I'm 17 and a half, with a good amount of money (for a teen...) in my savings account at Citibank, and I'm looking to opening a checking account.
I really have two questions; should I just wait until I'm 18 to open one so I won't need to make a joint account, and what, in your opinion, would be the best bank to do my checking at when I'm ready to open one? Thanks for the replies!
2006-12-14 11:46:27 · 8 answers · asked by Kathy 1 in Business & Finance ➔ Personal Finance
A credit union...you are a member not a customer and hold a share in the credit union. Instead of profits going to the stockholders of a bank, the money is returned to you in earned interest, lower loan rates, higher interest rates on savings accounts, etc....Oh and Bank of America sucks.
2006-12-14 11:56:12 · answer #1 · answered by mahree 3 · 0⤊ 0⤋
Wanting some specific things from your checking account is normal. But looking for a checking account is no different than, say, shopping for a car.
You have to look around for the best deal for your hard-earned money.
There are a lot of banks out there that offer "free checking."
What this means is that you don't pay a per-check fee, you don't pay a maintenance fee, and you don't earn interest on your balance.
If you prefer to have an interest-bearing account, then get ready to have all these other fees added AND the bank requires you to maintain a minimum balance. If you fall below the minimum balance, then you'll be charged another fee.
So, as you can see, the "free checking" is the most hassle-free, and you don't give up a lot of your money in fees for this and fees for that!
If you don't want a joint account, you'll have to wait till you are 18.
You can have one now if you can have someone you TRUST that is making way more than you and is not interested in YOUR money (usually a parent or guardian is best).
Good Luck
2006-12-14 12:17:10 · answer #2 · answered by Ambassador Z 4 · 0⤊ 0⤋
Yes, I think I'd wait-you will soon be an adult. Actually there are checking accounts that are totally free and pay interest. I use US Bank but don't know if that's in your area. There are also no ATM fees when you use a US Bank ATM-look for a bank that has plenty. Also, many banks have debit cards that give you some cashback. I also like their online bill pay, which is free. Don't bounce checks & beware of overdrafts or the fees will be ridiculous.
Lots of bank comparisons online-go to bankrate.com, yahoo finance or msn money.
2006-12-14 13:52:38 · answer #3 · answered by Middleclassandnotquiet 6 · 0⤊ 0⤋
NOT 5/3 bank.
You should look in to finding one that is "totally free". With these types of accounts, you do not earn interst on the money deposited, but unless you plan to hold large amounts of money in your account at all times, tht won't be an issue for you really, I mean, in that case you would be talking about pennies.
Ask a bank if they charge you for debit card transactions or if they have a minimum amount that must always be on deposit. Check in to NSF fees (some banks will do things like charge $35.00 for the first one and $50.00 for each after that which is ridiculous).
If you have any way of getting in to a credit union, I would suggest doing that; they are the easiest to work with and they are more personal. Also, they are likely cheaper with regards to fees for transactions of NSF (non-sufficient funds).
2006-12-14 12:38:42 · answer #4 · answered by Jax 4 · 0⤊ 0⤋
It relies upon on the monetary employer, or credit union that you recommend on utilizing. a good type of banks and credit unions do not cost a cost anymore to open expenditures. There are various prices, yet you need to do your homework on a minimum of three or 4 banks or credit unions on your section. some have a lot less prices than others, and some haven't any prices in any respect. beware of the banks that say no prices for the first 12 months. After that 12 months is over, the prices are somewhat significant with some banks.
2016-11-26 20:01:36 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Seriously, skip the checking account, use cash, money orders, and a pre-paid credit card. This will keep you out of alot of trouble AND reduce your stress by 20 years. Good Luck
2006-12-14 12:35:26 · answer #6 · answered by mike j 1 · 0⤊ 1⤋
To avoid all those extra fees, try Washington Mutual.
They offer free checking and you can check your account online.
2006-12-14 13:46:38 · answer #7 · answered by Grandpa Shark 7 · 0⤊ 0⤋
Kathy Here a big news for you!...
http://www.osoq.com/funstuff/extra/extra01.asp?strName=Kathy
2006-12-14 12:08:30 · answer #8 · answered by bdb f 1 · 0⤊ 0⤋