More Americans opting out of banking system

More Americans opting out of banking system

www.washingtonpost.com

Released Wednesday, the study found that 821,000 households opted out of the banking system from 2009 to 2011 and that the so-called unbanked population grew to 8.2 percent of U.S. households. That means that roughly 17 million adults are without a checking or savings account. Another 51 million adults have a bank account, but use pawnshops, payday lenders or rent-to-own services, the FDIC said. This underbanked population has grown from 18.2 percent to 20.1 percent of households nationwide.

(visit the link for the full news article)

Banks legally charge depositors for allowing the banks to use their money to make money. The concept is absurd but it is real and there appears to be no challenge to the practice available. The average American has been so confused about what is happening to their economic well being that people in high places can literally steal from them without their knowledge. Our leaders give the banks the nod to continue on as they are. Our elected leaders are owned by, not just beholden too, the financial institutions of this country. We should all leave the banks. If you must have banking services, for business as an example, then use a credit union.

www.washingtonpost.com
(visit the link for the full news article)

Undoubtedly this will only fuel a renewed push by banksters for a cashless society.

Their goal is two part.

First, so that cash based businesses can no longer skew their tax returns. You WILL be coerced into giving your money to a government which has no regard for spending or the debt burden which is being forced onto the American people.

Secondly, it ensures that banks profit from EVERY transaction since your "money" or "credits" would be on some type of electronic card.

reply to post by DarthMuerte


From where I sit, this is more like fewer people have enough money to be able to afford to have a bank account.

If it were not for my company "encouraging" direct deposit of my check, I could not justify having an account myself.

My bank requires I keep $1000 as a base in order to maintain a checking account open with out charge. I can think of several other things I would like to do with this amount of money. I know it is only a thousand dollars, but it is MY thousand dollars. I just don't like having it tied up so I can't use it.

reply to post by hdutton


Why not switch banks? Not all have those rules. If you like your bank, you might try calling them and letting them know you don't want fees and you plan on moving banks unless they waive the fees. Might work, might not but I think it's worth a try. Whatever you do I hope you do something. The apathy in this country is terrible, especially towards banking fees and policies. Good luck!

I was in my bank
the other day ...

the teller asked if I was aware
of the banks new policy ...?

that they were going to start charging
for the use of checking accounts unless
you maintained a certain balance
or you had $ 500. direct deposited
at least once a month...

I told the teller
that I fell under
one of the stipulations.

and that was lucky for the bank,
because had I not, and they were to charge me
I would close my account & move my loot to my CU

I love the twisted
half smile they give you
after you let them know
their not the only game in town

reply to post by spoonbender


I doubt the local tellers at your area bank give a damn where your money is.

My daughter got a letter from her bank - either maintain $1,500 minimum balance, deposit $500 a month, or start paying $6.95 a month for a service fee. If she wanted statements it would be 8.95 a month.

We went up to the bank and closed out the account. I took her to a local Firemans Credut Union (it's open to everyone) and she has a new account, no fees, and access to the same ATM networks.

If the "switch to a credit union day" last November didn't convince you to do just that, then this new fee should.

So people who refuse to use a bank because of being charged fees for deposit/ with drawl in stead go to check cashing places that charge you probably more for cashing a check then the bank would have? I don't understand the logic in this. Like using a credit union I could understand but the alternative I just can't wrap my head around. Not to mention around here you usually have to go to some seedy part of town to find one of those places....

Originally posted by DarthMuerte


Banks legally charge depositors for allowing the banks to use their money to make money. The concept is absurd but it is real and there appears to be no challenge to the practice available. The average American has been so confused about what is happening to their economic well being that people in high places can literally steal from them without their knowledge. Our leaders give the banks the nod to continue on as they are. Our elected leaders are owned by, not just beholden too, the financial institutions of this country. We should all leave the banks. If you must have banking services, for business as an example, then use a credit union.

www.washingtonpost.com
(visit the link for the full news article)

Credit unions wouldn't solve the issue, they'd end up the next "banks too big to phail". The problem is there are too many loopholes bankers can use to screw people without their knowledge. [SNIP]. Our founding fathers said explicitly not to have anything to do with banks and they also advocated not using paper money. Andrew Jackson was labeled a terrorist recently because he refused to let bankers buy the american people. Now? Now we are paying our slavers to keep us enslaved and they've managed to order the system to where we are kept unawares we are being screwed royally.


Mod Note: Please refer back to the ATS T&C of use

reply to post by SilverStarGazer


That was my first thought and I looked around. They all say the same thing and this bank is the closest one to my job.

There is no credit union which works with my firm and none that takes "individuals".

I opened the account just to continue getting paid but I will close it real quick when I retire before too much longer.

Of course, my Social Securety checks will be direct deposit but this bank will handle those for free. This will be another account also. My wife says there is no need in doing this, but I say it's just a matter of making the bankers do a little extra work for their money.

I keep my money where I can protect it, close to me and close to my 45 ! It's as safe as possible.

Originally posted by lonewolf19792000
This kind of jewery should be illegal.

Wow! I can't remember the last time I read something so racist and offensive here on ATS. And from someone with pro-Christian references in their avatar.

Originally posted by bourbon2nite
reply to post by spoonbender

 

I doubt the local tellers at your area bank give a damn where your money is.

your right
they probably don't...

I just like watching
them deflate...
upon the hearing
the answer given

Good post OP.

I believe the numbers may be higher, at least in my area, rural Ohio. I work at a mom and pop grocery store. We cash many payroll checks.

It used to be that if you went to the bank that the check was drawn on, they would cash it for free. Not in this day and age.

The majority of our customers do not use bank accounts, they are cash only people. They pay their bills with money orders.

My store charges $3.00 to cash a check. Then they give you a $3 coupon off of your purchase of $10 or more, alcohol and cigarettes excluded.

I've told my boss that he is way to good to his customers, he laughs and says no they are good to him because they keep him in business. He's right.

We have a bank account because my husbands company will only direct deposit. If that were not the case, we would be bank free.

reply to post by hdutton

My bank requires I keep $1000 as a base in order to maintain a checking account open with out charge. I can think of several other things I would like to do with this amount of money. I know it is only a thousand dollars, but it is MY thousand dollars. I just don't like having it tied up so I can't use it.

If you or others have so little money that you cannot maintain the minimum balance you have my sympathy.

If it's a matter of principle then you are being silly. Keeping large sums of money around the house is not safe on many levels. I understand you don't want the banks to get another 6.95. But they don't get a dime if just keep the minimum. I know the interest you recieve from a bank is next to nil but how much do you get under the mattress?

reply to post by froglette


HI, Froglette.

It would sound like you and your boss are among the few who appreciate the money they get for the work they do.

Some of the replies I have read seem to question the idea of our wanting to hold the value of our labors in our own hands.

This may show the product of those who have had it hard enough to get the compensation they feel they have earned compared to those who, some how, know they have had it a little too good.

Originally posted by DarthMuerte


Banks legally charge depositors for allowing the banks to use their money to make money. The concept is absurd but it is real and there appears to be no challenge to the practice available. The average American has been so confused about what is happening to their economic well being that people in high places can literally steal from them without their knowledge. Our leaders give the banks the nod to continue on as they are. Our elected leaders are owned by, not just beholden too, the financial institutions of this country. We should all leave the banks. If you must have banking services, for business as an example, then use a credit union.

www.washingtonpost.com
(visit the link for the full news article)

I am afraid that opting out of the banking system will do nothing to further the collapse of these TBTF banks!
I can see if this money was backed by something then we could use our monies to vote with, but when the reserve banks can just print at their whim, whenever they need to and lend to any of these banks at nearly 0% interest rates then we have no say! Eventually this printing will lead to a collapse one way or another!
I believe it will happen more then likely after these upcoming presidential elections!
(I don't know for sure and as long as their is faith in this fiat currency we could go on like this for years)
When this collapse does happen the SHTF! We can expect mass buying and hording until the currency becomes virtually worthless probably over several days! Then we will see massive riots, much violence and killing until the authorities reestablish order, which will never fully be as it was! There might even be some massive Air strikes on areas with the largest kaos!
All Americans will be told to come into DHS sites to recieve a chip in their right hand or on their forehead so they may be identified and can purchase goods with virtual cash! Noone will be able to buy or sell without the chip unless ofcoarse they have other valuables to trade in the undergrounds or black markets!
I realize this is a bleak future but this i'm sure is where we are headed and I am being optimistic!
Worse case scenario is "Authorities can't or wont try to reestablish order and so they release chemical/biological weapons to quell the large numbers to a more managable size"
I really don't understand how some people are hoping for this collapse to happen! I know there are alot of preppers on here but even if they have supplies they still have to deal with all the other things that will undoubtedly happen when the SHTF! All i can say is goodluck to you all! I hope i am dead in the first several days of this happening! All i see when I think of this happening is that movie "The Road"! If you havent seen it
I suggest you watch it especially if you are a prepper hoping for the end of the economy! I promise you will hope no longer!

Originally posted by DarthMuerte

More Americans opting out of banking system

www.washingtonpost.com

Released Wednesday, the study found that 821,000 households opted out of the banking system from 2009 to 2011 and that the so-called unbanked population grew to 8.2 percent of U.S. households. That means that roughly 17 million adults are without a checking or savings account. Another 51 million adults have a bank account, but use pawnshops, payday lenders or rent-to-own services, the FDIC said. This underbanked population has grown from 18.2 percent to 20.1 percent of households nationwide.

(visit the link for the full news article)

i don't see that nearly 20% of the USA households are opting out of the services of the Banks..

they are rather obtaining 'services' by other providers... a lot of folks have maxxed their credit cards so they use Pawn Shops, payday lenders... And to cash their daily-labor-force checks immediately...
the rent-to-own avenue is what a lot of temporarly wealthy folks use because they don't want the expense of storing or moving those items every time they get evicted for failure to pay rent on time, just leave the crap there and rent stuff from another store when they get back into cash....


myself... i see BoA going down the tubes, thats why i moved my free checking to a local CU.
to their credit, BoA dropped the minimum balance requirement because i had a monthly direct deposit based checking account...
But - i have a very real dread that the brokerage part of BoA will soon make all the depositers account money available to the investor section (merrill lynch) as the collateral necessary to cover the derivatives that will become due... in a BoA reenactment of the MF Global seizure of individual account funds


however i am still awaiting the US Treasury acknowledgement of the transfer request
until then, i hold my breath

reply to post by nosacrificenofreedom

When this collapse does happen the SHTF! We can expect mass buying and hording until the currency becomes virtually worthless probably over several days! Then we will see massive riots, much violence and killing until the authorities reestablish order, which will never fully be as it was! There might even be some massive Air strikes on areas with the largest kaos!
All Americans will be told to come into DHS sites to recieve a chip in their right hand or on their forehead so they may be identified and can purchase goods with virtual cash! Noone will be able to buy or sell without the chip unless ofcoarse they have other valuables to trade in the undergrounds or black markets!

Sounds like an episode from the SiFi channel.
Not gonna happen. And if you make your current decisions based on such a silly scenario you will short change yourself in the long run.