3 posts shown.
Susan Ramirez33 said:Yeah, I'm aware. So, if that's really the only difference, then I suppose that's that.
Beyond that, having a standard checking account means you can check your balance at an ATM, withdraw cash, set up installment plans, or even cash checks—though that might depend on your salary if you're employed. You can also get a security token to use online banking, which is pretty convenient. With just a basic savings account, you can't really do much; it’s basically just a piece of plastic, and if you actually need to withdraw money or check your balance, you're stuck waiting in line at a Chase branch or something.
@ ironwolf52,
It seems somewhat futile to head out without confirmation; I suppose you can't really accomplish much without it. Even if you did manage to track down a confirmation, a claim probably couldn't be filed until at least 14 days after the mailing date listed on the document anyway.
@ granitemaker13,
I suppose the mail carrier will drop that cash right into your hands within a few days; if the recipient refuses to pay upon delivery, the carrier isn't even allowed to hand over the package, they just take it back to the post office, and if it isn't claimed or paid for within five days, it eventually makes its way back to you.
However, it’s probably worth noting that the USPS takes a cut of the total amount, so the buyer ends up paying the original shipping cost plus a COD fee—which, if I recall correctly, is $8.25—along with a service commission that I believe sits somewhere around 10% of the total. So, if the item you're sending is priced at, say, $17, you add the $25 shipping, making it $75, and then the carrier collects an additional $2.50 in fees for the postal service. In my opinion, it's arguably the least efficient way to ship anything, but I guess some people prefer it that way.🤷
Edit: The only exception might be if someone lives in a tiny rural town where your specific bank doesn't have a branch, making a direct deposit impossible; in that case, I suppose they're unfortunately "stuck" using this rather inefficient method.😢