Money & new bank account help?
I'm 17 years old, I have a job I started 3 weekends ago & I have 390$ saved up. My sister said that sometimes banks will pay you to sign up with them, which banks do that? What is the best bank to have? (& yes I know I can only have a debit card not a credit card)
- JasLv 49 years agoFavorite Answer
First, good job on being so focused, starting to earn your own bucks, etc. As for your question, no disrespect to your sister, but I've never in my life heard of banks paying you to sign up with them. That doesn't mean it may not happen in other countries, but not here at least. I'd go around to all the banks in town and ask them their terms. You'll need to decide if you want savings, checking or both. Most banks now try to get you to sign up for both (where you can transfer monies between the two so taht you can earn a tiny percent (maybe 1% now) in savings and then transfer only-what-you-need over to your checking when you need to write a check. For an active account, though, where you're either writing a lot of checks or using your debit card (think of it like writing a check but the amounts are taken in real-time), I always thought that having 2 accounts was way too much hassle, and that they just ask you that so they can get credit for opening 2 accounts under you instead of one. With savings interest rates so low, it's almost more risky (plus the time going back and forth to the ATM to do constant transfers). For this reason, a lot of people just keep a checking account. On the other hand, if you don't have a lot of bills, might be good to set up both. So compare locally and consider calling FIRST to let your fingers do the walking, make a little excel table of key criteria (find a table of criteria online)--like the following columns:
Is there a MINIMUM balance I need to keep to avoid monthly surcharge?
How many ATM transactions can I do a month?
Are ATM free? Which ATMs must I use? (and where are they)
How many checks can I write a month?
What's your hours? Are you open Saturday?
Do you have a drive-thru window?
Are you thinking about offering what Chase now offers where I can take a photo or scan a check and deposit it by emailing it by computer or phone to save me trips to the bank?
Do you have direct deposit? (actually every bank does)
What's your savings interest rate?
If I open the checking and savings accounts, like you're promoting, can u set up an automatic transfer every month to my savings so that I don't have to remember those minimums?
What fees can I expect to see on my statement?
Which of those fees are you willing to waive to get my business?
Is there a minimum balance required to open the account?
When will my debit card arrive in the mail?
How long do I have if I question a charge on my account and want to dispute that?
Can you show me how to login to your site with a demo/your (their) account? (ask them about their security measures).
Do you offer a call-in customer support PIN to identify myself for added security?
How often are we required to change our online password?
A lot of banks offer rewards/cash back if you use your debit card to make purchases with certain companies (various retailers who partner with them). Do you offer that? I'd like to know if I normally spend money with those companies.
Well, these are the only ones I could think of. I racked my brain.
Good luck and have a great, productive life. :)
- Anonymous4 years ago
You should be concerned unless you really trust your friend,but watch your bank account anyway. Banks will transfer funds from 1 bank account to another bank account for a fee. Your friend could have either gave you a check or cash. With check printing software,he can print a check with your routing and account numbers,fill in any amount,and cash it before you know it. With your card number and 3 digit code,it is possible to make a fake card and spend your money any place that takes credit/debit cards. Most cashiers do not ask for ID when you use a credit/debit card,even though they are supposed to. They can use your card as a credit card and sign your name on the receipt,this way,they do not need your pin number debit your bank account. This is why they keep saying NOT to give anyone your personal information-especially banking information and your social security number unless you initiated the contact first and the information is needed. Get to your bank and tell them what you did,they can transfer your money to another account and close your old one. This takes priority over everything else.
- Maulik BhattLv 59 years ago
It is best to approach banks in your locality. They will help you more.