Where should I make my first bank account?I have a savings account at a credit union, but I'd like to have an account in which I can get a debit card. In order to get a debit card at my credit union, I need to be 18 years old, and I'm only 17; besides, my credit union has some dumb charges for debit cards. So what bank should I use to start my... | |
I currently bank with Chase and Bank of America, and like them both quite a bit. I live in NV, and also banked with Wells Fargo, who are absolutely awful. Chase has a great rewards program (for an annual $25 fee). In NY I had HSBC and M&T, who I really liked as well. If you live in NY (or any other NE state), I don't suggest Charter One/Citizen's Bank...they were pretty much as backward as Wells Fargo was.
And on a side note - it sounds like you're making some good financial headway, keep it up! In 10 years, you're going to be WELL ahead of the curve if you keep making financially sound decisions.
If you are in a credit union, check the interest rates!
Your money should be in a Money market if you can, many credit unions pay almost nothing for the basic savings, but you only need a small amount in the basic savings account.
Do not move everything into your debit account wherever you have it. Only put in what you plan to spend for a couple weeks/month. Keep your funds working for you with the best interest rate you can get.
I don't know about other banks, but my husband and I have had nothing but problems with Bank of America. The only reason why we haven't closed our account is because we have a credit card through them.
They charge us a dollar everytime we get money or transfer from our savings. Which is an issue for us because we always use our savings account for retaining money for rent and bills.
If your bank charges you a fee to access your OWN money, it's a big problem.
If I were you, I'd open a new account with Case, and withdraw ALL money from the credit union account and completely close it, you don't want them to hit you with fees even if you don't use the account.
Stay away from the "empire" banks such as Bank of America and Chase. They are the worst banks in the U.S. according to the government complaint center.
No bank will give a debit card unitl you are 18 (federal law).
Stay with your credit union until 18, then go shopping at another credit union.
I have personally been stung by Chase bank's sneaky policies.
Chase is going to start charging a monthly fee in February unless you can meet their exceptions. Stick with your credit union, and find a way to deal with their charges and rules.
Use cash for now. You could always use checks (when you turn 18) or continue with cash (and repay your parents when you use their cc to charge something online.)
I've had regions since I was 14.. (17 now) my mom had to co-sign for me then but I have my own account now... And except purchasing boxes of checks and buying the debit card it's free.. And I like them
