I am sick of banks. The bank I have now is good, but they just come out with this big poster in front that says “12 month CD 0.05% interest.” I wanted to laugh. You want me to tie my money up for that amount?
Even Mr Drysdale paid 5%
I don’t have much, but I hate the thought of letting the bank have my money to use
I looked online, and I read that it wasn’t illegal to store money in a safe deposit box, so long as you don’t store it there and don’t report it on your taxes. True or not?
A safe deposit box wouldn’t be insured if the bank burned down, but if I means they don’t get to use my $1,000 I’m for it
Any place else you can think of to put money so it’s not in a bank. With my luck my mattress would get bed bugs who’d eat the money. And I don’t have a yard to bury it in.
Not that I’d do any of those things, but I just got to wondering…
Credit union. I get 0.25% interest on my free checking account- no minimum balance, no fees at all. A free Visa debit/secured credit card and free ATM access at any branch is included. Online banking is free.
The bad- penalty fees for stuff like bounced checks or overdrafts are higher than the banks, but I always figured people who can’t keep from writing bad checks or otherwise screwing up that bad shouldn’t have accounts anyway.
If you’re just holding onto your money, it’s not making any interest. How is that any different from not taking them up on the CD offer? It’s not like you’re required to “tie up” your money in that . . .
If there is an institution that holds onto your money for you, and keeps it safe, it is, to all intents and purposes, a bank, no matter what it is called.
You could have your money loaded onto a prepaid VISA card at a check-cashing store. The card will cost you $5-7 plus another $5 or so every month for “maintenance” or whatever. Pretty crappy deal if you ask me, but it’s not a bank.
I was confused about that. The OP hates the banking system so much, he’d rather give them some of his money just so they can’t use some of his other money. Wouldn’t it make more [del]sense[/del]cents to keep the safety deposit box fee and let them use your deposited funds while you don’t need them? Not only would it cost less, it would be insured.
