[at-l] cash/travellers cheques/shiny stones-my "free legal advice"

[icw39@ncfreedom.net (Clark)]

Here is the scoop, from somewhat of a legal perspective, given that I am
a practicing attorney [notice, we lawyers and doctors are always
practicing! :)]:

1)  Credit cards offer you maximum safety - the most you can lose is
$50.00 if you report a card as stolen immediately upon learning of that
fact - and the reporting numbers are all toll-free.  Most issuing banks
even waive the maximum $50.00 fee if the card is reported as stolen.

2)  If used responsibly, credit cards also offer you free money - a
25-day interest free loan if you pay charges in full each month.
Another great thing is that if you have a spouse, trusted friend or
significant other back home, you can leave them checks made out to the
credit card issuer, with the amount blank, and they simply fill the
amount in when the monthly statements come in and mail them off to the
credit card issuing bank once a month . . .

3)  Notice I said TRUSTED friend or significant other here - if you
don't have such a person, then you REALLY SHOULD manage some other way
to see that your credit card bills are paid IN FULL each month.  The
reason I say this is that too many people have become immune to the
outrageous amount of money they are paying in interest - think how
stupid it is to think that 13%, 10% 18% etc. is a good deal - you can
buy HOUSES for less than 6%!  If you are thru-hiking with a credit card
balance that already is so high you cannot pay it off in full, then you
are asking for major, major financial troubles as a dark cloud that will
grow over your thru-hike.  Get your finances in order before you leave!

4)  Carrying cash on the AT is generally pretty safe . . . I often
carried $200 - $300 on me, usually with several small amounts tucked
away in different places.  On a per capita basis, Trail "robbery" is
extremely rare - just use common sense and consider using one of those
little body wallets that are sold by many outfitters, travel luggage stores.

5)  Debit cards are a reasonable option for people who cannot control
themselves with credit cards [i.e., have a credit card balance that is
not paid 100% in full EACH and EVERY month].  However, a debit card is
just like an instant computer line into your bank account.  If it is
stolen, and the thief can pass him or her self off as you, he/she can
drain your account, and there is no federal insurance program to protect
you!

6)  Don't forget that you can withdraw funds from any post office . . .

7)  Try to avoid using ATM cards that suck you for $1.50 - $3.00 per
transaction . . . realize that, on an annualized basis, paying $2.00
each time you withdraw $40.00/week can add up to a pretty hefty
annualized interest rate.

8)  Travelers checks can be a hassle, but if you can get them for free,
taking $100.00 in travelers checks as emergency cash is not a bad idea.
  Just be sure to leave the check numbers with someone back home so that
if you are robbed, you can get the info from home needed to verify the
checks stolen, and thus have a good chance at getting replacements from
the nearest decent sized town.

9)  Speaking of plastic cards, phone cards are a great item - you can
get AT&T phone cards at Walmart.  While on the Trail, beware of certain
phone booths that charge you out the wazoo [higher multiple units per
minute - usually disclosed at the outset of the call so you have a
chance to hang up and go elsewhere].

10)  Other cards to consider carrying include your drivers license or an
equivalent photo ID; and your health insurance card, if you are lucky
enough to have coverage that may work over long distances [worth
checking into before you leave].

thru-thinker

L. Parker wrote:

> "Gregory A. Benkert" <gbenkert@fuse.net> wrote in message
> news:<mailman.1039964433.32444.at-l@mailman.backcountry.net>...
> [clip]
> Travelers Cheques -- I found them to be more trouble than they are worth.
> While you would think that everyone would accept them, I found quite a few
> places that didn't know what they were and simply wouldn't accept any checks
> even travelers cheques.  I would, however, carry them if I didn't have
> anyone at home to take care of bills.  In that case, I would put them in my
> bounce box and resupply as needed.
>
> I have actually had a bank refuse to cash an American Express Travelers
> Check! I went next door to the A&W Rootbeer store and they took it...
>
> Credit/Debit and Cash only!
>
> Lee I Joe
>
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