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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)
You know the only way to build trust with lenders is to have a bank account among other things but we are now finding out that many banking institutions have been selling our private information to third party entities. I've always heard theres no such thing as a free meal, maybe its about time they start charging for things like checking and bring us back to reality. Identity theft is real not free checking.
having worked as director in a banking/call center I would say Grandma wasnt stupid.
Exchange of information is being done- there are invasions of privacy happening these days; Deposting cash today some banks ask for a drivers license (I was depositing to my husbands acct) Must be the Patriot Act or something.
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.
"Self-employed Amish do not pay Social Security tax. Those employed by non-Amish employers do pay Social Security tax. The Amish do pay real estate, state and federal income taxes, county taxes, sales tax, etc.
The Amish do not collect Social Security benefits, nor would they collect unemployment or welfare funds. Self sufficiency is the Amish community's answer to government aid programs. Section 310 of the Medicare section of the Social Security act has a sub-section that permits individuals to apply for exemption from the self-employment tax if he is a member of a religious body that is conscientiously opposed to social security benefits but that makes reasonable provision of taking care of their own elderly or dependent members. 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."
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.
Too bad the rest of us have moved away from that. There is something to be said for taking care of our own. Including having many generations living under one roof.
We have several bank accounts. THANKFULLY. We've been the victim of identy thief and had we not had other accounts we would have been screwed while waiting on new debit cards, etc. Liz
We have several bank accounts. THANKFULLY. We've been the victim of identy thief and had we not had other accounts we would have been screwed while waiting on new debit cards, etc. Liz
My credit union has an instant-issue card machine. (NO waiting!!!)
That would have worked had we been in the same STATE as our banks...we weren't. We are now in the same town as two out of three of them. Liz
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