Not having any checking account at all at any bank is expensive. [View All]

[GreenStormCloud]

In the various posts about the fee that is going to be charged for debit cards there have been numerous posters who have claimed that they will close all their accounts with banks and use just cash. That will be a hugely expensive mistake. Here are the charges you will incur to avoid a $5 monthly fee.

Check cashing fees. Without an account to deposit your check into you will have to cash your paycheck at a "check cashing service". First you will have to drive to one (time and gas)then fill out a bunch of paperwork to have an account with them, then pay an outrageous fee. The fee is so high that if you look at one of their web pages they won't tell you how much it is. Here is a hint at what rip-offs they are. All of them that I have seen also offer payday loans and car title loans.

Money orders You still have to pay bills. Unless you are going to drive to everywhere you need to pay a bill you will need to buy money orders. Usually they are about $1.00 apiece. Or you can send cash through the mail.

Postage If, like most of us, you have learned to pay bills online because it is easy, cheap, fast, certain, and excellent record keeping, then you will have to forget about that. Each bill requires a postage stamp.

It is one thing to shop around among banks for a better deal. It is another to think that you are going to somehow hurt the banks by not having an account at all.