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As many as 28 million people in the United States are forgoing traditional financial institutions because of mistrust, cultural and language barriers or a belief that by the time all the bills are paid there will be nothing left for an account.
Many in U.S. don't have bank accounts - Yahoo! News (broken link)
Knew a guy who would cash his check at one of those check cashing places. I told him to endorse the check, then put, pay to the order of (wife's name)
I'd done thst for depositing checks to my mother's accounts for months and they never batted an eye. I suspect this is why many don't have accounts.
WASHINGTON - Grandma stuffing money under the mattress isn't the only one living outside the banking system.
As many as 28 million people in the United States are forgoing traditional financial institutions because of mistrust, cultural and language barriers or a belief that by the time all the bills are paid there will be nothing left for an account.
That can be expensive and risky. People can run up big fees to cash checks, pay bills and meet their other financial needs. Walking around with large amounts of cash can make them a target for thieves.
The bankless are estimated to earn hundreds of billions of dollars a year in income. Seeing a business opportunity, banks are trying to draw in these potential customers. So, too, are check-cashing businesses and retailers, including Wal-Mart.
Many in U.S. don't have bank accounts - Yahoo! News (broken link)
Seems strange but many have no bank account. I first heard about it in HS, when a teacher mentioned that many fellow teachers did not
In my work life I have run into many. Currency exchanges exist for paying utility bills, money orders, etc. Maybe it helps avoid wasteful spending.
I don't think the Amish people have bank accounts. My buddy in north eastern Ohio, said he goes to many auctions and watches Amish people drop many tens-of-thousands of dollars, at land auctions. Sometimes $200,000 or more. They bring cash with them.
Does anybody know who the Amish operate ? And are they required to pay any local, state or federal taxes ?
The Amish people have a lot of qualities, that I admire. They live a simple life. I just couldn't do manual labor all the time, with a beard like that. That would bug me, more than anything. Also, Air-Conditioning, the Internet and warm showers, are a nice things to have.
A lot of Amish operate store front businesses so not too hard to target them for auditing. They also operate agri-tourism businesses in which they invite city slickers to go on hay rides, milk their cows, and show them how its done in colonial times.
Do you need an account to have safety deposit box? Well just if so, just keep minimum, and rest in a safety deposit box. Not sure what difference that makes except making your cash more secure if you dont trust your neighbors.
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.
The Amish sound like the Chinese. They too take care of their elderly.
I only have checking account, no interest bearing savings account.
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