Checks?Banks?

Question

I'm still a minor at 17 and well I was wondering since I havent delved into the world of banking and cheks and stuff yet. If I were to recieve a check? What can I do with it? What do I have to do with it?
Do I need a banking account? Do these accounts cost anything?
How do credit cards work? Do you need to pay some fee to keep them? I wanna be abel to use Credit Cards for online purchses and stuff but well yknow Im a minor and I have no clue about this stuff.
Any help is much appreciuated thanks.

Answer 1

Lots of questions here!

If you receive a check and don't have a bank account, take it to a bank with I.D. to cash it. You'll probably pay a fee for not having an account.

You should get a bank account. They cost about $7/month, depending on the balance you keep. Get checking and saving accounts, so you can start getting into the habit of saving.

Lots of credit cards have an annual fee; some don't. You are basically getting a loan from the credit card company; you pay for something with the card, then pay it back to the company.

You need to be 18 to get your own card.

Answer 2

If you receive a check...whether it is a payroll check or a personal check (like from grandma or something), you can always take it to the bank it is drawn off of to cash it. And even some stores (like Walmart) will cash a payroll but charge you a fee to do so.

I am not sure about the age in which you can open a checking account. I know I had one (my first) when I was 18 and away from home at school. Back then, there were fees that went along with the account especially if you didn't maintain a balance, etc, but now..with so much competition, many banks don't require all of that and call it "free checking". The only thing you probably will have to do it buy your checks (maybe $13 to start) and naturally, if you overdraw, etc, you will have those fees.

When I was a student, as well, I was able to get my first Visa with no problems.....but younger people can really get themselves in trouble with that...especially if you don't have the income to support the card. Interest rates can be high and if you make only the min. payment a month, you are really not making headway on paying the thing.

If you have checking account, you can always get the debit card...and it isn't just an ATM card...it can have the Visa/Mastercard logo on it and can work like a credit card (use it online, etc), but it comes right out of your checking (directly)...so no real credit involved.