Skip to main content

View Diary: Chase has taken their next move, into your paycheck (265 comments)

Comment Preferences

  •  I never did understand why so many people (3+ / 0-)
    Recommended by:
    libnewsie, PSzymeczek, kurt

    cashed their checks instead of depositing them into a bank account that they then drew on via withdrawals, debit cards or checks as needed. I realize that some people live paycheck to paycheck and so can't keep much if anything in the bank. But I always assumed that many people either didn't trust banks, or liked having cash in hand because it felt "real". Myself, I've always deposited checks via ATM or had DD, as I hate waiting in line at the bank (or anywhere, really), and feel like the less cash I have in hand, the less I'm likely to spend. Of course, with the internet and everyone taking debit cards now, that's increasingly irrelevant.

    "Liberty without virtue would be no blessing to us" - Benjamin Rush, 1777

    by kovie on Sun Jun 16, 2013 at 11:43:49 AM PDT

    [ Parent ]

    •  With cash you don't have to do any math (3+ / 0-)

      You can just count it out, separate what you need for various things, and stash it back.

      It's much easier for many people to control their spending that way. When it's gone, you stop spending, and you are not charged anything.

      Basic math is hard for many, especially subtraction. You can get into trouble when it's just numbers floating around in your head.

      Then there are those things you might forget to subtract when you do it all with cards, and you get into trouble. When every penny counts, you don't want to have to think about mistakes.

      Women create the entire labor force. ---------------------------------------------------------------------------------------- Sympathy is the strongest instinct in human nature. - Charles Darwin

      by splashy on Sun Jun 16, 2013 at 12:41:29 PM PDT

      [ Parent ]

      •  And when you don't do any math (2+ / 0-)
        Recommended by:
        Caedy, TrueBlueMajority

        You tend to run out of money faster than if you did, because you're not doing any budgeting, or likely economizing. You buy what you want or need as it comes up, and when you run out, you pay the price.

        "Liberty without virtue would be no blessing to us" - Benjamin Rush, 1777

        by kovie on Sun Jun 16, 2013 at 01:20:49 PM PDT

        [ Parent ]

        •  No, I don't think you understand what I mean (1+ / 0-)
          Recommended by:
          kurt

          Say you have $100 and you know you need $20 for electricity, $20 for water, and $40 for rent (arbitrary numbers). You can set aside each amount separately in different envelopes or something similar without having to do any math. You just count each thing out.

          Then  what you have left is what you have for other things, without having to do any written or mental subtraction.

          I know people who can't do much in the way of math, but can handle their money by counting each thing out. It works for them.

          Women create the entire labor force. ---------------------------------------------------------------------------------------- Sympathy is the strongest instinct in human nature. - Charles Darwin

          by splashy on Mon Jun 17, 2013 at 01:29:27 AM PDT

          [ Parent ]

    •  Also some banks are checking credit now.. (4+ / 0-)

      making it harder to open an account. Then there's the problem with bank fees and unexpected bounces (like some corporation 'accidently' charging you twice in one month and causing a chain reaction). Once you owe one bank 'fees', you can't open an account with another bank.  If you suddenly owe your bank more than your paycheck, and you live paycheck to paycheck you stop trusting direct deposit really quickly.

      "Madness! Total and complete madness! This never would've happened if the humans hadn't started fighting one another!" Londo Mollari

      by FloridaSNMOM on Sun Jun 16, 2013 at 03:48:49 PM PDT

      [ Parent ]

    •  some do not have bank accounts (1+ / 0-)
      Recommended by:
      Horace Boothroyd III

      bank accounts are not free when you are poor and cannot maintain minimum balances

      checks cost money too.

      the cash economy is just one common element of subsistence thinking.  people living on the edge can barely think more than 24 hours ahead.  maybe 72 hours if things are going well.  keeping track all month of how much you have in the bank and how much in fees etc. is really difficult in those circumstances

      Politics is like driving. To go backward put it in R. To go forward put it in D.
      Drop by The Grieving Room on Monday nights for support in dealing with grief.

      by TrueBlueMajority on Sun Jun 16, 2013 at 05:12:57 PM PDT

      [ Parent ]

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site