I don't want a bank account anyway! Stuff them

[sleepyhead]

Well, so big business and their money wins - what a surprise. I for one would be very happy without a bank account as I like to work in cash only. But big business wins again on this aspect too, as I'm practically forced to have an account due to the 'big guys' stating that I must provide details of my bank account or credit/debit cards to buy necessities such as utilities, Insurance, telecommunications, etc etc or to have salary, Government benefits/Council benefits paid to me. What a world eh - what would happen if hundreds of thousands of us did away with our bank accounts and insisted that the 'big' companies and employers respect our choices not to have a bank account and not be penalised with higher charges for paying in cash as we are with eg electricity/gas.

Edited November 25, 2009 by sleepyhead
last sentence missed out.

[slackda]

hear hear....wouldn't be any bank fraud then.....they would have to actually come over from nigeria and pry the cash from my hands....

[Prangers]

i was just thinking the exact same thing. this is what im going to do.

 

as a rule i have always had all bills and DD taken from my account the day after payday. so from now on i will go into the bank the following day and empty my account. and ill do this every month, im not fussed about a poxy few pence interest i may have earnt each month so sod em.

 

the banks need our money, even in the supreme court ruling they said that effectively we lend money to the banks when we are in credit, so ill just make damn sure there is a zero balance in my account for 99% of each month.

 

the one thing that really gets my goat about this whole thing is the fact that on two previous occasions things went our way, and now the supreme court rule that the last 2 judgements were wrong.... if so what is the point in having so many differnt types of court, just simply let one court rule and be done with it, the last 2 odd years have been a total waster of time and a total **** take for the general public.

[sleepyhead]

I use a local Credit Union to put any leftover (!) money in each month, they offer far far cheaper rates on loans than banks do for their members. Worth checking out.

[fairrosamund]

Get out of banks altogether. I realise that is harder for businesses than for private individuals, but for ordinary non-business customers, why not move to a small building society (a non-bank building society) and work without borrowing. Direct debits (in and out) are still possible and they pay interest on your credit balance. I did ! I have never looked back and, by the way, I don't have anything other than my state and occupational pensions going in but I can control what comes out - and no bank charges !

[nunnyrose]

"Get out of banks altogether. I realise that is harder for businesses than for private individuals" I have run my own business for the past 10 yrs. 2 years ago I decided to go the cash only route, business was struggling partially due to high bank charges so I stopped using the business account, stopped taking card payments and only took cash. The day I made this decision my business became more profitable, the bank were no longer able to help themselves to my hard earned cash and for the first time in years I was in a position to decide where I spent MY money-

[sillygirl1]

I've just joined the Credit union at work and will be putting extra money in there - much safer and more accessible than leaving it where somebody can 'dip into it' whenever they think I owe them. I am owed money by various organisations but trying to get MY money out of THEM is a different story... however one organisation is about to get the full weight of the FSA back on their sorry tail very soon!

[nunnyrose]

You've probably seen this before but always makes me chuckle

Dear Sir:

I am writing to thank you for bouncing my check with which I endeavored to pay my plumber with last month. By my calculations, three nanoseconds must have elapsed between his presenting the check and the arrival in my account of the funds needed to honor it.

I refer, of course, to the automatic monthly deposit of my entire salary, an

arrangement which, I admit, has been in place for only eight years. You are to be commended for seizing that brief window of opportunity, and also for debiting my account $30 by way of penalty for the inconvenience caused to your bank.

My thankfulness springs from the manner in which this incident has caused me to rethink my errant financial ways. I noticed that whereas I personally attend to your telephone calls and letters, when I try to contact you, I am confronted by the impersonal, overcharging, pre-recorded, faceless entity which your bank has become.

From now on, I, like you, choose only to deal with a flesh-and-blood person. My mortgage and loan repayments will therefore and hereafter no longer be automatic, but will arrive at your bank, by check, addressed personally and confidentially to an employee at your bank whom you must nominate. Be aware that it is an offense under the Postal Act for any other person to open such an envelope. Please find attached an Application Contact Status which I require your chosen employee to complete.

I am sorry it runs to eight pages, but in order that I know as much about him or her as your bank knows about me, there is no alternative. Please note that all copies of his or her medical history must be countersigned by a Notary Public, and the mandatory details of his/her financial situation (income, debts, assets and liabilities) must be accompanied by documented proof.

In due course, I will issue your employee with a PIN number which he/she must quote in dealings with me. I regret that it cann ot be shorter than 28 digits but, again, I have modeled it on the number of button presses required of me to access my account balance on your phone bank service. As they say, imitation is the sincerest form of flattery.

Let me level the playing field even further. When you call me, press buttons as follows:

1. To make an appointment to see me

2. To query a missing payment.

3. To transfer the call to my living room in case I am there.

4. To transfer the call to my bedroom in case I am sleeping.

5. To transfer the call to my toilet in case I am attending to nature.

6. To transfer the call to my mobile phone if I am not at home

7. To leave a message on my computer, a password to access my computer is required. Password will be communicated to you at a later date to the Authorized Contact.

8. To return to the main menu and to listen to options 1 through 7.

9. To make a general complaint or inquiry. The contact will then be put on hold, pending the attention of my automated answering service.

While this may, on occasion, involve a lengthy wait, uplifting music will play for the duration of the call. Regrettably, but again following your example, I must also levy an establishment fee to cover the setting up of this new arrangement. May I wish you a happy, if ever so slightly less prosperous New Year?

Your Humble Client

[ICY]

Seen that many times, always makes me laugh though

[langtonhighway]

But how do you run your life without a bank account? Can you even pay utilities by cash? What about buying stuff on e-bay etc? I'd love to work in cash only but not sure how realistic it is, especially as they say they are going to phase out cheques - how do I pay my mortgage except by direct debit? I have 11 direct debits go out eacch month, paying all of those by cheque would be a pain and maybe even lead to them not arriving on time.

 

Are there any realistic ideas out there for running your life without (or minimal use of) a bank account?

[nunnyrose]

I pay almost everything by cash. I have a bank account that doesn't allow me to go overdrawn so if I need to buy something online I put money in the bank to cover it. I pay my mortgage either over the counter in cash or put the cash into my account and then make a transfer to the mortgage company. If somebody owed you money and the only way they could pay was cash you'd take it, same goes for the people you have to pay. I point out that I'm not refusing to pay - I just prefer to chose how I pay. I don't have a cheque book, dont want 1. Whats more of a pain, running your finances they way you want or the way the banks want?

Obviously this is realistic because I'm doing it

[ammani]

Langtonhighway join a credit union. They do several different types of accounts. And as you are a shareholder in the credit union you have a say. There are no charges, and loans are easier and much cheaper than banks. You can set up all you DD in your account. I am opening an account with my local credit union.