It seems that every day we hear about one bank or another being either at the brink of failure or otherwise riddled with controversy. For years now, the ongoing topic of debate over the American economy has centered around the role of a few central banks with corporate management in the crosshairs of conspiracy theorists and legal analysts alike. But what are your alternatives? How do you avoid a traditional checking/savings account that could be subject to a wide range of fees? Here are some ideas.
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thank you for watching liking commenting sharing and subscribing right now I still don't remember the day that I first set up a bank account savings account I opened it with $700 and I would say for maybe about five years or so all I did was deposit I didn't start withdrawing money until I was well into teenager II didn't really need to withdraw money I just deposited gifts from birthdays or holidays any kind of odd jobs that I might have done around the neighborhood selling you know old items which wasn't really easy to do back then we did not have the internet it was that long ago so we've crafted a post for all of you who have never had a bank account don't want a bank account but still want to do something with your money other than shoving it under the mattress five interesting alternatives to traditional bank accounts take a look at the link as I'm doing right now on lockeroom comm I'm gonna go ahead and scroll down about halfway and in the sidebar I'm gonna +1 the page tweet it out and also like it on Facebook hopefully you do the same for all the locker gnome articles so one place that you might consider that's not a bank is a credit union and if you had not considered a credit union the primary difference as we outlined here you know verbatim for one credit unions are owned by the customers and not for or not by a for-profit companies I'm reading it and I'm still messing it up hopefully you got that many credit unions offer the same range of services from standard checking to savings accounts to short and long term loans what makes them different to the user is that they typically have some added benefits to the user it's a little redundant in that sentence well go back and edit it I'm sure at some point today theoretically so there's you know some large differences if you want to feel like you own a part of this institution wherein you're placing your money a credit union may be a better way to go I have banked at a credit union before and I am not currently at a credit union and being fairly served I believe by other institutions that may change at some point when I need to open up other investments a cash management account is another alternative to savings or checking account PayPal is also a possible alternative PayPal is not a bank you got to be careful we've done a video on all the dangers of PayPal and you sure certainly be aware that it is not the end-all be-all for where you want to put your money in fact I would argue you know the money that you do put in PayPal should be money that you could live without but it's there as a matter of convenience since many people use PayPal as a you know transaction mechanism I certainly use it as a peameal profit PayPal it's not even a word a payment processing gateway when I have to take money or send money another thing you might consider believe it or not precious metals gold silver platinum just a few you know and they may accrue in value of course you never really know anyway you go you know this is it's an interesting world we live in but don't think that a bank and a traditional checking or savings are the only options for you where you might put your money and it looks like I'm just reading the comments here from the lie of TLDR episode the locker room daily report as we stream it live on YouTube every weekday at 3 yep only money to buy minimal says Phillippi Postigo and i bet that he's in that's in reference direct reference to the paypal assertion i made there restless AMW says what about the prepaid credit cards Chris are they good for buying things online or storing money I would say not for storing money because you're not going to you know generate any amount of interest from them but yes prepaid credit card may limit your exposure of potentially being ripped off by one company or an other having that number stolen the damages would be minimal you know that's certainly a smart way of going in terms of transactions that you might make not just online you know we think about security and again this is kind of apart from the article but we talked security and we worry about things that we do online but it's far more dangerous to hand your credit card over to a stranger at a restaurant that they walk away with it than it is to do a transaction online you could still get your credit card number stolen there in real in the real world it's funny people are ultimately the the I would say the biggest security hole in any particular process or any transaction so just something to keep in mind take a look at the article if you have any other suggestions on where we might want to put our money other than in traditional bank accounts well that's the reason why we titled it what we did take a look it's linked for you in the description share it if you like it