Nowadays anything and everything has become digital. So it would be a heart-stopping shock if we get to see someone who doesn’t use a bank account. It’s extremely rare to see such people nowadays which have led to this concept that it’s impossible without a bank account which is really not true. It’s possible to live without a bank account and there are many ways through which it can be made successful.
1. Postal Money Orders:
For those who really are stubborn as to not use banks can take up this option. Without having a bank account it naturally is impossible to mail money, but, one can send money through postal money orders, just like the good old times. Sending money through postal money orders is also considered to be safe to a really great extent. Unless and until it receives the end party there is no fear of third party transfers.
2. Money wiring services:
There are many money wiring services almost in every corner of this world. Many banks are also ready to rend this service even if you don’t have a bank account with them. The minor setback is the interest charged for these services. Unlike the money transferring services done by the banks for it’s customers the interests charged for such money wiring services are damn high, though the federal government is trying to curtail the charges raised upon it.
3. Emergency times:
Everyone would have that moment of emergency in their lives for which they wouldn’t be obviously prepared. But, if you really don’t want to even consider having an account in the bank then you might as well be forever prepared for emergency situations. I’m not asking you to carry a large sum of money with you for that. But, what you can really do is to carry at least a little bit of excess money just in case for such situations.
There will always be this risk of losing your money. You really cannot think to carry around money, no matter how much, would be safe, that too in today’s world. There is no 100% guarantee to safeguard your money even in the banks, of course.
While making cash transactions, there’s no need for you to disclose your real identity to them and thus there would be no legal obligations. It can be taken as an advantage or a disadvantage as it basically depends whether you’re doing a legal one or an illegal one. Due to the lack of disclosing one’s true identity people who smuggle and does much more illegal activities may take advantage of it.
In banks, either while depositing or borrowing or be it anything, there will be many rules and procedures which must be met with, if you really want what you want. But there’s no issue here, literally, since all you are required to do is to pay for what you want or borrow simply based upon trust.
But, the borrowing can also happen through certain agreements. If we tend to borrow loans from a bank, there will be sufficient proof to say that you had indeed borrowed funds from them and have to pay within the prescribed time. When you look into this, though, there’s no mere proof that the identity you give for yourself is true or fake.
Hence, the agreement comes into the picture and solves this issue. In such agreements, there’d be the date on which you borrowed money, from whom and how much. It also would include the details regarding the return date.
5. Dealing with checks:
When someone pays you through checks, it would be wise for you to deposit the cash in the bank itself as the risk of carrying the money is always higher. However, if you don’t really have a bank account then you may very well take the check to the check writer’s bank and get that check converted into cash. Many a time though, the banks may either charge you a certain fee for the withdrawal of cash if you’re a non-member of the bank or it may not let you convert it at all.
However, many retail shops too take checks instead of money for the shopping done by you. It may be a little bit problematic as you have to sign the check and so and so. But’ if you think you wouldn’t require the cash immediately you may even withdraw the money and invest it in some convertible and profitable investment.
7. Saving and storing money:
Now, this may seem easy to hear. But, it really is not. Most of the people tend to deposit their money in the banks in the fear of overdoing their expenditure! There is also a risk of losing the money, thievery and what not? But, mastering the skill of spending less even with having a lot of money in your hands is extremely difficult but possible. And once you have mastered it, by entering all your accounting and financial data and after you import from tally you may very well start to enjoy it. Who would not look merrier with a surplus amount of funds available at their hands?!