Saving money without using the bank?

[skylovessea]

After many negative personal experiences with banks and CUs, we have decided to save money in our own home instead of using a bank to hold our money. The only problem is, it's hard to keep it out of sight or stay motivated to not touch it. I was hoping you all had some advice about how we could keep our hands off of it.

[mommyof4]

Keep it in a locked cash box hidden somewhere in the house. Motivation? Having a place to live, food to eat, clothes to wear, etc., and being able to get a good nights sleep because you're not stressed about not having any money.

[skylovessea]

Originally Posted by mommyof4

Keep it in a locked cash box hidden somewhere in the house. Motivation? Having a place to live, food to eat, clothes to wear, etc., and being able to get a good nights sleep because you're not stressed about not having any money.

Sounds good to me. Now I just have to find a cheap lockable cash box, haha.

[disneysteve]

What kind of negative experiences did you have that would make you want to risk your money by keeping it in the house earning zero interest?

[SnoopyCool]

I'd worry that someone would break in and then it would be gone.

[skylovessea]

We have had multiple banks charge us with fees for no reason (I've done my research, it's not that I didn't read the fine print). We've also had unauthorized people use our account, which we never traced and our bank at the time didn't do anything about it.

Plus, I do not like the hassle. For example, we took a $25 check in on Saturday to cash and they held it because it was an out of state check. We then had to borrow money from friends just to buy diapers for my son. It becomes more and more infuriating the more I have to deal with them.

About the worry of someone breaking in, I keep my apartment locked up tight. I have a child to protect so I have everything there under control.

[minnie1928]

I'd open an account at a local, community bank...one with a good reputation. If nothing else, it will save you check cashing fees. If you have no account, they may charge you to cash checks....ultimately saving you no money.

If you had unauthorized charges then you need to dispute them. If they aren't responding then move up the management chain.

Fees aren't assessed "for no reason". The reason could be a misunderstanding on your part or a mistake on the bank's part. Either one should be able to be explained to you.

I've worked in banking for about 20 years, so I might be a little sensitive about this. But, trust me...not all bankers are out to screw you over.

[skylovessea]

Originally Posted by minnie1928

I'd open an account at a local, community bank...one with a good reputation. If nothing else, it will save you check cashing fees. If you have no account, they may charge you to cash checks....ultimately saving you no money.

If you had unauthorized charges then you need to dispute them. If they aren't responding then move up the management chain.

Fees aren't assessed "for no reason". The reason could be a misunderstanding on your part or a mistake on the bank's part. Either one should be able to be explained to you.

I've worked in banking for about 20 years, so I might be a little sensitive about this. But, trust me...not all bankers are out to screw you over.

I have an account open simply for cashing checks. We just don't put money in it because of what has happened in the past.

Not trying to attack you personally, but I do understand where you are coming from.

The fees were basically for no reason. I've had to open new accounts at new banks because of the lack of customer sensitivity at our previous banks. Every time something has happened that shouldn't have, I have brought it up with the bank. Every time I have been shot down with false promises to fix it or lack of explanation.

I am basically done with banks, regardless the reason. I just need to find a way to save my money without spending it. So far, keeping it in sealed envelopes in a keepsake box has been working but I wanted to see what my other options were.

[disneysteve]

If I were going to keep any significant amount of cash in the house, I'd want to be sure it was theft-proof and fire-proof. To me, that would mean a safe physically attached to the house. I believe a relative of mine had a safe installed in the concrete floor of his basement. I would not trust any kind of portable cash box because IT'S PORTABLE meaning someone could walk off with it.

Sorry to dwell on this, but I'm really curious. Can you give us any specifics about the fees charged "for no reason." What does that mean exactly? If a fee was charged, they should be able to tell you why. If it was wrong, they should take it off. For example, we recently opened a savings account for my daughter. When I opened the account, I specifically asked if there was a monthly fee and they said no. First statement comes and there is a $3.00 monthly fee charged to the account. I went in and pointed that out and they removed the fee and apologized.

I'm guessing that we aren't talking about a large sum, though, based on your other thread about the rent, so the floor safe would be overkill. If it is just a few bucks, I'd do a fireproof cash box and keep it well hidden. Still not a good idea, though.

[minnie1928]

Ok, lets try this from a different angle. Why not keep your money in a savings account with no checks or debit card, like a passbook savings. You earn interest and there are no transactional possibilities unless your passbook is presented. It keeps the money available to you, without keep the money available to you (if you know what I mean).

[skylovessea]

Originally Posted by disneysteve

If I were going to keep any significant amount of cash in the house, I'd want to be sure it was theft-proof and fire-proof. To me, that would mean a safe physically attached to the house. I believe a relative of mine had a safe installed in the concrete floor of his basement. I would not trust any kind of portable cash box because IT'S PORTABLE meaning someone could walk off with it.

Sorry to dwell on this, but I'm really curious. Can you give us any specifics about the fees charged "for no reason." What does that mean exactly? If a fee was charged, they should be able to tell you why. If it was wrong, they should take it off. For example, we recently opened a savings account for my daughter. When I opened the account, I specifically asked if there was a monthly fee and they said no. First statement comes and there is a $3.00 monthly fee charged to the account. I went in and pointed that out and they removed the fee and apologized.

I'm guessing that we aren't talking about a large sum, though, based on your other thread about the rent, so the floor safe would be overkill. If it is just a few bucks, I'd do a fireproof cash box and keep it well hidden. Still not a good idea, though.

I don't recall what the fees were exactly, but many times I complained they were EVENTUALLY credited to my account but many times it was months later. Basically, I just don't like banks.

I can't really afford to get anything extravagant, that's why I posted this. I have my keepsake box very well hidden, and like I said before, I'm not extremely worried about break-ins. Obviously it is a factor, and that's why I have my box hidden well.

[skylovessea]

Originally Posted by minnie1928

Ok, lets try this from a different angle. Why not keep your money in a savings account with no checks or debit card, like a passbook savings. You earn interest and there are no transactional possibilities unless your passbook is presented. It keeps the money available to you, without keep the money available to you (if you know what I mean).

I have considered that but I just don't like dealing with banks. There are a lot of people in this world that save money without banks. I am just joining them.

[disneysteve]

Originally Posted by skylovessea

There are a lot of people in this world that save money without banks.

That doesn't make it a good idea.

I think your two biggest concerns should be fire and theft. Anything you do in your apartment will not be theft-resistant, so forget about that issue. You can't fix that if you insist on keeping cash at home. I'll assume that your keepsake box is not fireproof, so I'd focus on addressing that issue. Search at Amazon or ebay for a fireproof container. They sell them at Staples and other stores, but you can probably get a cheap one used online.

[skylovessea]

Originally Posted by disneysteve

That doesn't make it a good idea.

I think your two biggest concerns should be fire and theft. Anything you do in your apartment will not be theft-resistant, so forget about that issue. You can't fix that if you insist on keeping cash at home. I'll assume that your keepsake box is not fireproof, so I'd focus on addressing that issue. Search at Amazon or ebay for a fireproof container. They sell them at Staples and other stores, but you can probably get a cheap one used online.

I understand your concern. But if you are so set on money at home not being a good idea, then help me find a way to save money without having to deal with people in general. I'm done dealing with people at banks. I've had nothing but trouble with them and I'm set on excluding them from my everyday life. I'm becoming more independent of people and it's making my life easier.

[minnie1928]

Would keeping it in a waterproof container in the tank of your toilet make it fire-proof? The ick factor might also keep your hands off of it.

[skylovessea]

Originally Posted by minnie1928

Would keeping it in a waterproof container in the tank of your toilet make it fire-proof? The ick factor might also keep your hands off of it.

I've been considering that. Pretty Woman style.

[disneysteve]

Originally Posted by minnie1928

Would keeping it in a waterproof container in the tank of your toilet make it fire-proof?

That's a good question. I'm not sure. What happens to porcelain toilet tanks in a fire? Do they shatter from the heat? I'll have to ask one of my fireman patients that question.

[kork13]

Sky, I'm sorry to be so blunt, but you're not making rational decisions here. First, banks are not out to get you. Banks and the people they service have a cooperative relationship which benefits both parties. That's why the entirety of the modern world relies upon them.

Yes, people all over the world live their daily lives without banks. However, you might be surprised at how many of those people do so because they never have anything to save; because they live day-to-day on what they earn; because they live in poverty.

Keeping all of your assets at home is: 1) Dangerous--primarily due to the threat of thieves/burglars; 2) Risky. In the event of fire, flood, tornado, earthquake, (i can keep going...), the entirety of your stashed money will be either destroyed, swept/carried/blown away, or inaccessible; 3) Financially unsound. Banks pay interest, which helps maintain the value of your money. Stashing it away in boxes slowly depreciates your money, making it more worthless month by month as inflation presses on.

We aren't trying to dissuade you because we want to see you get screwed. We're trying to look out for your best interests, and the best interests of your husband and son. We understand that you've had bad experiences. We all have, and still do. But that doesn't mean we can shut out the world and go about life in our own protected little bubble. It just doesn't work that way. Please, trust us in this... Find a reliable community credit union. They are friendly, helpful, and immensely more safe than what you're describing here.

[disneysteve]

Originally Posted by skylovessea

help me find a way to save money without having to deal with people in general.

I consider modern banking to be just that. I can make deposits and withdrawals at an ATM. I can transfer funds and pay bills online. If not for the occasional need to get cash in specific denominations, I'd never set foot inside a bank and deal with a live person. I doubt that I actually interact with a human at my bank more than 2-3 times per year.

[spacecadet610]

I don't know.. i think you are taking a bit of a risk by not banking, plus losing out on interest.

You should really reconsider.