Everyone loves money, but not everyone is so good at saving it. Some of you may not even believe in banks. Regardless, this mytake is to offer you advice about keeping a savings and or checking account. Here are some simple rules to follow:
1. Always choose a bank or credit union that is FDIC or NCUA insured.
The Federal Deposit Insurance Corporation and the National Credit Union Association insure all deposits up to $250,000. This was created by the Roosevelt administration as part of the New Deal in the 1930s as a result of The Great Depression when so many people lost their savings due to uninsured banks. Always choose a bank or credit union that is FDIC or NCUA insured.
2. Watch out for hidden fees.
Some banks will charge hidden fees for having an account through them. But there are ways to avoid a checking account or savings account fee. You can set up direct deposit through your employer. At most banks they will waive the montly fee for the account. The same can apply to having a certain amount every month like $500. Or, most banks will not charge a fee after ypu used the debit card issued for your checking account more than 10 times a month. Also,watch out for overdrafts, but more on that in a minute. Be aware also that some ATMs will also charge you a fee just for checking your balance or withdrawing funds. Unless it's your home bank then most transactions are free at their ATMs.
3. Opt out of overdrafts.
NEVER SIGN UP FOR OVERDRAFT PROTECTION! Overdraft protection is when you agree to let the bank or credit union pay any bounced checks or overdrawn debits. But there is a hefty fee for this, usually it's around $35 but can be as much as $100. If you overdraft too much you could find yourself on Telecheck or Chexsystems which are databases of people checks are not to be accepted from. Banks can also refuse you service due to this. Not counting you could also possibly be charged with worthless checks which could cost you more money or even jail time.
4. If you sign up for a prepaid debit card compare them first.
Some prepaid debit cards offer good alternatives to checking accounts. One being no possible way to overdraft, and another is they are also FDIC insured. Plus they can also be used wherever Visa,Master Card,or American Express are used. But,some also charge hidden fees. Some charge just for a signature or pin purchase. Some.charge you out the ass for checking your balance at an ATM. Some also charge you a fee on tpp another fee just to withdraw cash. If you get a prepaid debit card I recommend the Bluebird American Express. There is no monthly fee, reloads are free at most Wal-Mart stores. Plus you can get 1 to 2% cash back sometimes.
Final tips.
Here are a couple of banks to avoid:
Woodforest National Bank. They charge hidden fees out the ass, plus they are known as a low profile bank which caters mainly to people whom have abused bank accounts and have had shady pasts with banks.
Bank of America is one of the worst of the big banks. I used to work in one of their call centers. They charge high fees and their customer service sucks ass. This is coming from a guy who worked in their call center. I personally recommend using a credit union because most of the time they will accrue interest on both checking and savings accounts so you will also make a little money by keeping it there. Plus in a credit union you own a share of it just by being a member.
If you decide to go with one of the big banks I recommend Wells Fargo. I currently have an account with them and I am very happy with them. The only downside is if you deposit a check that isn't one of their own clients you have to wait a business day before the funds will hit your bank account. Really that's no major inconvenience because most banks do that.
Also be aware even though your direct deposit says funds will be available at midnight, that will midnight local bank headquarters time. Since my bank Wells Fargo is headquartered in San Francisco,California but the east coast headquarters is in Charlotte, NC about 70 from where I live all deposits are made on California time which would be 3 AM eastern time. So be aware of that
So that's all I have for you about banking. Make sure to keep you and.your money safe!
What Girls & Guys Said
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This was really helpful. I remember in my senior year of high school my government teacher decided to teach us the basics of financing in my last month in high school and it was so helpful. But we still talked about current events. We were at each other throats when Ferguson happened.
Damn, y'all had fierce debates over that huh? My senior year our biggest topic was the Great Recession which we were in at the time. When all the banks were closing and Lehman Brothers went out of. business. also a lot of people lost their homes due to the housing bubble burst
It was a pretty fierce debate. We actually all had different opinions which was a little weird because we were all pretty democratic.
The way I see it about that is I know the cops have a job to do to protect themselves. But, we also don't know the other side of the story from the shooting victims POV. So I think it's better to let the court or Department of. Justice decide
What did you think at the time?
I thought the officer should've been given probation because I don't know the other pov but even if he was being charged after, six shots is excessive. I know when your adrenaline is rushing you do stupid things. But police academy's need to teach new officers how to control their adrenaline. Shots should be the last resort and even then, the officer should aim for the leg or shoulder because neither of those are kill shots but it's enough to make him stop
I agree some police officers are trigger happy and yes if he fired six shots tjatbis excessive. Most of the time its one warning shot then if the suspect don't comply then it's a injury shot to like the leg. The heart or head is a last resort only.
Very true and that's how police should be trained to handle these situations.
Even prison guards are taught that. They have to fire warning shots first. Then they can only fire in non fatal areas, or use non lethal rounds
Good stuff. Ya, Dodd-Frank Act has helped curtail some of those nasty hidden fees
I used to work for Bank of America in A call center we had to deal with a lot of that foreclosure and fannie and Freddie bullshit
Yeah I do admit my impression of BANA is in the shitter lol
I bank with U. S. Bank personally. They've worked out great for me.
Wells Fargo is good too.
Bank Of America as we know it now used to actually be two Separate banks. West Coast had Bank of America then there was North Carolina National Bank. Then in the 90s it turned into NationsBank which was the precursor until it merged with Bank of America. Thats why their headquarters are in Charlotte NC now. Charlotte is the second biggest financial hub in the US behind New York City and in front of San Francisco and Philadelphia
I think the Merrill Lynch acquisition from the crisis has really helped them. I work with BANA all the time at my job.
This is from Wikipedia: Charlotte is the second-largest banking center in the United States, after New York City. Bank of America, the United States' second-largest bank is headquartered here, as well as a secondary headquarters for Wells Fargo. BB&T, MetLife, TIAA-CREF, and SunTrust Banks all have a major corporate presence in the city. All this just 70 miles from where I live. Do you think there should be stock exchanges in other US cities besides NYC?
Commodities and CHX are out of Chicago
Really? I think Boston, San Francisco, Dallas, Charlotte, Philadelphia, Kansas City, and Atlanta should all have stock exchanges too.
Not a chance I would ever touch anything outside of NYSE or NASDAQ. There's not reason to do so, except FOREX maybe.
I mean have them connected to Nasdaq and. NYSE but be like branches in other cities
Very informational
Thanks, financial advice and matters is usually not a hot topic here