Citibank, Chase, Bank of America, or Wells Fargo?
Which one should i get? This is going to be my first bank account.
- PeachieLv 58 years agoFavorite Answer
Your first bank account... that usually means one checking account - and maybe a savings account later but the combined balances won't be anywhere near $250,000 and you don't own a business (which produces its own issues). If that's all true...
FDIC: Don't worry about the "brand name." I lived in Texas in the 80's, and learned that big banks sometimes get in trouble, and you can't really predict it. In the U.S., the key is to get a bank with FDIC coverage, which all these big banks have.
CONVENIENCE: One factor that a lot of people don't consider is location. Sounds silly, but look at the bank branches and ATM's that you drive by. If the bank branch is on a corner you drive by, but it would take you 10 minutes out of the way to stop, you may stop at another bank and use their ATM. Those fees add up (that used to be a bigger factor than it is now since you can get "change" when you use your ATM card to buy stuff). Also, you know your daily routines. It's very important that the bank be as convenient for you as possible. This might be conveniently-located branches or a cool website. I have an account at BofA, and their online banking site is good. One last thing - don't go just for low fees. Depending on your situation, it may be worth it to think of convenience first... a $5/month difference is less than 20 cents a day.
PEOPLE: After you've weeded out some inconvenient banks, meet the people at a couple of your "prospective branches." Not looking for anything in particular, but make sure you're comfortable and the people aren't clueless. If they ask what you're doing in their bank, tell them. I'm sure they'd love to "sell" you an account, especially since you may be young... they could get a customer for life.
FEES/DEALS: Google the bank name and see what they're offering as far as fees go. sometimes you can get free stuff, but I doubt anyone's offering it now. EVERYBODY will offer a no-fee checking account to a someone who will deposit $100,000, but as a new account, you'll probably pay (there were a few free accounts a couple years back, but I don't think so now.) Look at the fees. I googled "low fee account [Bank Name}" No links because it wanted me to enter a zipcode, and that wouldn't have helped you.
One last thing: If you make a mistake, no big deal. It happens. Be ready to move your money in 6 months if you find a better bank. That's not unusual.Source(s): life
- Anonymous5 years ago
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- rtfmLv 78 years ago
Your local credit union.
- Anonymous5 years ago
Interesting, I was wondering the same thing myself