Is it possible to live without a Bank account?

[presta]

On the other side of the coin, I didn't use an ATM for the first time until the early 2000s when I opened a savings account that used one, up until then I refused to touch them because of all the trouble they had at one time with phantom withdrawals.

Similarly with Direct Debits. There was something about them on TV back in the 1970s, and my father said "Let that be a lesson to you, never let anyone else withdraw money from your bank account". He never did, and I never did either up until 2012. Even now I only have Plusnet and Shell fuel on DD.

I didn't stop paying the rest of my bills by cheque until lockdown, when I switched to paying them online.

 

[wiggydiggy]

I used some change for the photocopier in the library today for the first time in ages, but unless I know I'm going to need some it stays at home in a tray in the cupboard. The least I've paid for on the credit card was an occasion when I bought a few items at Tesco, then swiped some vouchers, and the balance came to.....one penny.

Library is a good example actually, was doing a lot of printing last year and always had cash for them.

 

[stephec]

This place only takes cash - https://www.tripadvisor.co.uk/Resta...ryport_Tandoori-Maryport_Cumbria_England.html

Well worth it though, I went in at 19:30 on Wednesday night and it was already nearly half full, excellent food and service.

 

[BoldonLad]

Isn't everybody entitled by law to a basic bank account nowadays regardless of credit history or pay?

You do need proof of ID and address, so homeless people can't get one.

No 2 son managed to get a basic bank account with TSB, whilst homeless. I don't know the details of exactly how it was achieved.

 

[ExBrit]

My bank statement shows a debit of £100 followed by a debit for the fuel and then a credit of £100.
This does suggest to my simple mind that £100 is indeed taken but I have been wrong before.

In the US they debit a set amount before you start pumping, allow you to pump up to that amount, then credit you the balance. For some reason the debit is instant and the credit can take a few hours. Sounds like a scam to me. Do that a billion times and you've earned a bit of interest.

A few years back that amount would often be $50. It's a lot more now. However, if you don't have $100 or so in your account and only need $20 worth, you can just hand over a $20 bill and avoid the fuss.

 

[presta]

This place only takes cash - https://www.tripadvisor.co.uk/Resta...ryport_Tandoori-Maryport_Cumbria_England.html

Well worth it though, I went in at 19:30 on Wednesday night and it was already nearly half full, excellent food and service.

We have a small general housewares shop in town that won't take cards if it's for under a fiver.

 

[PeteXXX]

No 2 son managed to get a basic bank account with TSB, whilst homeless. I don't know the details of exactly how it was achieved.

The Co-op used to do a basic no frills account for those with financial 'issues'. Not sure if they still do, though.

 

[presta]

Library is a good example actually, was doing a lot of printing last year and always had cash for them.

I use the library for printing too.
I've never bought a printer because I won't pay the rip-off prices for cartridges, and I do very few prints, so I can see the ink being dried up every time I need to use it anyway.

 

[BoldonLad]

Having a bank account doesn’t mean you cannot use cash, if you want to. Since having a bank account increases your choices, I cannot think of a good reason not to have one.

 

[BoldonLad]

The Co-op used to do a basic no frills account for those with financial 'issues'. Not sure if they still do, though.

I don’t know which other banks he tried, only that TSB allowed him to open an account. He had a pretty full range of “issues” ie, homeless, drug problem, job less, criminal record.

 

[Beebo]

Yet, cash only shops peeve me as I now never carry cash. So they dont get my custom. In fact I really can't remember the last time I handled cash.

Cash only shops are quite clearly cooking their books. They will declare what ever they want.
We have a few takeaways near us which are strictly cash only. Could well be money laundering too.

 

[ianrauk]

Cash only shops are quite clearly cooking their books. They will declare what ever they want.
We have a few takeaways near us which are strictly cash only. Could well be money laundering too.

100%
I remember London black cabs fought hard not to have card machines in their cabs. For the same reasons you outlined.

 

[johnblack]

I put a £50 note in the back of my wallet for emergencies about 4 years ago, not had one yet.

 

[PaulSB]

Cash only shops are quite clearly cooking their books. They will declare what ever they want.
We have a few takeaways near us which are strictly cash only. Could well be money laundering too.

A bit of a sweeping statement but I understand why you hold this view.

It can be a very foolish action with short-term benefits and longer term consequences. Around 40 years ago I looked very seriously at buying a small local garden centre with lots of potential. I felt the asking price was high based on my understanding of the accounts. I had a qualified accountant check the books for me.

His advice was not to proceed as based on the accounts the business was overvalued. He also commented it was obvious cash going through the business was not all being accounted.

All very well "managing" the books until one wants a third party to agree the value of the business.

 

[ColinJ]

I put a £50 note in the back of my wallet for emergencies about 4 years ago, not had one yet.

I don't think that I ever seen a £50 note 'in real life'!

I have been caught out a few times by the cash-only policy of one of our local takeaways.

A few small shops asked me to spend more than £3 if paying by card.