# Is it possible to live in the US without a bank account? **URL:** \ **Category:** Factual Questions\ **Created:** [November 3, 2023, 7:21pm UTC](https://boards.straightdope.com/t/is-it-possible-to-live-in-the-us-without-a-bank-account/992545 "2023-11-03T19:21:52Z")\ **Posts on this page:** 20\ **Page:** 4
**Author:** ![carnivorousplant](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/carnivorousplant/32/3563_2.png) [@carnivorousplant](https://boards.straightdope.com/u/carnivorousplant)\ **Post date:** [November 4, 2023, 2:51pm UTC](https://boards.straightdope.com/t/is-it-possible-to-live-in-the-us-without-a-bank-account/992545/61 "2023-11-04T14:51:12Z")
My tenant pays me in cash. Embarrassing as hell to take hundred dollar bills to the bank. They run some type of marker across them. ---
**Author:** ![LSLGuy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/lslguy/32/5813_2.png) [@LSLGuy](https://boards.straightdope.com/u/LSLGuy)\ **Post date:** [November 4, 2023, 3:03pm UTC](https://boards.straightdope.com/t/is-it-possible-to-live-in-the-us-without-a-bank-account/992545/62 "2023-11-04T15:03:49Z")
I deal in rather little cash myself, but I would never consider it embarrassing to deposit a wad of cash. If you do it regularly it just means you have a business where some customers sometimes pay you in cash. If, like me, you do it only occasionally it means sometimes somebody gives you cash, perhaps for a used household item or car you sold them, or perhaps because you played human ATM at a group dinning event, where you charged the whole meal on your card and your friends paid you their shares in cash. Embarrassment seems totally misplaced in any case. ---
**Author:** ![md-2000](https://avatars.discourse-cdn.com/v4/letter/m/9d8465/32.png) [@md-2000](https://boards.straightdope.com/u/md-2000)\ **Post date:** [November 4, 2023, 3:23pm UTC](https://boards.straightdope.com/t/is-it-possible-to-live-in-the-us-without-a-bank-account/992545/63 "2023-11-04T15:23:17Z")
One of my points was that a trust that is essentially a bank account (put money in when you have it, take money out whenever you need it) is… essentially a bank account. It’s an asset that represents liquid cash. And if it’s solely controlled by Mr. and Mrs. X then I have trouble grasping why it would not be reportable. Except perhaps… “lawyers”. ---
**Author:** ![LSLGuy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/lslguy/32/5813_2.png) [@LSLGuy](https://boards.straightdope.com/u/LSLGuy)\ **Post date:** [November 4, 2023, 3:27pm UTC](https://boards.straightdope.com/t/is-it-possible-to-live-in-the-us-without-a-bank-account/992545/64 "2023-11-04T15:27:36Z")
> [@md-2000](#): > > And if it’s solely controlled by Mr. and Mrs. X then I have trouble grasping why it would not be reportable. Except perhaps… “lawyers”. Exactly. The rules are the rules, loopholes and all. Some folks want to abide by the “spirit”, some folks want to take max advantage of every loophole. Again given that the disclosure system was invented by Congress to police Congress, I suspect it’s more like fishnet than it is like Swiss cheese; the holes are far bigger than the solid parts, and not by accident. ---
**Author:** ![doreen](https://avatars.discourse-cdn.com/v4/letter/d/858c86/32.png) [@doreen](https://boards.straightdope.com/u/doreen)\ **Post date:** [November 4, 2023, 3:38pm UTC](https://boards.straightdope.com/t/is-it-possible-to-live-in-the-us-without-a-bank-account/992545/65 "2023-11-04T15:38:54Z")
To some extent, that depends on the reason for the reporting. If it’s to disclose how wealthy someone is, then it should be reported regardless of who controls/has knowledge of the investments. If the purpose is to expose potential conflicts of interest , achieving that goal isn’t helped by reporting that I have $X in a blind trust and no idea where it is invested. And usually it’s about conflicts - there’s apparently no requirement to include houses or cars or other assets. ---
**Author:** ![Whack-a-Mole](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/whack-a-mole/32/141_2.png) [@Whack-a-Mole](https://boards.straightdope.com/u/Whack-a-Mole)\ **Post date:** [November 4, 2023, 3:40pm UTC](https://boards.straightdope.com/t/is-it-possible-to-live-in-the-us-without-a-bank-account/992545/66 "2023-11-04T15:40:05Z")
> [@LSLGuy](#): > > I deal in rather little cash myself… I have had $40(ish) on my nightstand that I pocket most times I go out just in case I need cash. I’ve had it so long I realized I have almost forgotten my PIN for my ATM card. ---
**Author:** ![susan](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/susan/32/17537_2.png) [@susan](https://boards.straightdope.com/u/susan)\ **Post date:** [November 4, 2023, 3:43pm UTC](https://boards.straightdope.com/t/is-it-possible-to-live-in-the-us-without-a-bank-account/992545/67 "2023-11-04T15:43:49Z")
Why is that embarrassing? When I was working regularly as a counselor, I would have lots of cash payments, in lots of denominations, from crispy $100s to many of the smaller bills quite old and crumpled. One of the functions of a bank is to put cash in your account. ---
**Author:** ![carnivorousplant](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/carnivorousplant/32/3563_2.png) [@carnivorousplant](https://boards.straightdope.com/u/carnivorousplant)\ **Post date:** [November 4, 2023, 3:48pm UTC](https://boards.straightdope.com/t/is-it-possible-to-live-in-the-us-without-a-bank-account/992545/68 "2023-11-04T15:48:42Z")
I wonder if they think I am drug dealer. = ) ---
**Author:** ![susan](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/susan/32/17537_2.png) [@susan](https://boards.straightdope.com/u/susan)\ **Post date:** [November 4, 2023, 3:59pm UTC](https://boards.straightdope.com/t/is-it-possible-to-live-in-the-us-without-a-bank-account/992545/69 "2023-11-04T15:59:25Z")
Nah. Many people still deposit cash. Think crafts vendors, counselors in private practice, little businesses keeping down costs, people splitting grocery costs who don’t trus Venmo, etc. ---
**Author:** ![LSLGuy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/lslguy/32/5813_2.png) [@LSLGuy](https://boards.straightdope.com/u/LSLGuy)\ **Post date:** [November 4, 2023, 4:03pm UTC](https://boards.straightdope.com/t/is-it-possible-to-live-in-the-us-without-a-bank-account/992545/70 "2023-11-04T16:03:41Z")
Lots of independent tradespeople do most of their business in cash. Think one-guy-and-a-truck plumbers, electricians, handymen, floor layers, painters, etc. Cash equals no income taxes. Much of that cash never reenters the banking system directly from them. They buy the materials for the next job, buy lunch, buy tools, etc. with the cash they take in. But if they can’t spend it all directly, some does go back to the bank directly from them. ---
**Author:** ![md-2000](https://avatars.discourse-cdn.com/v4/letter/m/9d8465/32.png) [@md-2000](https://boards.straightdope.com/u/md-2000)\ **Post date:** [November 4, 2023, 4:04pm UTC](https://boards.straightdope.com/t/is-it-possible-to-live-in-the-us-without-a-bank-account/992545/71 "2023-11-04T16:04:20Z")
> [@doreen](#): > > And usually it’s about conflicts - there’s apparently no requirement to include houses or cars or other assets. What about $267,000 motorhomes? Conflicts could be anywhere, up to and including votes on allowing tax deductions and loopholes - which could relate to how much money someone has. The days are long past (if they ever were) when one could rely on the integrity and character of one’s local representatives rather than full disclosure. ---
**Author:** ![DrDeth](https://avatars.discourse-cdn.com/v4/letter/d/b487fb/32.png) [@DrDeth](https://boards.straightdope.com/u/DrDeth)\ **Post date:** [November 4, 2023, 5:01pm UTC](https://boards.straightdope.com/t/is-it-possible-to-live-in-the-us-without-a-bank-account/992545/72 "2023-11-04T17:01:26Z")
> [@Whack-a-Mole](#): > > I think for purposes of this discussion we need to go with gross income. Net income is a rabbit hole that will only confuse things. Not if someone is saying one paycheck will push him over the limit. ---
**Author:** ![Moriarty](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/moriarty/32/49_2.png) [@Moriarty](https://boards.straightdope.com/u/Moriarty)\ **Post date:** [November 4, 2023, 5:25pm UTC](https://boards.straightdope.com/t/is-it-possible-to-live-in-the-us-without-a-bank-account/992545/73 "2023-11-04T17:25:21Z")
> [@carnivorousplant](#): > > I wonder if they think I am drug dealer. Unless you smell like weed, or have beady eyes and are always in a cold sweat, you’re fine. They probably just think that you’re turning tricks in public restrooms. (Or, cash is still normal, and there’s no presumption about its use) ---
**Author:** ![LSLGuy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/lslguy/32/5813_2.png) [@LSLGuy](https://boards.straightdope.com/u/LSLGuy)\ **Post date:** [November 4, 2023, 5:58pm UTC](https://boards.straightdope.com/t/is-it-possible-to-live-in-the-us-without-a-bank-account/992545/74 "2023-11-04T17:58:11Z")
Yeah. Walking into a grocery store carrying a chain saw towards the returns counter is alarming. Walking into Home Depot carrying a chain saw towards the returns counter is an everyday occurrence. Context is everything. Do you know what people do at banks? Deposit money. And lots of it is cash. The folks who work there are used to it. You won’t faze them a bit. ---
**Author:** ![Whack-a-Mole](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/whack-a-mole/32/141_2.png) [@Whack-a-Mole](https://boards.straightdope.com/u/Whack-a-Mole)\ **Post date:** [November 4, 2023, 6:06pm UTC](https://boards.straightdope.com/t/is-it-possible-to-live-in-the-us-without-a-bank-account/992545/75 "2023-11-04T18:06:35Z")
> [@LSLGuy](#): > > Context is everything. > > Do you know what people do at banks? Deposit money. And lots of it is cash. The folks who work there are used to it. You won’t faze them a bit. I suspect that applies to banks too. Regional Bank of Drug Dealers might expect something different from Wall Street Bank for Billionaires. The billionaire’s bank is probably not expecting cash deposits. ---
**Author:** ![Chronos](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/chronos/32/134_2.png) [@Chronos](https://boards.straightdope.com/u/Chronos)\ **Post date:** [November 4, 2023, 7:10pm UTC](https://boards.straightdope.com/t/is-it-possible-to-live-in-the-us-without-a-bank-account/992545/76 "2023-11-04T19:10:43Z")
> [@filmore](#): > > Everything would be in the name of the trust. The trust owns the house and the car. The trust has a bank account which accepts direct deposit paychecks and pays bills. The trust lets the beneficiary use all the stuff. But wouldn’t being the beneficiary of a trust be an “asset”, which he supposedly has none of? ---
**Author:** ![Dr.Drake](https://avatars.discourse-cdn.com/v4/letter/d/ad7895/32.png) [@Dr.Drake](https://boards.straightdope.com/u/Dr.Drake)\ **Post date:** [November 4, 2023, 7:40pm UTC](https://boards.straightdope.com/t/is-it-possible-to-live-in-the-us-without-a-bank-account/992545/77 "2023-11-04T19:40:05Z")
> [@LSLGuy](#): > > Cash equals no income taxes. Not for honest people. I would be reluctant to hire a dishonest tradesman. I suppose some people would rather save money than be ethical, but you are still legally obligated to report and pay taxes on cash income. ---
**Author:** ![Railer13](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/railer13/32/9742_2.png) [@Railer13](https://boards.straightdope.com/u/Railer13)\ **Post date:** [November 4, 2023, 8:29pm UTC](https://boards.straightdope.com/t/is-it-possible-to-live-in-the-us-without-a-bank-account/992545/78 "2023-11-04T20:29:46Z")
> [@Chronos](#): > > But wouldn’t being the beneficiary of a trust be an “asset”, which he supposedly has none of? Technically, no, although IANAL. For instance, my BIL, who is disabled, is the beneficiary of a special needs trust. The trust pays his bills and gives him a small stipend. His assets consist of about a thousand bucks in cash, plus his car. ---
**Author:** ![md-2000](https://avatars.discourse-cdn.com/v4/letter/m/9d8465/32.png) [@md-2000](https://boards.straightdope.com/u/md-2000)\ **Post date:** [November 4, 2023, 8:36pm UTC](https://boards.straightdope.com/t/is-it-possible-to-live-in-the-us-without-a-bank-account/992545/79 "2023-11-04T20:36:27Z")
> [@Dr.Drake](#): > > > [@LSLGuy](#): > > > > Cash equals no income taxes. > > Not for honest people. I would be reluctant to hire a dishonest tradesman. I suppose some people would rather save money than be ethical, but you are still legally obligated to report and pay taxes on cash income. There’s also the option of introducing a bill tying aid to Israel to cutting $15 billion from the IRS. > [@Railer13](#): > > Technically, no, although IANAL. For instance, my BIL, who is disabled, is the beneficiary of a special needs trust. The trust pays his bills and gives him a small stipend. His assets consist of about a thousand bucks in cash, plus his car. But does he have the option of depositing money into it and pulling money out of it in arbitrary amounts, or is it simply a way of paying him a “pension” of sorts? ---
**Author:** ![Railer13](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/railer13/32/9742_2.png) [@Railer13](https://boards.straightdope.com/u/Railer13)\ **Post date:** [November 4, 2023, 8:43pm UTC](https://boards.straightdope.com/t/is-it-possible-to-live-in-the-us-without-a-bank-account/992545/80 "2023-11-04T20:43:21Z")
> [@md-2000](#): > > But does he have the option of depositing money into it and pulling money out of it in arbitrary amounts, or is it simply a way of paying him a “pension” of sorts? No, he is not a trustee. He does not control the trust. And for another anecdotal example: My parents put everything they owned into a trust. This included some valuable farmland. After they both passed, we sold the land at auction, and the proceeds went into the trust’s bank account. I was the sole trustee. But until I distributed the money to my siblings and me, that money didn’t belong to me (was not my asset,) and it certainly wasn’t my siblings’ assets, as they had no control over the money. [Previous page](https://boards.straightdope.com/t/is-it-possible-to-live-in-the-us-without-a-bank-account/992545.md?page=3) [Next page](https://boards.straightdope.com/t/is-it-possible-to-live-in-the-us-without-a-bank-account/992545.md?page=5)