Where should I choose for banking?Bank of america, chase, golden 1 credit union, or wells fargo? Which will be better to fit the needs of a college student with not that many money? I recently went to a wells fargo center and they said I had to pay 75$ to open a checkings account? Like wtf is that??? I'm interested in someplace where... | |
I would say your best bet would be a Credit Union. Credit unions usually don't charge a monthly fee. Banks do unless you have something like a direct deposit agreement. Plus, for ATM withdrawals, credit unions are a part of a larger network known as a CO-OP. Any ATM that is part of the CO-OP results in no atm withdrawal fee, even if it's not the same credit union. For banks, you have to use your bank's atm system or pay a fee (usually $3 at the ATM and $1 at your bank). So someone banking at Bank of America trying to use Wells Fargo's ATM will have a $3 fee to pay Wells Fargo and a $1 fee to pay BOA.
For Wells Fargo, they're probably saying you need a minimum of $75 to open the account. Not that it's going to cost you $75 to open one. The $75 will still be yours to access but they won't bother opening one for you unless you have at least $75 to deposit.
Savings interest rates in any institution is going to be minimal.
Savings accounts are designed to save money, not access it on a regular basis. Some institutions will charge you a fee if you withdraw too often.
Checking accounts are designed for accessing and retrieving your money on a regular basis. There is usually no transaction fees (other than ATM fees at non-affiliated banks).
Hello :)
I would suggest either a credit union which is ran by it's members and not corporate/stock-holders. Or you can always choose your local bank. I have banked with Chase before and they are great people say that they are not as friendly as credit unions but it really depends on the branch!
Another option you may look into is getting an Ally account from ally.com You do not have to have a minimum deposit to open the account or any monthly fee's. If you ever want to use an ATM they will reimburse ANY fee's that the ATM charges on the next billing cycle. Remember though ally.com is an online bank so they do not have physical branches but every time I have had to contact Ally, I would get someone who spoke fluent English and not someone from "outsourced countries"
Good luck :)
You might look at BofA. If you need money from home, your parents most likely have one in their area. They could immediately deposit money in your account. If you travel outside of the area, you can use your debit card to withdraw money at one of their many branches, without paying a fee also.
