Do you have a bank account? Many in U.S. don't have bank accounts.
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Maybe I'm too innocent or naive. Except some very old, old grandmas or great-grandmas, I just can't understand in this day and age, how somebody does not want to have a bank account. Unless someone who works a job to get pay with cash, and/or someone who has a hand-to-mouth lifestyle, then that person does not need to have a bank account. Most people have to have a bank account for their employers to deposit money directly to their bank accounts.
Can someone please help me to explain the difference between bank account and credit union account? What's the advantage of the latter one over the first one? Or vice versa. Thank you.
Credit unions are non profit entities and they pay no income tax on earnings …they can usually pay higher rates of interest than banks who must pay taxes ….” Since profits to stockholders aren't a part of the company vision, credit unions are free to pass surplus money on to members in the form of fewer fees, more services, lower interest on loans, and higher dividends on deposits”
But the bad thing is almost all credit union loans are cross collateralized .
What is that?
Example. Anne buys a car by taking out a loan from her credit union. The loan agreement for her car loan contains a cross-collateralization clause. Anne later opens a credit card account with her credit union and uses it to pay for some vacations. After three years, Anne pays off her car loan, but she still has a balance due on her credit card. Anne loses her job and stops making her credit card payments. The credit union can repossess her car and sell it to pay the credit card debt.
Few banks cross collateralize loans but most credit unions do
This being the case people who end up being reported to CS usually because they ran game and or fail to understand banks are not same as a check cashing business.
Despite terms being spelled out in material given when accounts are open, and or being sat down people constantly over draw their accounts. Worse they get an attitude and or try to find ways to avoid bank taking "their money" to pay over draft fees.
If it's not over drafts it is various suspect activity such as checks deposited, money withdrawn, then checks returned causing again an over draft, but with a twist. Someone getting one or two bad checks per year might be seen as unfortunate, but when you've got one, two or more per *month* something is up.
Note Chexsystems also reports bounced checks from retailers as well.
The Amish have a long history of taking care of their own members. They do not have retirement communities or nursing homes; in most cases, each family takes care of their own, and the Amish community gives assistance as needed."
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That sounds nice. I have known blood relatives who refuse to help family.
Amish live how things used to be in the old country, and for those who arrived in USA back in the day.
Maybe I'm too innocent or naive. Except some very old, old grandmas or great-grandmas, I just can't understand in this day and age, how somebody does not want to have a bank account. Unless someone who works a job to get pay with cash, and/or someone who has a hand-to-mouth lifestyle, then that person does not need to have a bank account. Most people have to have a bank account for their employers to deposit money directly to their bank accounts.
Can someone please help me to explain the difference between bank account and credit union account? What's the advantage of the latter one over the first one? Or vice versa. Thank you.
you would be surprised how many do not have bank account and get by with no bank account/
they get a paycheck,a physical check,cash it in supermarket and pay their utility bills with cash at the same place,then pay their landlord with cash,if they have to,they will buy a money order at the supermarket .
whatever cash they have left,they buy grocery and staples in the same place where they cash their paycheck.
there is no need to have a bank account,if they deposit their paycheck in the account,they may not see it for a day or two,why should they tie up their money,they need it ASAP.and the bank account has minimum balance,maximum withdrawal fee ,and pay no interest.
oh,they also have to pay to get checks printed,and mailing a check,how much is first class stamp now?
Maybe I'm too innocent or naive. Except some very old, old grandmas or great-grandmas, I just can't understand in this day and age, how somebody does not want to have a bank account. Unless someone who works a job to get pay with cash, and/or someone who has a hand-to-mouth lifestyle, then that person does not need to have a bank account. Most people have to have a bank account for their employers to deposit money directly to their bank accounts.
Can someone please help me to explain the difference between bank account and credit union account? What's the advantage of the latter one over the first one? Or vice versa. Thank you.
Mostly immigrants. Central America particularly the banks or shakedown artists. You can check (your money) in, but you can never leave. Balkans as well have similar distrust of banking institutions.
The other large group is the people who no bank will do business with. That's the demographic that uses payday loans and overdrafts their accounts regularly. If it's occasional, the banks love them as the fees are good money. Thing is once they're more than occasional, then usually they are deadbeats who don't pay the fees. Banks don't like that so they close the account. They also share deadbeat registries so remarkably quickly deadbeats can't find themselves a new bank.
You can keep fund in your paypal account and get a Paypal debit card,used it as a credit card,it gives you 1% cash rebate.
it will also send you a bank check for a small fee.
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