. I said that the account sits on a computer somewhere, it's not like a live person balances paper books anymore, so why the fee? She got offended but who cares...
P.S. I bank at a credit union, non-profit, checking account is free....I used to have an account at a large US bank. One month I noticed that they took $75 out of my account (3x$25 over three months). I asked why and was told that I did not keep my account above some imaginary limit (I think it was $5K). Needless to say the next day I took my money out of the bank. The branch manager offered to refund the fee (I had my savings account there too) if I remained a client. I pretty impolitely told her that I do not do business with people who stick their hands into my pockets and that I considered what they did a legalized theft. I said that the account sits on a computer somewhere, it's not like a live person balances paper books anymore, so why the fee? She got offended but who cares...
I've heard of that type of thing happening. Good for you, for telling them! I love it!
A checking account is better, probably hardly making any extra in the savings account anyway.... but even I don't keep more than 1k in my checking account... I bury my money, in the ground.
That's just wrong! Some people prefer not to have bank accounts. They should be able to hold their paycheck in their hand.
Direct deposit is cheaper than checks.
As a general rule, banks rely on daily deposits to cover withdraws.
They probably have the $8K, but they don't know if that will result in people not being able to get their $300 or whatever...
Can't have people know how little $ is 'in the bank'
wait until the feds declare a bank holiday and can you not get money out of the bank, your CC card or debit card doesnt work and you cant even buy food for your family. best to keep as much as you can afford at home with you.
if you dont think it can happen, FDR declared a bank holiday after he got elected. it can happen again, and probably will.
After Katrina, we had to prove we had money in the bank. The banks that were closed by Katrina eventually reopened and people got their money, but it was a bit of a surprise to discover that the 'bank money' didn't exist except as a computer entry.
We couldn't cash a check, or use the bank debit card. Federal credit unions cooperated with each other, so that money was accessible.
I got travelers checks from my bank only to find out that bank cashiers in other cities didn't know what travelers checks were! I do not have an ATM card and don't want one. I quickly learned to ask for bank executives so I could cash my travelers checks. By the way, I could only use them in stores after they were painstakingly examined by a manager.
My empoyer uses only direct deposit. It's cheaper, and there are no lost checks.
They also asked if it was OK to ask what I wanted it for. I didn't feel that was any of their business.
It's my money....LOL.
They may have asked that for one of two reasons:
1. To know if you need it real soon like for an emergency so they can get it for u accordingly.
2. It's a requirement for employees to ask so the bank has statistics for why people withdraw thier savings.
But if understand how banks work, money is nothing but a concept, it doesn't require banks to actually have the money that their customers savings add up to.
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