"Over 1m UK residents do not have any Bank Accounts" - Sunday Herald 22/10/6?
Yet, there are some people who do not use either of such things, they take the stance that a Cash only life is better for them.
Though I do disagree with them, I do understand their points, including it means you can't buy something unless you can afford it, or it reduces possible bank charges etc.
My question, dear reader is:
What is your view on Bank accounts? Are they good places to hold money and allow you to control your finances, or are they just some means of makiing a banking corporation rich?
Answers:
Don't have any credit/store cards. Got no loans, rent my home and have a PAYG mobile. It's called living within ones' means and results in a much MUCH better nights sleep.
Banks are a safer option to stashing it under the mattress or on top of the mantle piece in a biscuit jar, but personally, if I could find just as safe an option without lining the pockets of the Bank then I'd do it.
Banks are far safer then hiding it under the bed. Having said that it is estimated that Spaniards are hoarding 180,000,000 pesetas, which were replaced by the Euro, in the hope that the Euro will die a death.
I feel that if you have a bank account then you are alsways giving banks money, as when you pay in a check it takes anything up to 5 days for that to clear and what have they done with it in the mean time?, invested it several times over short periods in different places and made money on it, money that at times quite afew people could have done with. my other feeling is that if you dont have a bank account then you limit your lifestyle as you cant get certain services i.e some phone companys, digital t.v, and other services.
I come from a family of immigrants and it took everything I had to NOT lose it when my mom closed out her bank account before the infamous Y2K dud. She went right back to hiding it under her mattress. I think that if people feel like they can't get to their money for any reason they freak out. I can see the benefits of both having accounts and having cash on hand. It depends on how people are raised I guess.
Bank accounts contain fiat money. It is not the best way to preserve your wealth. If you deposit $1,000, the bank makes loans against your deposit for maybe as much as $9,000. The best thing to do is collect hard goods or silver/gold, oil, pork, etc and sell it depositing the money in an account only as you need to spend it. While the value of your wealth may fluctuate up an down, it will not totally disappear some day or be contolled by the whim of the private banking cartel's to print money.
http://www.freedomdomain.com/banking/the.
http://www.mecfilms.com/universe/article.
http://www.the7thfire.com/politics%20and.
http://video.google.com/videoplay?docid=.
Each to their own.
The majority who don't have an account and use only cash get paid cash in hand don't pay any tax or NI so it's in their interests not to have an account (at least in W London where I work).
Those who want to shop on internet, travel, or reduce fees on paying bills etc have bank accounts for the convenience of the extra facilities. (Utilities charge extra if you don't pay by DD and banks charge for paying bills with cash if you're not a customer).
Just cos you have a credit card doesn't mean you have to max it out!
Each to their own.
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