Are Banks for people who have serious money? Read Below?

Question

I have had a bank account forever, and I was maybe 2 to 3 hundred past living check to check. Every now and then I'd get hit with Fees, and it sucks cause it put me behind on everything.

So recently I closed my account bought a (Real Nice) safe. I manage my own money. I write down every expense and my balance the time of day and the date. I'm not going to open another account until I have at least 4000 for savings and 1000 for checking other wise it just doesn't seem worth having a bank account.

What say you?

Answer 1

Most banks offer free accounts, you just have to ask. My friend is in the banking business. Know what you are sigining up for, they tell people these things, but most don't listen. You don't need a thousand bucks all the time to have a checking. Those are usually accounts they are trying to sell becasue they make fee income on them, but most banks have a free account, its usally pretty basic, and no min. balance. Most savings you need a balance of anywhere from 200.00 to 300.00 to avoid service charges. Ask questions before you do anything, shop around, find the best deal. Banks aren't out to rip you off.

Answer 2

You just need to "shop" fpr the right bank and the right account. You obviously didn't have the right kind of account. By keeping your own money, you are losing interest. Some accounts charge a fee for not maintaining a minimum balance, others do not or they only require a $25 dollar minimum.

Based on your needs, you need to figure out whether you want a checking account or savings account, whehter or not you will write checks or use ATM or Debit cards....You can compare different account types at several banks. If you need more help, Bank of America is alomost everywhere. Drop by the branch and talk to an account representative, they will help you decide which type of account is right for you.

Answer 3

Once you have $4000 (even $2000) above your needs it should not go into a bank at all. An IRA at schwab.com or the like in real investments. In a bank you lose purchasing power after taxes & inflation - period. Never have had a savings acct & never will.

Answer 4

Well in a bank it can collect interest, however you shouldn't be hit with those fees if you signed up for the right product, many of them are free.

Answer 5

That is a good way to get killed.

I have NEVER PAID A FEE EVER TO WELLS FARGO (My checking account has been active for years)

You only need $100.00 and it's FREE.

You don't even have to pay for a new checkbook anymore. You can print your own checks now from your computer with Versacheck.

Answer 6

i say savings accounts are for everyone and should be started young, checking accounts are only for people with 1k or more and only if it has no minimum (i'm not going to get charged just because i dont have 200+ in there, thats bs)

a savings account is just that, savings. it shouldnt be withdrawn unless there is an emergancy or you saved up for what you were saving for (like my bf and i have one thats for saving up for an appartment, we want to have almost a years worth of rent saved, just in case)

Answer 7

your money might be stoken and you killed by the thief

getting the money from the safe to your creditors may be costly. Are you going to hand carry it or risk mailing it. will you waste your time waiting at lines at the utility company?

you will need to get reciepts for your payments

how much did the safe cost?

where will you cash your pay check?

how will you get exact change to make payments?

Answer 8

find a bank that will not fee you to death - check out your local credit union they typically have less fees