Friday Afternoon Confessional: Too big to fail
I confess that I have changed banks from a small local bank to a “too big to fail” one, namely, Bank of America. I confess that I did so because the college’s policy with regard to getting direct deposit set up in a timely fashion is, at least to me, unacceptably lax — so I needed somewhere I could deposit the funds immediately and get cash immediately. If I was going to do that, why not make the switch to a national bank in the process, given that I have no idea where I’ll be over the next few years?
I confess that I have a whole tirade ready when people ask why I don’t want a debit card, a tirade I most recently unleashed on The Girlfriend. I confess that years of living on the edge of financial ruin have trained me to have such an absolute bias in favor of liquidity over all other factors that the remote possibility that someone could steal money directly out of my bank account (even if it was then later reimbursed) is completely intolerable to me. Perhaps because the worst abuses of overdraft fees have been curbed by the government recently, they didn’t put up a fight when I said that I wanted strictly only an ATM card with no debit capability — though the person was disappointed I wouldn’t be able to take advantage of their cash-back awards program.
I confess that I brought a friend from the college with me to start an account, but as a foreigner, she needed her passport to open it — but on the bright side, that means that I can now “refer” her as an existing customer, meaning we both get $50. Hurray for profiting off bias against non-citizens!
I confess that I have been ordering pizza at an alarming rate since moving to Kalamazoo, but it’s probably still cheaper than ordering the car that would allow me to do more varied grocery shopping and hence cooking. I confess that my laundry service was more expensive than I expected, though I did have a truly appalling amount of laundry piled up, but again, it’s still cheaper than buying a car. A colleague suggested that taking a cab to the grocery store every so often would probably be cheaper than buying a car, too, and I bet he’s right. I guess the question becomes when all these things that are “cheaper than buying a car” add up to “more expensive than buying a car.”
Presumably I’ll get a government bailout if it comes to that, though, now that I’ve thrown in my lot with a “too big to fail” firm!
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