Bank or no bank?

Question

me no bank

See I don't so banks cause I hav seen people get ripped off and screwed over by banks so i chose not to deal with banks and also because I do not trust anyone with my money

Answer 1

i completly understand what u r sayin cuz i dont trust no 1 with my stash/cash

Answer 2

I keep money under my mattress...(ha ha, For any one that wants to come look for my money, refer to my answer about guns in my home, in the second amendment question posted in Politics by Surfer 2966).

My belief is that banks are unreliable and unpredictable, except for short term. My advice, don't put ALL your money there.
My husband just told me something his farmer father did : put some money in a 1ft section of plastic plumbing pipe, glued each cap on the end, and buried it. Sealed, airtight. No harm in having something available in case of a "rainy" day...
In the desert (Las Vegas), we would have to be more resourceful than that!
Read about the time all the banks closed and people were screwed if the banks went belly up. (I very often say 'check history', check 'the old days" to learn about avoiding problems):

"There was one segment of business that was unusually hard hit during the Depression, the banking industry. The table below shows the number of banks each year and the number of bank suspensions. A bank suspension indicates that the bank closed during the year, but it does not mean that the bank failed. Some banks closed only temporarily. Nonetheless, the total number of banks fell by about one third during five years, either through merger, failure, or voluntary liquidation. This process was not invisible to the public. The most dramatic banking crisis in the history of the United States took place in early 1933. In one of his first acts as president, Franklin Roosevelt declared a banking holiday and, as a result, no banks were open from Monday, March 6 to Monday, March 13. "
http://www.ingrimayne.com/econ/EconomicCatastrophe/GreatDepression.html

Answer 3

If you don't like a bank you should at least keep a minimum of money in a simple checking account, say, $50-$100. That way you can always have access to a financial institute to cash checks.

Places that cash checks over a counter usually charge a very steep fee for that service and a bank will do it for free while holding a very small amount of money.

Answer 4

I understand your situation, but keeping your money under your bed actually causes it to loose it's purchasing power. If you place it in a bank for CDs, you'll get more interest than just letting it lay there in a bank account alone. Also, if you invest it into tangible assets you'll have a physical backing and its value tends to increase over time. Money tends to inflate on itself because more and more is circulated or kept. It is similar to supply and demand, the more supply of money there is available as a whole, the lower the demand and its purchasing power.

Answer 5

Sometimes use a bank, but again money hid somewhere on the premises where you live is not stupid. Maybe not $100,000, but have something available in case there is an emergency.
I knew a guy who put some in a pint canning jar, painted black, and screwed the top to a dark area of his basement ceiling. (wooden). You couldn't even see it. He always had it at hand, family members were aware of it, and a thief wouldn't have found it ever. My wife and I also have hidden some on premises, protected by "Smith&Wesson".

Answer 6

You don't collect any interest from keeping your money at home, either.

Answer 7

u r right, no one has right to screw u