Iwhat would be the good side to this? what might be some drawbacks?
So no credit?
Cant buy a house, a car, a large appliance or anything unless you have the money in your account?
You need to do some reading about the role of credit in the economy?
We certainly could do away with cash as a medium of exchange, in fact many people rarely use cash anymore but our economy depends on credit.
Our paper currency is no longer backed by gold only by the full faith and credit of the US government and treasury which is why we need to watch those federal deficits and the total level of federal debt burden. Say Greece, 3 times.