Citibank, Chase, Bank of America, or Wells Fargo?

Which one should i get? This is going to be my first bank account.

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  • 8 years ago
    Favorite 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
  • Anonymous
    5 years ago

    There is no great financial institution, fine credit union, or exceptional bank account. You have got to seem at the totality of the bank’s services, debts, and fees. Each financial institution presents a few money owed with special facets and distinctive charges. Some banks may have low overdraft expenses, however excessive fees in different areas. Some debts waive all fees should you maintain a minimal stability. Different debts have a month-to-month fee, but no fee on every transaction. Other money owed have no monthly cost, but a cost for each transaction. Some banks have a giant number of ATMs which you should utilize with no cost. Other banks have a charge for ATMs. I endorse that you just discuss with a number of banks. Find out the features and bills of each and every of their money owed. Discover how many ATMs are available, and whether there is a carrier charge for making use of the ATM. Be certain you get the whole lot in writing. Don't be given anything the client provider man or woman tells you verbally.

  • rtfm
    Lv 7
    8 years ago

    Your local credit union.

  • Anonymous
    5 years ago

    Interesting, I was wondering the same thing myself

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