# Quit Using Banks?



## Wallrat (Oct 28, 2011)

How many of you have quit using the banking system? Two years ago I went onto a gold and cash program. I was with BoA, and was paying $10 a month for a checking account! Well, if you deposit $1000, in one year, they'll have charged you $120, or 12% for the privelidge of using their machine, while loaning out your money at 5-8%, and giving you back maybe 2%. Hummf. I only deal in cash now, and it's easier than you might think. I'm a goldminer now, which means I create wealth every day I'm digging, and my 'wage' isn't being deflated every day. I'm pretty certain the banks and Govts. will be the death of us.


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## VUnder (Sep 1, 2011)

I have been straight cash for decades now, and I am not that old. Run crews and built large projects, all cash. I saw the light and have stopped all that now, they are keeping up with things a whole lot better now. I do have a checking account, but just keep it to buy something online, or pay a bill over the phone. No extra is in the bank at all. Do you make a decent wage mining? I always wondered about that.


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## Jimmy24 (Apr 20, 2011)

Been CU only for about 25 yrs now. They are a bit different than banks. But I deal in cash when ever I can.

Jimmy


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## KittyCat (Dec 1, 2010)

Wallrat said:


> How many of you have quit using the banking system? Two years ago I went onto a gold and cash program. I was with BoA, and was paying $10 a month for a checking account! Well, if you deposit $1000, in one year, they'll have charged you $120, or 12% for the privelidge of using their machine, while loaning out your money at 5-8%, and giving you back maybe 2%. Hummf. I only deal in cash now, and it's easier than you might think. I'm a goldminer now, which means I create wealth every day I'm digging, and my 'wage' isn't being deflated every day. I'm pretty certain the banks and Govts. will be the death of us.


Wallrat,

Did you check out any other banks or credit unions before making the decision to completely drop out the banking system? US Bank in my area does not charge a monthly fee for personal basic checking. US Bank has branches in Bozeman. And as you probably already know, banks are not required to report to the IRS accounts you own if no interest is earned. The same is true for safe deposit boxes. But know this: If the IRS levies your bank account your access to your safe deposit box is frozen as well. Only a very diligent Revenue Officer (field collector) would send multiple notices of levies to every bank, not branch, to collect, and such an action takes time. Finally consider a safe deposit box and store a VERY small of gold, an amount that would appreciate more than your yearly fee. Even if you stored your gold in multiple hides, well in access I would think that a home invasion scenario is more likely for you than others.


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## Wallrat (Oct 28, 2011)

Well, Kitty, I knew about tha CU option, but it was about a 50/50 moral outrage at being part of a corrupt system, and just plain being tired of getting ripped off with ten different entities with their hands in my pocket. I had a General Contractor business that collapsed in 2008 when the economy fell. That was the wake up call for me. I shed those dead weights left and right...truck payments, cell phone, internet, storagelockers, etc.

Now I have no monthly bills. Literally only two bills a year to pay: truck insurance, and my property taxes. All else is spent on my terms. It's the closest to perfect economic freedom I've ever felt!

As to the mining, I love being in the mountains, it's home. So, I can live cheaply, and I own my time, which is a great wealth. You can't survive on it if you have car payments and rent. But I live out there for about $300 to $400 a month, and that's pretty doable. I hit eight ounces in July & Aug., haven't had to work since.


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## Clarice (Aug 19, 2010)

So true Wallrat, when you have debt you are a slave to that debt. Haven't had a bank account for years. Haven't missed it. But unless the balloon goes up before March of 2013 we will be forced to get an account to have our retirement monies auto deposited.


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## The_Blob (Dec 24, 2008)

I have a "no fee for 1st 10 transactions/month" checking account that I use to deposit checks into and then immediately withdraw the cash... and a couple others, the sum total balace of is usually zero, but sometimes as high as $5 

I only get bank accounts when they offer some kind of prize for opening it (usually $75-$100 in groceries), I get my prize & then close the account 

I have my utilities on a 'budget plan' & they are locked in and 'paid' until April


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## TheAnt (Jun 7, 2011)

I haven't quit using banks but I dont store the majority of my (puny) wealth there either. I figure I can use the system for what advantage it can give me... if I see no advantage I will get out of that particular system. There is definitely no advantage in my mind to a savings account... dont have one. I have a checking account... may not need it much longer if I dont have anything to put in it . My wife uses the bank card (against my better judgement) so theres an advantage to her. We mostly use credit cards... not because we dont have cash but because its convenient and costs us nothing. I also use US Bank... have for like 17 years... never had a problem with them. If they start charging fees I may just drop them as well. The idea of going cash only is intersting.

I would like to hear you post more on gold mining. I have always been interested in that and am afraid I could catch the gold bug all too quickly. I purchased a gold panning kit and take it with me whenever I go camping. Ive never found any gold (because I dont think there is any where I was panning) but I have panned down to iron "powder" which means if there was gold in my pan I should have seen it.


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## The_Blob (Dec 24, 2008)

TheAnt said:


> I would like to hear you post more on gold mining. I have always been interested in that and am afraid I could catch the gold bug all too quickly. I purchased a gold panning kit and take it with me whenever I go camping. Ive never found any gold (because I dont think there is any where I was panning) but I have panned down to iron "powder" which means if there was gold in my pan I should have seen it.


you gotta move the BIG rocks to find them thar nuggets!


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## TheAnt (Jun 7, 2011)

The_Blob said:


> you gotta move the BIG rocks to find them thar nuggets!


Just point me in the direction to dig!

EDIT: After I posted this I realized how dumb that sounded.... dig "down" of course!


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## Woody (Nov 11, 2008)

I have not gone completely bankless, too many folks after me for my money! I do direct deposit from work. I do take out my weekly allowance in cash and use that for most of my actual spending. Anything left goes into the house cash account. I did have enough to cover 3 months of expenses but had to use it for an emergency. I’m saving again and will have a month of expenses saved in cash in a week or two.


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## Bulldog (Jun 1, 2011)

I would if I could. Because companies [at least in my field] pretty much universally do direct deposit only I have to let them deposit my salary in the bank...then I pretty much remove all of it and deal in cash only. If I find a good way to go from my companies hand to my hand I would do it. I now prefer some form of hard currancy. Cash, barter, etc....


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## FunnyFarm (Oct 26, 2011)

I've never had good experience's with the larger banks. I've always chosen small neighborhood banks. The current bank I'm with has a dozen branches or so. I walk in they greet me by name often go out of their way for us. No fees whatsoever and even out of state checks are credited to my account same day. I find when any bank or business gets to big they lose any care for people as individuals. I do my best to keep all my dealings with only small locally oriented business's.


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