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What made me think of this is the upcoming Social Security requirement for people to stop receiving paper checks; everyone will have to receive electronic deposits, and for those people without checking accounts there is some sort of special debit card (or credit card?).
I cannot imagine not having a checking account. I've had one ever since I was in college and had hardly any money to run through it and I'm now pretty ancient (67). True, I write very few paper checks anymore because of online banking. But isn't online banking via a checking account, or am I just unaware of other possibilities?
The older seniors who do not have checking accounts presumably do not have online banking either, of course. Part of my question is how do they manage? I'm having trouble imagining it.
And apart from the homeless, are there also younger people without checking accounts? Anybody out there? If so, how do you conduct your affairs?
Here in the beautiful Missouri Ozarks you will find that most white trash people do not have bank accounts. They have no concept of managing money. When they have it, they spend it like water, and the rest of the time they are borrowing $5 - $10 on a daily basis to buy lunch at McDonalds and put enough gas in their tank to get home and back the next day. So many of them have had bounced checks that it is rare to find a bank that will allow them to have an account.
I am one of those people who do not really understand how money and bank accounts work. Before meeting my husband I always dealt with cash. But I had a much simpler life then and this worked out fine for me. Now days HE handles the finances and takes care of the checking account.
If you live in a small town, you can get by on cash because you can pay your bills in person, for the most part, and those that you cannot pay in person, you can get a money order for at the grocery store.
You can be blacklisted by the banks, If you have a checking account, and it get overdrawn and you never pay the NSF fees,etc, The bank will close off your accont and ban you from opening up a new one at that bank. The bank will also report it to a clearing house, and other banks check that before they will allow you to open a account at there bank,
This happened to my daughter. I'm not excusing her from mismanaging her account, but once an overdraft occurs the NSF fees start snowballing and when she became unemployed she just was never able to pay them back. This is a little off topic; she is now (finally!) working again but does anyone know how long before a name is removed from the list? She has even been denied when trying to open a savings account.
Can you get a bank debit card on a savings account?
Usually. Keep in mind it's been FOREVER since I was in banking, but there is some regulation in place to keep savings accounts for saving, which means limited access. So as long as you aren't using it like a checking account, you can keep using your card on it.
I would think since passbooks went away and was replaced by Statement Savings, so you'd get a monthly statement on it, the fear factor of checking has gone away.
It was mainly the older people who feared not having the passbook anyway. I can remember lines of people book in hand when interest posted. All we did all day was update books -- it was like if they didn't get there the day interest posted, they lost the interest.
What made me think of this is the upcoming Social Security requirement for people to stop receiving paper checks; everyone will have to receive electronic deposits, and for those people without checking accounts there is some sort of special debit card (or credit card?).
I cannot imagine not having a checking account. I've had one ever since I was in college and had hardly any money to run through it and I'm now pretty ancient (67). True, I write very few paper checks anymore because of online banking. But isn't online banking via a checking account, or am I just unaware of other possibilities?
The older seniors who do not have checking accounts presumably do not have online banking either, of course. Part of my question is how do they manage? I'm having trouble imagining it.
And apart from the homeless, are there also younger people without checking accounts? Anybody out there? If so, how do you conduct your affairs?
how could someone cash a check written to them from a friend without a bank account? honest question. isn't it extremely difficult to cash checks now without having a bank of your own?
My next door neighbors don't have bank accounts, they don't believe in keeping money in a bank. When he works and gets a check, he cashes it at either a check cashing place or a liquor store. For his tax return, he pays a huge fee to have a check printed, then cashes it in one of those two place. They also don't have a telephone - landline or cell. The only bills that they have are the rent and gas/electric bill. They live off of her disability check, and he collects cans and bottles for a living.
This happened to my daughter. I'm not excusing her from mismanaging her account, but once an overdraft occurs the NSF fees start snowballing and when she became unemployed she just was never able to pay them back. This is a little off topic; she is now (finally!) working again but does anyone know how long before a name is removed from the list? She has even been denied when trying to open a savings account.
I have a friend that had a similar problem. The online banks with brokerages (like Schwab) approve more people than the standard banks do. I'd recommend trying that way. He was approved right away for a new checking account, and now gets better benefits than me! ATM fees are waived for everything, and there is a linked brokerage account. The only thing that is a little more annoying, is setting up "direct deposit" for accounts that don't belong to you (i.e. your family) you need to mail in actual forms. The same is true for check deposits. Otherwise it is pretty good. All of the standard benefits are included.
how could someone cash a check written to them from a friend without a bank account? honest question. isn't it extremely difficult to cash checks now without having a bank of your own?
Before I had a checking account (in high school) I cashed checks at Walmart. You could cash your payroll check as long as you spent like 3% or 5% in store -- there was no fee. Not sure if the policy is still the same, but I am sure it is close.
Before I had a checking account (in high school) I cashed checks at Walmart. You could cash your payroll check as long as you spent like 3% or 5% in store -- there was no fee. Not sure if the policy is still the same, but I am sure it is close.
what about a personal check written to you by another person? payroll checks have more options
Can you get a bank debit card on a savings account?
My credit union allows a debit card with only a savings account, but the card is different from the debit card issued for a checking account. It does not have the Visa or Mastercard logo, and I'm not sure how many vendors accept it. But it can be used for ATM transactions.
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