tag:blogger.com,1999:blog-14245531.post7443523293966520802..comments2023-11-18T01:21:55.631-05:00Comments on My Open Wallet: Nix AgonistesMadame Xhttp://www.blogger.com/profile/11536189690094235926noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-14245531.post-65248693691344950422008-11-21T11:23:00.000-05:002008-11-21T11:23:00.000-05:00When I first started working, I used a check cashi...When I first started working, I used a check cashing place for a while, mainly because my income wasn't steady, and I didn't want to pay all those bank fees once the balance dipped below a certain level.<BR/><BR/>Also, there's nothing like knowing where your money is at all times. These days, I do my banking at Wells Fargo, a very stable, well-capitalized bank. But I've still been taking out cash and hiding it.<BR/><BR/>After all, these days, whom can you trust?<BR/><BR/>@Asset Gatherer--<BR/>You made some good points. When you have little money to begin with, waiting for banks' processing procedures can be pretty scary, especially when the electric bill is due.Just Plain Scaredhttps://www.blogger.com/profile/17317156983510071665noreply@blogger.comtag:blogger.com,1999:blog-14245531.post-4101971981657211422008-11-21T01:06:00.000-05:002008-11-21T01:06:00.000-05:00I spent a good deal of my high school and college ...I spent a good deal of my high school and college years waiting tables, and many of the people I worked with didn't have bank accounts. I agree with Tasha, that often it is because someone has bad credit and has trouble getting a no-fee checking account. However, most of them didn't use payday loan shops to cash checks, because local grocery stores would often cash checks for $3 to $5. And of course bank overdraft fees will never be a problem if you don't have a checking account! For those who have trouble budgeting, seeing how much cash you have left is much easier than keeping track of numbers in a checkbook. Isn't that why so many people encourage others to use the envelope system for budgeting? And for those who are low-income, there often isn't enough left over to think about putting money in savings, anyway.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-75197591907078324262008-11-20T22:43:00.000-05:002008-11-20T22:43:00.000-05:00Hey Madame X - As one of your banker buddies, the ...Hey Madame X - <BR/>As one of your banker buddies, the last bank I was at serviced a lot of check cashers as their business customers. You are correct - many of the check cashers customers distrust banks, frequently because of the immigration aspect. And, most banks tend to be strict on wiring money, requiring strict know your customer policies. But, there is also a group of people who are just what banks consider financially illiterate; those who just dont realize you can usually get a free checking account with no min balance requirement and want to operate in cash only. Many banks have done educational efforts towards those folks, but with the current crisis, banks are not concerned with the low income, but with saving themselves.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-9162695972697045772008-11-20T20:48:00.000-05:002008-11-20T20:48:00.000-05:00We are all adults here, right?"The second problem ...We are all adults here, right?<BR/><BR/>"The second problem is that cashing your paycheck, instead of depositing it, encourages you to spend all your money rather than saving whatever is left over at the end of the month."<BR/><BR/>What paternalistic bull****.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-23864136772363709302008-11-20T15:44:00.000-05:002008-11-20T15:44:00.000-05:00It's my understanding that if you have a certain a...It's my understanding that if you have a certain amount saved, whether it's in checking or saving, you're not eligible for government assistance. For a single working parent, that's a huge blow. So the check cashing is understandable.Krishttps://www.blogger.com/profile/07805072324014325320noreply@blogger.comtag:blogger.com,1999:blog-14245531.post-2768169482016147792008-11-20T14:55:00.000-05:002008-11-20T14:55:00.000-05:00In many low income neighborhoods, there are no ban...In many low income neighborhoods, there are no banks. And if there is a bank, it's open the usual bank hours, i.e., when people are at work. It is not always easy to find a bank to use, but there is always a check casher.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-60359557628346745322008-11-20T13:20:00.000-05:002008-11-20T13:20:00.000-05:00That would be some serious distrust in banks! But ...That would be some serious distrust in banks! But I wouldn't be surprised if someone made the emotional decision to cash the check and lose a portion, as opposed to depositing the whole thing and losing the whole thing. There could also be timing issues; some banks won't release a deposit for a few days. And if you gotta eat now, that's not going to be good enough!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-83017337495314824092008-11-20T09:40:00.000-05:002008-11-20T09:40:00.000-05:00I don't think the people who go to check cashing p...I don't think the people who go to check cashing places distrust banks, they either can't get a bank account because of poor credit, or they can't do the math to keep their balance in the black, and get charged tons of fees, and the accounts end up going to collections. If you get paid 200 dollars, and have to pay 30 bucks off the top to get it cashed, the remaining 170 is yours free and clear. No hold time on your check, all cash, no problems.<BR/>-TashaAnonymousnoreply@blogger.com