why do i have to have a bank account?

[hotpink]

i'm sure there's a very obvious answer, but do i HAVE to have a bank account? i hate banks, i'm always getting messed about by them. why can't i just shove the money under my bed? i'll sort out my own money thanks! aarrghhhh

[Ethel]

You don't have to have a bank account if your employer is willing to pay by cash.

It will cost you money though - you get discounts for paying utility bills and so on by direct debit.

[bednobs]

youll have to pay everything in cashhow will you get paid? if you ever need benefits you need a bank account - if not then theres no reason why you should have one

[dzug]

Benefits can be paid by girocheque if you insist you haven't got/can't get a bank account.
If your employer will pay you by cheque there are shops that will cash it for you - for a fee.

So it's not mandatory to have one -- but there are disadvantages in not having one.

i'll sort out my own money thanks!

Are you sure - you sound as though you are having problems with that......

[hotpink]

dzug, what am i having problems with? the banks, thats what. i am perfectly capable of sorting out my own money, and do not need financial help from someone has not seen any of my statements.

[bednobs]

can you really insist on a giro cheque nowadays? The last benefit for i filled in didnt give you a choice - you HAD to open a post office account if you didnt have one

[cascarelli]

I'm afraid that most employers will insist that your pay is paid by BACS into a bank account. Most companies these days wont want to be messing around with cash or writing cheques. Of course, it doesn't have to be your own bank account, you can get your money paid into someone elses and then ask them to withdraw it in cash for you.

Not having a bank account will also probably affect any credit application you make, even a mortgage.

You don't have to have one but it will probably go against you if you don't in the longer term.

[dzug]

Bedknobs - my local Post Office still handles a few each week, so yes, it sounds as though you can.
You'll get pressurised to have a bank account though.

[vicars]

Hi hotpink, as a financial adviser I know that not having a bank account can cause all sorts of issues - nothing major but it can stop a lender giving you a loan and it will help your credit rating having one. Remember you can always goto a smaller local building society instead if it is a question of not using one of the big bully boy banks out there or a pure telephone / internet bank like First Direct. Be careful though as some banks are now starting to introduce fees for low use accounts. Hope this helps.