{ 10 comments… read them below or add one }

Joe M July 21, 2010 at 8:37 pm

Make sure you get free checking. Find out what restrictions your bank has on accounts. ie. Atm use limits, fees, minimum balance requirements and the like. You should not have to pay for extras.

KEITH C July 21, 2010 at 9:09 pm

If you have direct deposit then use this method…most banks wont charge you any fees using this method of deposit.

Dyanna B July 21, 2010 at 9:34 pm

be aware of nsf charges…lol

SUNYScott July 21, 2010 at 10:13 pm

See if there are any credit unions in your area you can open an account with. They often times have great savings rates, and once you establish a relationship with them, they will also offer you low rate loans when you want to buy a car or need cash, etc.

Also, make sure there are plenty of ATMs. You don’t want to pay $2.50 in fees every time you need to draw $20 to buy lunch!

donna July 21, 2010 at 10:24 pm

if you keep a minimum in your savings account, you can usually get free checking. Find out what the minimum is, and don’t go below. It’s a good way to make sure you don’t spend all your savings.

whirl_wind_mallard_man July 21, 2010 at 11:07 pm

Link your checking to your savings. Some banks call this overdraft protection.

What this means is that if you write a check and you do not have funds to cover it in your checking account, then the funds will be taken from your savings.

Also, see if you can get a checking account that gets some interest – if the bank does not give interest for checking – shop around. Why would you have a whole bunch of money in your checking account that doesn’t get interest?

Microsoft Bob July 21, 2010 at 11:46 pm

1.) Get yourself a check/debit card. Very convenient.

2.) Never use your check card online. Use a credit card only for online purchases.

3.) Never give your checking account number out online.

4.) Check to see what your overdraft fee is. Mine fee was $70 for insufficient funds in the checking account.

5.) See if they offer overdraft protection. It could save you a bundle if your very forgetful like me.

6.) There are check manufacturers that make custom checks to fit your fancy or lifestyle. The link below is a company that I use, but there are others as well.

kingfischer22 July 22, 2010 at 12:22 am

Bamks often have promotionals where they’ll actually give you money to open an account with them. For a while the bank I used to work for offered $50 to open a checking account. Try to get an account with no monthly fees. Often this requires that you have your paycheck directly deposited into the account. If you’re a full-time student, some banks will offer you a special “student checking” account with some nice perks…they’re counting on you to remain with them when you graduate and start making the big bucks. Finally, DON’T OVERDRAW YOUR ACCOUNT!!!!! They’ll charge you about $30 if you do! (That’s for each INDIVIDUAL overdraft. If you overdraw by 25 cents by buying a pack of gum with your debit card, another 75 cents buying a candy bar, and three bucks at starbucks, they can charge you $90!) Pay VERY close attention to how much you have in your account, minus all outstanding checks and debits. Don’t assume that the ATM won’t give you the cash if you don’t have it in your account. In two years of working for a bank, I never figured out exactly how this works, but it’s sometimes possible to withdraw more than you have. Not a good scam, though, since they charge you for each time you do it. It’s ultimately the responsibility of the account holder to manage his or her own account.

still learning at 53 July 22, 2010 at 12:46 am

We like credit unions more than banks, as the fees are lower or nonexistent and the interest is much better. That aside, be sure to put at least 10% into the savings, much more if possible, from each paycheck. Use your checking account for purchases, and avoid using the debit card or ATM if possible. The debit card is harder to keep track of and you could very well end up overdrawn if you forget to enter a few withdrawals (that happens a LOT). Then you end up paying a penalty which can be quite expensive. ATM fees can be hidden and will eat away at your money. Get checks with carbonless copies – that way if you forget to enter a check amount in the journal you can see how much it was later. Please keep a running balance in the journal, people screw up if they don’t. Do not rely on calling the bank for a balance. They are unaware of any checks you have recently written and so might tell you a figure that is nowhere near the actual balance. If you just follow the simple rules of entering withdrawals and deposits when you make them and then balancing the journals right away, double checking everything as soon as the statement comes to you (both you and the bank can make an error so do check it!), add to your savings regularly, and watch what you spend (you can keep a budget book if you want, and that will show you where your money is going) and how you spend it, all will be fine. Congratulations on your first account!

heyhey July 22, 2010 at 1:23 am

netbank.com
it is 100% online

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