What do you use for "small cash" purchases?

[john70t]

I want an "expendable" account.
Problem is, the banks around here all require $500-1,000 minimum balances or they'll start piling up huge fines.
The bank rob you in Mother Amerika.

I thought about getting a pre-paid debit card, but these also require federal background checks using internet verification.
I don't trust the internet, and frankly I shouldn't have to cough up $10+ to be able to use a different form of electronic cash.

I'd like to be able to make small transactions without putting "all the eggs in one basket", so to speak.
The Target debacle is only one of many.
Many companies also have the reputation of "not cancelling" accounts...even after months of the customer calling and complaining.

Uses:
-Paypal account for Amazon/Craigslist/etc.
-Small donations.
-Internet purchases from various companies, and possibly sketchy people
-Automatic payment agreements that die with the card.
-etc

At this point, the only banking options appear to be ones I don't feel secure with, or which penalize the poor.
What do you use?

[wdfifteen]

Originally Posted by john70t

The bank rob you in Mother Amerika.

No kidding.
I'm not sure what you are asking for. Why doesn't a low-limit credit card do the job for you?

[widgeon13]

Mc

[plumb4u2]

being a Plumber I bring in about $500ish a month in cash from scrap I pull out of customers houses
I usually have 500-1000 cash in my wallet for local purchases

my wife set up an account with debit card for my internet purchases, she only loads the account when I'm ready to purchase something

my account does not have to maintain a balance, now to be honest she is the manager of the bank so I can't say if she has gotten around the fees due to her authority but I will ask her tonight and update you

she works for a major east coast bank

[DanielDudley]

Piggy bank a second checking account to one of your other accounts in your primary bank.

[gr8fl4porsche]

Have you checked into Credit Unions?

I agree with the credit card idea. Many banks offer free money orders if you hold minimum balances. That allows you to pay the bill with cash.

[scottmandue]

Plane Jane bottom of the line American Express is $75 a year... or at least it was...

I used it for all the above (Internet, eBay, etc.) they have excellent security.

Unfortunately I closed out my Amex account in a cost cutting/simplification frenzy.

[john70t]

Originally Posted by wdfifteen

No kidding.
I'm not sure what you are asking for. Why doesn't a low-limit credit card do the job for you?

That's an option. thx.
Philosophically though, I'm still holding a grudge against the "credit system"(aka economic defamation), and don't want to be involved with it again if possible.

Background story:
After high school, I shared an apartment with a couple deadbeats.
-I moved out (with written agreement from the appt manager) and they stayed.
-The company later changed their minds, and stuck me with a 7-month bill.
-I was completely shut out of the 2000 California housing boom. (Even with zero negatives, 80+% down, a good paying union job, impeccable payment history, same bank accounts and home for many years.)
-11 years later my credit was still ruined
-I couldn't even obtain a credit report to contest the charge.
-Experian required a copy of my lease and an original birth certificate before they'd even send the forms. Yeah right.

I know I'm just one of many victims of banking shenanigans.
Many have had it worse.

[Baz]

Why don't you just use cash?

No bank fees and still accepted everywhere.

Works for me.

[scottmandue]

Originally Posted by DanielDudley

Piggy bank a second checking account to one of your other accounts in your primary bank.

We did this too... took some wrangling...

Us at the bank:
Me "So my checking is free with no balance requirements because my paycheck is auto deposited?"
Bank lady "Yes"
Me: "and this second account is free with no balance because it is attached to it?"
Wife and bank lady: "of course"
Me, looking at account brochure: "but that is not what it says here." pointing at brochure.
Wife and Bank lady giggling like I'm an idiot: "On no, it is fine, don't worry about it!"

Month later... $35 for not carrying a balance...

long story short, took two months and several trips to the bank but they returned the charges and we got the free account.

However I prefer the Amex because it is (was) not attached to our bank account... and their annual charge is most likely less than the Bank will screw you with hidden charges.

[Aragorn]

Just a couple of thoughts on alternative debit cards.

AAA has a travel visa available for members to get. Pre-fund the account and use it to make purchases on-line or at a brick and mortar stores.

You can also get a gift-card visa at wallyworld in increments of either $25 or $50. Go on-line and verify some information with the issuing company and it can be used for on-line purchases.

The gift-card has a monthly maintenance fee and an initial purchase fee of around $5.

[june82000]

Originally Posted by DanielDudley

Piggy bank a second checking account to one of your other accounts in your primary bank.

+1, that's what I do. I have paypal (or whatever) pull money from it whenever I want to make a purchase. I even have a visa card for it. When I see something I want, I just transfer that amount to the account so it's there when I'm paying. Otherwise, it might have $5 in it.

[masraum]

Originally Posted by Baz

Why don't you just use cash?

No bank fees and still accepted everywhere.

Works for me.

because he wants to use this for buying stuff on the Internet, paypal, etc.... I have a heck of a time getting cash to work over my DSL connection.

[john70t]

masraum, I invented a workaround for this:
1). A bill scanner replaces the DVD drive on buyer's computer.
2). It takes the valuation and numbers off the currency, then sends it electronically as "promissory payment" to seller. (Same as check or CC.)
3). Within two days, buyer takes the same physical currency to a local kiosk and inserts into machine.
4). Machine sends amount to seller's account through electronic banking network.
5). Transaction complete.

there i fixed it

[scottmandue]

Originally Posted by masraum

because he wants to use this for buying stuff on the Internet, paypal, etc.... I have a heck of a time getting cash to work over my DSL connection.

I have been craming 20's into my floppy drive!

[porsche4life]

If you can get into USAA their minimum is 25$ and they'll give you debit card on every account.

[HHI944]

You have a minimum on your usaa? I use my usaa for just this and frequently don't carry a balance with no fees. ... and their customer service is like 3 cuts above the rest!

[Flat Six]

Buy AMEX gift cards. Denominations up to $500 IIRC. Don't recall if you can 'recharge' them, but IMO safest & cheapest way to do what I think you're trying to accomplish. I use them all the time for international travel.

[VincentVega]

Another option is a 3rd party bank, like captialone360. Just one of the many options available...

What's a 360 Checking® account?

Current checking bogging you down? With 360 Checking, you're free to roam. It's fee-free, online and mobile checking that works around your schedule and goes where you go. It starts with:

No hidden fees or minimums as you earn interest on your everyday money
38,000 fee-free Allpoint® ATMs and 2,000 Capital One® ATMs
Free MasterCard® Debit Card for all purchases
Mobile check deposits with CheckMate Opens a new windowSM & one checkbook's free

[Tilikum Turbo]

I have started using cash for anything under $1000...

This way, slapping down those C-notes, you actually get a feel of the money moving OUT of your hands. CC or Debit card...you don't see that, and tend to spend more needlessly.

I look at ANY purchase now and multiply that by 1.5

So if you see an item that costs $1000, figure in what did you have to do to CLEAR that $1000on your paycheck....now add state taxes.

Eating out also takes a huge bite out of your disposable income. Not only is it taxed, but comes with a 10-20% "tip" factor. Food made at home usually tastes much better, and I actually KNOW what I am eating.

Wish some of this stuff came to me earlier in life!