Which type of a checking account is good for someone my age?
2007-01-02 05:59:32 · 7 answers · asked by das361 2 in Local Businesses ➔ United States ➔ New York City
Depends on how much money you have in it. Most banks offer an option where your account can earn interest, as long as you maintain a minimum balance. The monthly fee is waived if you meet the minimum. Many banks offer free accounts to seniors, regardless of balance. A free account that earns interest is your best option.
You just really need to pay attention to the fees - that is where the bank earns its money. Overdraft fees run about $30 apiece, and if you use an ATM there is usually a $1.50 to $3 per transaction charge. This fee is often waived if you use one from their bank. Pay by phone and extra services all have associated fees. Be sure you look into these so you aren't surprised at the end of the month when you get your statement.
2007-01-02 06:10:39 · answer #1 · answered by Jeannie 7 · 0⤊ 0⤋
Some depends on the total deposits you have in the bank. I have a Prima account at Bank of America than requires a minimum balance ($10,000 total in all bank accounts) and is free, pays interest, has free check printing, and a free safe deposit box. I probably write 1 check a month with the rest on a debit card or through online bill pay which is also free. I am 63.
Check with your bank since many offer special accounts for seniors.
2007-01-02 06:12:16 · answer #2 · answered by Barkley Hound 7 · 0⤊ 0⤋
Well... I don't really see what your age has to do with it. Go with the free accounts, but make sure to sit down with an agent of the bank (and a relative of yours, if you can bring one with you) and find out all about minimum deposits, over draft protection, all that good stuff. And don't feel pressured to make any decisions the same day. You can always take the literature home, read it carefully, and go back with any follow up questions before you sign up.
And direct deposit is totally the way to go, as long as your bank has LOTS of ATMs in your area. It's much safer and you'll usually have access to your money a day or 2 earlier than normal. Also, find out which other banks are in your bank's network, which means you can use their ATMs for free.
2007-01-02 06:48:34 · answer #3 · answered by Vix 4 · 0⤊ 0⤋
Make sure they don't charge you for checks.
Get your pay, SS check, or pension deposited directly into the bank, and they'll usually have an interest bearing account for you.
Also be sure if there is a minimum required it is something you can live with. Example: If the minimum is $1000, can you live with that, and keep at least that much in to avoid any interest skips? If not, get one that does not have a minimum, or with, say, $200 minimum, that is much easier to maintain.
2007-01-02 06:13:12 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I would get a Free Checking account GOLD with a Debit card (visa or mastercard)
You have to make sure to put a lock on the account, so that no one can use it unauthorized. Pick a really hard pin number like 8259
Make sure you check your statements & activities whenever possible (i suggest calling once a week to check.
2007-01-02 10:08:19 · answer #5 · answered by thepenpal 4 · 0⤊ 0⤋
I second that motion!
Sit down with the customer service representative at the bank and ask him/her to tell you all about the free checking deal. (You want free checks, too!)
2007-01-02 06:08:33 · answer #6 · answered by Jack430 6 · 1⤊ 0⤋
anything as long as its free
2007-01-02 06:02:31 · answer #7 · answered by breastfed43 3 · 1⤊ 0⤋