There a lot of reasons why someone would prefer to live bank free. Some would rather have their money in their hands rather than being put into a bank. Or perhaps you just live a very on-the-go life and don’t have time to be tied down to a single institution. With that in mind, you need greater flexibility, and as such, there are many options now where people can get away with not opening a bank account.
Apps like PayPal or Venmo
These apps are commonly seen among people that have left big banks and credit unions. The reason why is that they are very convenient and easy to use. If you are a freelancer, payment through these Apps is super easy. And sending payments to others is just as easy. PayPal has started venturing into the credit card arena as well.
Prepaid Debit Cards
This option is more alluring to those avoiding banks because they are not connected to a bank account. You can add money to them or withdraw from it at the ATM and can use it just like you would a debit card. Everyday purchases can be easily made with one, and you may be able to have your employer direct deposit your paycheck into it. However, keep in mind that the once the money is depleted, there isn’t any more to access unless you put more on it. The benefit of this is that you do not have to worry about expensive overdraft fees.
What to Do with Extra Cash?
Without a bank account to keep your money in, you will undoubtedly have a lot of cash lying around. You will want to secure this by getting a fireproof safe. That way you know your money is safe and you can access it whenever you need to. You should find a good spot to put your safe. Keep it out of sight and ensure that you share the code with anyone that has to know it. That way in the event of an emergency where you are away, you have someone that can access it if need be.
Non-Bank Money Orders
If you need a method of payment other than your prepaid debit card, then you can use a money order to solve this problem. They are typically cheap, being under a dollar in most cases for each transaction that you need to do. What is nice about a money order is that it can be tracked and if need be, canceled in the event that it somehow becomes stolen. And like the prepaid debit cards, you do not need a checking account for this payment method is already paid for.
Is Going Without A Bank Worth It?
It really comes down to your own lifestyle. If you are a bit of a traveler and aren’t tied down in one place for long, then it could be a great option to keep you flexible. There are plenty of other reasons, moral and practical, why someone would not want to use a bank. With the services that are available today, it is now achievable.