As slumlords, we get plenty of tenants who have no bank accounts. For most, it's not a matter of choice; if you bounce a few too many checks, you'll get blacklisted and you will be unable to get a bank account (particularly another checking account) anywhere. So these people pay in cash or money order, and either get paid in cash or have to use check cashing services. Seems like a miserable way to live, but if you never learn basic money management skills, that's inevitably where you'll end up.
There are certainly people who chose to deal only in cash and not use banks. I suspect most of them started out by being blacklisted and then convinced themselves they are better off without a bank account. Of course once you start down that rabbit hole there's no turning back: Folks who don't have bank accounts often don't pay taxes, let alone workers comp insurance. And of course dealing in cash makes it difficult for spouses to collect child support or for bill collectors to garnish wages.
I've had a checking account since I was seventeen. I can't imagine not having at least one bank or credit union account. For one thing, my mattress sure would be lumpy.
A while back I sold a car to a guy who paid in cash. 12 grand, mostly in twenties but some hundreds. I knew my credit union has to report any transaction of more than $10K. But I was surprised at the paperwork they had to fill out when I deposited the cash. Money laundering laws require them to report large cash transactions.
On a humorous note, I take care of the coffee station at work. 25 cents a cup on the honor system. The other day a co-worker tells me, "I don't carry cash any more. Can I use Paypal to pay for my coffee?"
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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