this post was submitted on 14 Nov 2023
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Why?
The majority of my expenses come out with direct deposit and can't be paid with cash even if I wanted to.
You'll just find out how little banks care about retail customers. What do you think happens to the cash you give to the coffee shop? They put it in the bank. They use it to pay suppliers who put that money in a different bank.
People are the same. The barista takes their cash tips and spends them. Those businesses put their money in their bank account and buy supplies or pay workers. Their suppliers do the same.
Banks do not care about your $5 for coffee, they care about the coffee shop.
I'm just letting you know that a free checking account with $1000 in it actually loses money for banks. They would be happy to close the account for you. Removing the money will not faze them at all.
Savings accounts with more than $10K, small business accounts, CDs, and commercial accounts are more valuable in that order. Banks are doing you a favor by offering you a cheap bank account.
Using only cash opens you up to theft and loss. This is a problem for immigrants who can't get bank accounts or are afraid of banks.