You Should Keep Your Money In A Mattress

[JBinKC]

I agree if you are in a cash business and you intend to evade the IRS but most people receive a check for payment. Imagine the steep costs of converting that check into your precious cash, the costs again in time and driving to pay a bill in cash or the cost to issue a money order and lost opportunity in potential interest income. Even if you had to pay a fee you would likely still come out ahead.

I agree banks aren't necessarily depositor friendly but they do save you money.

[myrdale]

What scares me even more is the thought that there may actually be people out there who believe all the things he has posted.

You are absolutely right Steve. I work with a gentleman who complained last week about paying $3 per month for his checking account with Regions.

I myself use Regions and told him that I had a FREE checking account, no minimum, online banking, and a several other perks I don't remember off hand.

Monday I asked if he had switched over to the free checking over the weekend. His answer was NO. Apparently he doesn't mind giving his money away. *Boggles*

If you are too lazy, unmotivated, or stupid to take advantage of the deals out there, yes the banks, and 99% of everyone else, will gladly take your money. The other 1% are either stupid themselves or feel guilty.

As far as the notion of keeping all your savings in your house? It is a terribly terribly bad idea. Your house will burn down, get hit by a tornado, be robbed, or beamed up by aliens. The point is, your money is SECURE and INSURED in the bank.

And as for too many sur-charges, find a different bank. Additionally, I am curious Trex, how often do you bounce checks. If you do, how can you blame the bank for fining you? It's like another co-worker complaining about having to pay a $200 deposite to the power company because he wasn't capible of paying his power bill on time. And if it was because he couldn't afford the bill, well he should rip the AC right out of the wall! He much like Trex does not trust banks either, yet gladly pays $5 or $10 a week to cash his check. *Boggles*

After reading the OP other post, all I can say is: "Poor men have poor men's ways." And every thing you say is "Poor man's ways".

[project15]

If you are too lazy, unmotivated, or stupid to take advantage of the deals out there, yes the banks, and 99% of everyone else, will gladly take your money. The other 1% are either stupid themselves or feel guilty.

Sometimes referred to as a "stupid tax". The tax you pay to be stupid.

[disneysteve]

Sometimes referred to as a "stupid tax".

I thought that was the state lotteries.

[project15]

I thought that was the state lotteries.

Yes, that primarily, but I've also heard it described to include pointless fees and addictions that people keep paying unnecessarily.

[trex]

You are absolutely right Steve. I work with a gentleman who complained last week about paying $3 per month for his checking account with Regions.

I myself use Regions and told him that I had a FREE checking account, no minimum, online banking, and a several other perks I don't remember off hand.

Monday I asked if he had switched over to the free checking over the weekend. His answer was NO. Apparently he doesn't mind giving his money away. *Boggles*

If you are too lazy, unmotivated, or stupid to take advantage of the deals out there, yes the banks, and 99% of everyone else, will gladly take your money. The other 1% are either stupid themselves or feel guilty.

As far as the notion of keeping all your savings in your house? It is a terribly terribly bad idea. Your house will burn down, get hit by a tornado, be robbed, or beamed up by aliens. The point is, your money is SECURE and INSURED in the bank.

And as for too many sur-charges, find a different bank. Additionally, I am curious Trex, how often do you bounce checks. If you do, how can you blame the bank for fining you? It's like another co-worker complaining about having to pay a $200 deposite to the power company because he wasn't capible of paying his power bill on time. And if it was because he couldn't afford the bill, well he should rip the AC right out of the wall! He much like Trex does not trust banks either, yet gladly pays $5 or $10 a week to cash his check. *Boggles*

After reading the OP other post, all I can say is: "Poor men have poor men's ways." And every thing you say is "Poor man's ways".

I never said that I was poor. I was at one time, but I am definitely not now. And you made my point. If a person can't find a bank where they are paying fees whether because of ignorance or because they don't exist in your area, then they are better off not keeping their money there because the fees cost more than the benefit for them.

By the way, I have never bounced a check. But if you do bounce checks on a regular basis, then again, you are better to keep all your money at home so that you can't and you don't pay all those fees.

[Taribor]

Banks aren't your friends. They will nickel and dime you to death with fees. There was a time that a bank was a place where they borrowed your money and paid you for that privilege with interest. They have somehow convinced people that it is OK to charge them for getting access to their own money. It's your money. If a bank is charging you to get your own money through ATM and other fees, find one that doesn't. If you can't, put it in your mattress. You'll come out ahead.

Sounds like you do a poor job of selecting financial institutions. I pay zero fees, get free checks, free online bill pay, and reimbursement for atm fees.

[musicalbabe85]

There are several banks out there that don't charge fees at all for certain accounts or after certain criteria are met on higher accounts. If you are getting charged service fees, then your accounts aren't set up correctly (partly the banks fault). If it's atm fees, then you either need to switch to a different bank, or search and find the closest atms for that bank to you.

If I can ask, what bank is it that is charging so much?

[leighangela]

I've made good money by banking online. I make interest on my checking, and I never buy stamps, envelopes, or checks anymore because I pay my bills online. They even mail out paper checks for me for free. I would really lose out banking with my matress.

[tripods68]

Banks aren't your friends. They will nickel and dime you to death with fees. There was a time that a bank was a place where they borrowed your money and paid you for that privilege with interest. They have somehow convinced people that it is OK to charge them for getting access to their own money. It's your money. If a bank is charging you to get your own money through ATM and other fees, find one that doesn't. If you can't, put it in your mattress. You'll come out ahead.

YOu make this general statements but give no specific example. So how can we debate whether your statement is true.