Welcome to the world of finance

I got my bank card today.

I brought over a large amount of dollars in a money belt because I wasn’t willing to pay commission on traveller’s checks and despite the world of globalisation we often hear about my credit rating in the UK means nothing over here.

So last week I paid in a substantial amount of cash to a bank and hoped they’d allow me to take it out. But no, I’m an uncertified credit risk and so my pay check (for that is what I’m given until my social security number comes through) will be held back for seven working days until the bank is assured that I am who I say I am.

I still have access to the cash itself, but interest rates over here are pitiful. You can get maybe three per cent on a savings account if you put a huge amount of money in. No wonder personal savings rates are so low in the US. If you’re money’s going to get eaten away by currency depreciation and low rates you may as well spend, spend, spend.