The Unbanked

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pmbug

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The hypocrisy hit me right away:
...
At least two billion people live outside the financial system, and at least another two billion are poorly served, and pay high fees or interest rates for services for which the wealthy pay much less, said Dan Schulman, chief executive of PayPal.

“We have a good financial system…but I don’t think it’s doing the job that it needs to do, which is being an inclusive economy that brings everybody in together,” Mr. Schulman said.
...


The unbanked will be the lynchpin for pushing CBDCs.
 
As I mentioned previously, at least 25-30% of peeps in the US are unbanked. Myself included. I cant imaginary law ever passing demanding that someone open a bank account.
 
I cant imaginary law ever passing demanding that someone open a bank account.

Not talking about a law here, but what about getting paid by direct deposit? A lot of companies pay their employees that way and a lot of government benefits are paid via dd. Whole lotta peeps pay bills online. Some via automatic payments, some manually. Gotta be banked to do this.

Probably doable, but has to be hard as hell to be unbanked in today's world.

Edit to add:

 
Not talking about a law here, but what about getting paid by direct deposit? A lot of companies pay their employees that way and a lot of government benefits are paid via dd. Whole lotta peeps pay bills online. Some via automatic payments, some manually. Gotta be banked to do this.
Only reason it's like that is due to the fact that the majority will do whatever is asked of them in order to go along to get along. Had enough people said f' that crap, they'd still be sending out paper checks.
....and making everything digital is what will lead people into taking the next tiny step to a cbdc. Getting the unbanked to use cbdc is a much bigger jump.
 
Not talking about a law here, but what about getting paid by direct deposit? A lot of companies pay their employees that way and a lot of government benefits are paid via dd. Whole lotta peeps pay bills online. Some via automatic payments, some manually. Gotta be banked to do this.

Probably doable, but has to be hard as hell to be unbanked in today's world.

Edit to add:

I find it pretty easy. I pay my bills in town when I go to town once or twice a month. If I had a job that would only do DD you could use a debit card and do DD to a debit card. Netspend has cards and the fees are pretty low. Either per transaction or 10 bucks a month. Depends on how much you use it on which option is better. I'm not old enough for SS yet and don't know if it will even be available or if it will even be worth it to collect in another 5 years when I am old enough to get it. If they demand I have a bank account then I will pass on it and not worry about it.
 
If they demand I have a bank account then I will pass on it and not worry about it.

Why would you throw away money that you worked for. It's not a gift nor an entitlement. It's money that both you and your employer contributed towards your retirement. It's yours and you deserve it.
 
Not an official site, but you should be able to inquire with your local SSA office to verify:
...
Years ago, Social Security mailed physical checks to benefit recipients. Each month, millions of Social Security benefit payments would be delivered to the mailboxes of recipients across the country. Since so many individuals and families rely on these monthly payments, they would often be waiting on the mail to be delivered at the first of the month so that they could deposit the check into their bank account. Checks were sometimes lost in the mail, and it was also expensive for the Social Security Administration to send that many checks through the postal service. Thankfully, there is a better way of delivering payments today.

Physical checks are no longer an option for retirement or disability benefits. Today, the most popular method for delivery of Social Security checks is direct deposit. This makes the process quicker, easier, and more efficient. Now, benefit recipients do not have to wait at their mailbox and guess when their check will arrive. Their benefit amount is deposited directly into their bank account on the day that their benefits should be paid. For instance, if you receive your benefits on the third Wednesday of the month, you can rest assured that your benefit amount will be in your account on the morning of that Wednesday.

Another option for benefit recipients is to have the funds loaded onto a Direct Express debit card. This is similar to direct deposit, but the funds are loaded onto a debit card that can be used to pay for goods and services. You can also use the card to withdraw cash at an ATM or get cashback on some purchases. It is worth noting, however, that there might be fees associated with some transactions on the card. This option is generally selected by people who do not have a bank account to make a direct deposit.
...

 
Why would you throw away money that you worked for. It's not a gift nor an entitlement. It's money that both you and your employer contributed towards your retirement. It's yours and you deserve it.
Because then the cost to get it back is greater than he is willing to give.

Simply put, @Cigarlover has strong principles on the matter, and good for him.
 
Also, SS may be popularly looked at something one is "owed', but that is simply not the reality of the situation.

SS is essentially a ponzi scheme. The only way for gov to make SS payments is for new money to keep coming into the program.
 
Not talking about a law here, but what about getting paid by direct deposit? A lot of companies pay their employees that way and a lot of government benefits are paid via dd. Whole lotta peeps pay bills online. Some via automatic payments, some manually. Gotta be banked to do this.

Probably doable, but has to be hard as hell to be unbanked in today's world.

Edit to add:

I'm unbanked and recently started getting DD. I signed up with Chime, through a friend's referral and both got $100 when my paycheck went through....which just so happened to be today.
 
There is a realistic compromise here. Minimalist banking.

Each month my (Railroad Retirement) check is direct-deposited. I had no choice in this.

But it goes in...to a local credit union. I also have the various bills on auto-pay. Money's in; two days later, it's out.

The overage is disposed of before the end of the month. Into the safe it goes, for pocket money.

I don't like it, but it's the reality of the situation. If there's a "Bail-In" (and I'm convinced there will be, or a Bank Holiday or some other theft) then they only get a month's income. The rest is...where it is.
 
Why would you throw away money that you worked for. It's not a gift nor an entitlement. It's money that both you and your employer contributed towards your retirement. It's yours and you deserve it.
That is the general thinking among many in the US. The sad truth is that it simply isn't true. I dont remember the case off hand but it's gone all the way to the SC and they have decided that SS is nothing more than a special tax. SS payments are made from the general fund every year. If congress decided next year no SS payments would go out then they would legally stop. Nothing anyone can do about it.
Political suicide to stop the payments now but at some point in the future the payments will come to an end. Better to plan on not getting it and be surprised when I do, than plan on needing it and be surprised that it's not there.
 
Better to plan on not getting it and be surprised when I do

If you're interested you can go here, create an account and see where you stand as of now.

 
I dont remember the case off hand but it's gone all the way to the SC and they have decided that SS is nothing more than a special tax. SS payments are made from the general fund every year. If congress decided next year no SS payments would go out then they would legally stop. Nothing anyone can do about it.
Fleming v. Nestor, 1960

The Court ruled that there is no contractual right to receive Social Security payments. Payments due under Social Security are not “property” and are not protected by the Takings Clause of the Fifth Amendment.


Simply put for those who do mot understand, you are "owed" nothing. SS payments are by the grace of congress and come with many strings attached.
 
If you're interested you can go here, create an account and see where you stand as of now.

I tried that a few times. I have to go to a SS office. Thats what they tell me anyway. I've been out of the system so long they no longer recognize me I guess. I also dont have any credit. Not good or bad credit, no credit score. LOL. Yea, it's been awhile since. I played in their playground.
 
I tried that a few times. I have to go to a SS office. Thats what they tell me anyway. I've been out of the system so long they no longer recognize me I guess. I also dont have any credit. Not good or bad credit, no credit score. LOL. Yea, it's been awhile since. I played in their playground.
(y) high five
 
So you're ok with rapidly letting untold millions into the nation, just so long as they pay into SS if they work?

Untold millions? How did we jump from worker bees bucking it up to untold millions of migrants rapidly invading the nation?

Come out - come out of the darkness and into the light. It's gonna be alright.
 
Untold millions? How did we jump from worker bees bucking it up to untold millions of migrants rapidly invading the nation?

Come out - come out of the darkness and into the light. It's gonna be alright.
Well, for more money to keep coming into the system in a quantity large enough to keep your SS solvent and on track, either requires more $$$ from current contributors or vastly increasing the number of contributors at current rates.
....and since racing taxes is not a popular option, they are going with bringing tons of new people in. Hence my comment about letting millions in, in order to "save" your SS.
 
they are going with bringing tons of new people in

At one time my ancestors managed to flush themselves outta Europe and make it to the new world. Must not have cared too much for their predicament at that point in time. Probably saw the new world as an opportunity for a new beginning. A chance for a better life. Well god bless them for that.

I say as long as they do it legally...........let em come. And if it'll help safe ss.............all the better.

 
I say as long as they do it legally...........let em com
That's just it, they're not. The border is being swarmed and our current group of "leaders" are encouraging it.

"Legally" would be amount of immigrants allowed by law per year. Ie: a quota.
What they are doing now is allowing anyone in who wants to come and has been taught to utter the word "asylum" if they get caught. Why can't they enforce the existing laws on immigration?
 
Why can't they enforce the existing laws on immigration?

No clue. I've often wondered why they can't do much of anything. You've got the dreamers = nothing. Immigration in general = nothing. Economy / debt ceiling = nothing. Nothing until it affects them in some way. Doesn't matter R or D. They seem to just keep kicking cans down the road.

Must be nice to be able to get paid for doing nothing. Most worker bees would be fired for this. But not our elected ones. They're like the energizer bunny. They just keep on doing nothing. Of course, when it comes election time they're off and running. WTF!?!?!?
 
That's just it, they're not. The border is being swarmed and our current group of "leaders" are encouraging it.

"Legally" would be amount of immigrants allowed by law per year. Ie: a quota.
What they are doing now is allowing anyone in who wants to come and has been taught to utter the word "asylum" if they get caught. Why can't they enforce the existing laws on immigration?
Because they do not want to.

There's something in this for everyone - except Americans. For Davos Man, it represents the start of the destruction of the Untied Skates. For the Power Elites, it represents moar stolen elections - and they're not thinking beyond that. Moar well fair, moar debit cards, moar Motor-Voter...moar safe elections.

What happens in ten years is not their concern - most of these senile drunks don't HAVE ten more years.

For the Deep State, it's to give it to the Trumpsters, good and hard. Everything they don't want, they're gonna get, exponentially. And the Deep State operatives aren't concerned for the future - they live in a different world, with CTRL+PRNT paychecks, with Big Brother government backing them.

They think.

So here it is. Best be thinking about what to do when the crash of a Failed State hits home.
 
I just got back from vacation in New Orleans. I used cash everywhere to pay at restaurants, bars and retail shops except at my hotel.

Lots of cashiers looked at me cross-eyed because they were so affected by the pandemic and one symptom that cash speads disease.

New Orleans is crowded and dirty, but lots of history from the best WWII museum in the USA, St. Louis Cathedral,20230323_155625.jpg20230322_212759.jpg20230322_111628.jpg20230321_154929.jpg above ground cemetaries, the Napoleon House and Jackson Square.
 
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