Is There Actually Any Point In Me Having A Bank Account?

Legacy_user

In my 27 years of banking I can honestly say a bank has never done anything for me, no overdrafts, loans etc, hell they wouldn't even cover 14p the other week. So I was thinking would I be wiser getting my employer to pay cash and set up a credit union account? At least you are guaranteed a loan etc if needed?

Mark7799

Your employer may say it's a condition of your employment that you have an account capable of receiving salary payments. You can't demand the right to be paid in cash any longer.

Have you considered a building society passbook account?

System

Mark7799 wrote: »

Your employer may say it's a condition of your employment that you have an account capable of receiving salary payments. You can't demand the right to be paid in cash any longer.

Have you considered a building society passbook account?

No he said it would be fine to be paid in cash as I enquired, so I can't see the point in a bank account

CLAPTON

Most people find it convenient to have a bank account.

There is sometimes the need to pay a cheque in or write a cheque.

If you change job they may require you to have an account, similarly state benefits usually require an account to pay into.

Also as long as you run it sensibly it costs nothing.

I see no disadvantages from maintaining a bank account.

free4440273

I suppose also it's worth having the periodic (monthly even) statement as another proof of identity/address

Primrose

Possibly sooner or later, for circumstances you might not currently be able to envisage, a bank account would be a useful thing to have, and certainly, with current Money laundering regulations, regular bank statements as proof of identity is one advantage. Also, you might at some point in the future require a loan or overdraft. Having evidence of being able to manage your finances well would be an advantage.

Andy_L

Will credit unions do direct debits?

MediaFrenzy

Hi OP,
Some credit unions have the option of a current account with a visa debit card and dd's/so's.
I posted previously about it so a search should get you the info.
MF

BruceyBonus

You may find that you can save money on bills by paying by direct debit from your bank account.