I just finished reading an article that a journalist wrote about the excessive fees that are racked up by people that choose to live without a bank account. There was reference to fees for check cashing, prepaid credit cards, money order, and more. She lived for a month without using her bank account, direct deposit, or credit cards and incurred a whopping $93 in fees. Not only do I find that incredible, but I‘m amazed that the survey she referenced said that 1 in four U.S. households do not have a bank account. But what was more interesting that the article itself, were the Yahoo comments that followed the article.
Sidebar: Just who ARE those people?
They were commenting on the writer’s poor judgment at not shopping around for the best deal on the check cashing service and for picking the wrong prepaid credit cards because there were cheaper ones available. They even touted Wal-Mart as having the best rates on all the services. Then there was the barrage of “it’s the government’s fault” and “the big bankers are getting richer by imposing so many fees that we can’t afford them”. Oh, and my personal favorite said (and I quote directly without editing the punctuation, spelling, or grammar): “im not giving a bank any money by getting account because you never know what they are doing with money and if they will be in business one day to the next.” We are obviously dealing with people that are as bright as a burned light bulb.
Don’t ask me why I was even reading those comments. It's embarrassing, but sometimes I cannot pull myself away from the idiocy of them all as it can be pure comedy and I hate to miss a good laugh. But about halfway through, one poster commented that if you were really careful about taking money from your ATM and where you use your debit card and to only use free checking accounts, you could actually keep from paying such high fees. ?! Umm, yeah. Nothing like setting your sites low.
What about having it all and then some? You know, like having a large supreme pizza instead of just a small cheese. Why not have a free checking account that -get ready for it - PAYS YOU? Yeah, and maybe even a credit card with no annual fees, and a low interest rate. And guess what? If you pay the entire balance in full each month, it’s actually 0% interest!! Woo hoo! And if I shop around enough, I can probably find a card that includes all that plus has cash back benefits and/or earns me some sort of reward. Yes, THEY PAY ME for using my own money to buy the things I need each month. What’s the catch, you ask? Well, there really isn’t one. I only charge what I can afford and never a penny more than I have in the bank. If I do, then I’m on the other side of the fence where I’m no longer earning, but instead it’s costing me on top of what I’m paying. And don’t start whining about not being able to have enough to open an account because of minimum balances and what not. That’s just a bunch of excuses for people who are too lazy to do the research and find out what is available. For instance, right now, at this very moment, one very popular, widely known online bank is offering $50 to anyone who opens one of their free checking accounts and keeps it open for a minimum number of days (I think it’s something like 3 months). As with all accounts, it does have a few requirements, but they are minimal. Like direct deposit (Well, duh. How else are you going to get your money into an online bank?) and a certain number of online bill pays (also free) per month (you gotta pay your rent and utilities anyway, right?). So the question is, why the hell wouldn’t you sign up? They are willing to give you free money to pay your bills with your own money. What’s not to like?
And as for the idiot, err, ignorant person that posted about not knowing what the banks do with your money and whether they will be in business one day to the next. Well, it’s their own ignorance that is keeping them down and forcing them to use the cash system and pay all the exorbitant fees. And for them, I don’t feel sorry -not one teensy bit.
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