Ok, So I want to open my first bank account. I dont really seem to understand everything about the different accounts but I will tell you what I want and hopefully you can point me in the right direction. This is what I want:
I want a bank account where I take my paycheck, and put it in my bank. Now, I also want a credit card for which I charge everything on to build my credit history, and to use a debit card to pay for those charges. So basically, I want to log onto my bank's website, see everything I have to pay on the credit card, and then use whatever is in my bank account to pay for it. That is basically what I want. But I also dont really want to be charged for depositing money, or having to pay monthly fee's for my credit card. Oh, and it would be great if my account had intresest.
So what do you think? What am I looking for here? Savings...checkings...? Or am I looking for something that no bank does. There is actually a Chase that just opened down the road, and I wanted to go in tomorrow to open a account. But I am trying to get all my facts straight before I go do anything.
What you want to do is open a savings bank checking account. You can use checking online to pay the credit card bill. The money will be debited out of the checking account. You will not need to have checks, just the account number and routing number, which is the banks number. You do not need to use a debit card. The difference is the payment goes direct through the bank and there is no Visa/ Master Card fee. To get a checking account that pays interest you will have to deposit at least $2000. If not then you will need a free checking account which can be found at a savings & loan bank......not the Chase type banks. Chase will charge you money for a checking account if you don't give them $2000.
Start with a savings account. That's the type of account that debit cards withdraw from. And these accounts don't charge you monthly fees or for deposits.
And you don't use a debit card to pay off a credit card. You write a check to pay it off.
Chase and Bank of America are close to what you want, but they are lousy banks. Better off with a small town bank.
1: If you want to build your credit, you need a credit card, if you've never had one and if your a student try getting a studrnt credit card or college credit card, they're easier to get approved for.
#2: You should get a checking account to deposit your payroll check and to get a debit card. (if your checking account and credit card are with the same bank you should be able to pay your credit card doing online transfers and don't necassarily need a debit card.)
#3: If you want to earn interest you should get a savings account, you can use it to save up and as overdraft protection. There is a federal regulation that limits outgoing transactions from a savings account, a lot of banks charge if you exceed this limit, so don't get only a savings as your primary account, only for back up.
#4: If your new to banking, try a credit union, they're usually more forgiving and easier to deal with than big banks. Credit unions are non-profit organizations and banks are businesses that look for ways to make money.