We have established you need a safe place to store your wealth. You also need a secure way to transfer that wealth. Consider the parable of young Charlie as he makes his first major purchase in life.
Charlie has a savings account that he deposits half of his paycheck into every month. The other half he keeps in cash. No matter how much cash Charlie keeps he never has a dime of it leftover by the next paycheck. He never touches the money he has in the savings account. Months go by and he scrimps and saves a lavish $5,500. Richard is selling his old car for $5,000. Chuck and Rich agree on a time for Chuck to come kick the tires.
Real talk; Chuck was looking for a way to immediately blow all that cash in one place. It was only a matter of time until he spent it on that Vegas trip he had been fantasizing about. Even when he knew he was just going to lose it all on the crapps table. You don't know how to stop, you don't know when to stop. Get it together. Take some gob nobbing personal responsibility for your life Chuck. Anyway where was I?
Right so Charlie he is buying this car from Rich and he takes the $5,000 out of his savings account in cash. So Charlie he doesn't own a car quite yet so he has to walk from the bank to Dick's house with the bankroll in his pocket. He is sweating bullets as he passes people on the street. Charlie is sure they can all see the raging bank bulge right through his skinny jeans. Charlie wants you to know that the ethnic background of the individuals he passed on the street is not why he was nervous. It was just a lot of money is all. He would have felt the same even if those individuals were the same ethnicity as Charlie was. Charlie was a tolerant person. He was a good person. Or so he kept telling himself. Anyway where was I?
Right so Chuck gets to Dick's place and he looks at the car. The car is awful. Dents, damage and mildew. It's exactly what Charlie was expecting at that price. Chucky boy hands Dick the money for the car. Dick counts the money and he says that all the money isn't there, except it is all there. Chuck knows its all there. The two have some words about it. Chuck shows Dick the withdrawal receipt. Dick points out that Chuck could have done anything with that cash after he left the bank. The cash is still in Dick's hands. Chuck is starting to get pretty hot by the time Dick finally relents and blows some smoke at Chuck about letting the car go for less than the agreed upon price. Like he was doing Chuck the favor somehow. Dick move.
Charlie he drives the new (to him) car straight to the bank and opens a checking account with the $100 he pocketed during the exchange. Mind you Chucky boy he gave the full bank roll to Dick in the first place. But during all the bickering Dick attempts a slight of hand move to hide one of the bills before he offers Chuck a chance to recount the money. But he fumbles the maneuver and the bill goes to the ground. While Dick was distracted Chucky pocketed the bill. Dick agreed to the lower price, so it's only fair he doesn't get the bill right? So yeah then Chuck deposits that bill and vows that the next time he makes a large purchase it is going to be with a secure electronic payment. Instant, verifiable, safe and irrefutable. Anyway where was I?
Right so if you haven't figured out why any adult human would need a checking account yet I don't know what else I can say.
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