81–90 of 901 posts
It's remarkable how totalitarianism seeps in.
Read the comments on the article at the NYT, as well. Notice how many people take the banks' side. Whatever happens to you is fine and dandy as long as it doesn't happen to them... and it probably won't happen to them.
Until it does ... at which point they'll scream "Bloody Murder!" and ask "How could this happen to me?"
Earlier quoted context omitted.
I cannot get paid by my company without a bank account. No company would pay me my salary in cash. A bank account is no longer optional if you want to live a normal life.
If they issue you a check you can take it to the banking institution listed on the check and they will honor it. The downside is, now you’re dealing with cash (and some companies went DD only a long time ago).
It's reasonable to demand that your employer make your whole pay (less withholdings) available to you, and if you are unable to maintain a bank account, and their bank charges a fee to honor checks, that's not really reasonable if you are paid by check.
[1] https://www.mybanktracker.com/news/check-cashing-fees-top-ba...
I have a crazy idea that might just work. What if we could create something that has the privacy of cash, is uncensorable like cash but could also be digitally transmitted like electronic payments?
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Cash is absolutely subject to freezing/seizure. Try carrying $25,000 and letting the police search your vehicle.
> letting the police search your vehicle. Good idea to decline those
This has been going on for a very, very long time: https://www.huffingtonpost.co.uk/entry/drug-search-trekies-s...
Banks hide behind Bank Secrecy Act and other regulations in order to debank people. Chase closed my account, and the reason Chase gave: "Financial institutions have an obligation to know our customers and monitor transactions that flow through our customers' accounts. After careful consideration, we decided to close your account because of unexpected activity on these or another Chase account." I didn't dispute any t…
Sorry to hear your story/experience. This worries me because my mother, who currently resides in a SE Asian nation, is transferring some of her money to me (in the hope that she can use it when she migrates to the US). Did Chase let you withdraw the outstanding balance in full when they closed your account? The last thing I want is to see my money being trapped in limbo state...
The case one should worry about these banks is this: you deposit a $500K check, or you got a wire for $500K; check was cleared on the sender's side. Now Chase/Big Bank holds your funds, saying that this check is fraudulent, and that bank closes your account after finding you risky (risky because of this $500k and by looking back at your account history). Now $500K is in Chase's hands, your account is closed by Chase, and Chase doesn't want to give $500K, nor does Chase want to return $500K to the original bank/sender. This is where you should file a complaint with CFPB right away. Without CFPB complaints, the fraud department at Chase, its Bank employees just give you run around for months. File CFPB complaint right away, if any bank holds your funds after 10 business days; don't listen to these employees at all.
CFPB can't force banks to reopen your accounts. Just to get your funds, file a complaint with CFPB right away, and don't trust any bank employee on getting your funds.
Protip to anybody who wants to spend an extended amount of time overseas - you’re looking at a strong opportunity to join the list of people who have their accounts closed. Red flags include quantity of overseas debit card transactions, setting a PO Box (this one apparently is a very big red flag to banks) or a PMB as your bank address, lots of wire transfers. Open multiple bank accounts at different banks, use servi…
So many restaurants in my city are credit/debit only. That should be illegal.
It depends on the kind of restaurant, but cash cannot be refused when paying a debt. https://www.federalreserve.gov/faqs/currency_12772.htm
Earlier quoted context omitted.
I cannot get paid by my company without a bank account. No company would pay me my salary in cash. A bank account is no longer optional if you want to live a normal life.
If they issue you a check you can take it to the banking institution listed on the check and they will honor it. The downside is, now you’re dealing with cash (and some companies went DD only a long time ago).
New Zealand doesn't have cheques any more. Banks here totally phased them out a couple of years back.
The USA will also make checks obsolete over time.
Plus cash is disliked at many retailers and cash is not acceptable at some locations (e.g. my skifield only accepts cards - I was told it is because the nearest small-town bank won't accept cash deposits from the skifield). I suspect our government will slowly discourage cash 1. to prevent tax evasion (cash jobs), and 2. to prevent illegal purchases (e.g. weed). Those are the main uses for cash that I personally see others use cash for (I use cash because I like using it and I like privacy).