Strangefox Posted July 13, 2011 Share Posted July 13, 2011 Is anybody here using this account? Do you like it? I think it's exactly what I need and I am going to open such an account when I arrive to the US to have my school pay check deposited into it. I like that it has no monthly service fees and no minimum balance. Opinions? Link to comment Share on other sites More sharing options...
Eigen Posted July 13, 2011 Share Posted July 13, 2011 I'd go with a Chase College Checking Account, where I you. https://www.chase.com/online/Checking/chase-checking-account.htm I have the Chase Total Checking, personally, and I don't find the minimum balances/deposits a problem... $500 a month direct deposit isn't really an issue on almost any stipend. I have found Chase very reliable, secure, and easy to deal with. I haven't hit any hidden fees, and they tend to be pretty above board about most dealings. The other benefit I've found is that they have ATMs nearly everywhere, which is a real benefit when you consider you usually have to pay fees if you use an ATM that isn't your banks. Strangefox 1 Link to comment Share on other sites More sharing options...
CJay Posted July 13, 2011 Share Posted July 13, 2011 I use Citibank as well as Bank of America. I'm not sure about Chase but almost eery bank I've looked into have "Student Checking" where as long as you can prove student status they waves almost all fees and minimum balances. You should look into that. As far as Citibank goes, I have the regular checking and I don't get a stipend for grad school however my job paycheck allows me to meet the direct deposit minimum to keep the account free (I believe its 4 DD's a month) If that is the bank that has the most branches in your area I say go for it. That should be your major (imo) deciding factor. My campus does not have Citibank and its a pain when I have physical checks I want to deposit (which is why I also have BofA). Chase isn't practical although they have great account options because there are not enough branches in my area either. Link to comment Share on other sites More sharing options...
rising_star Posted July 13, 2011 Share Posted July 13, 2011 A lot depends on where you will be and which bank has ATMs and branches closest to you. I was a long-time Wachovia customer but, am leaving because they were bought by Wells Fargo which has not so great customer service. I've had some bad experiences with Bank of America as well. If I were you, I'd try to open an account at a credit union near campus or where you'll be living. They often have free checking and solid customer service. The downside can be that they may not reimburse the fees for using other bank's ATMs, which can happen when you travel (for conferences, for fun, etc.). Link to comment Share on other sites More sharing options...
Rose White Posted July 13, 2011 Share Posted July 13, 2011 A lot depends on where you will be and which bank has ATMs and branches closest to you. I was a long-time Wachovia customer but, am leaving because they were bought by Wells Fargo which has not so great customer service. I've had some bad experiences with Bank of America as well. If I were you, I'd try to open an account at a credit union near campus or where you'll be living. They often have free checking and solid customer service. The downside can be that they may not reimburse the fees for using other bank's ATMs, which can happen when you travel (for conferences, for fun, etc.). I would also look into joining a credit union, as well. I currently belong to one and will be eligible to join another one once I begin my TAship at my graduate school. I'm very certain that your school probably has a credit union eligibility for students/staff/faculty, as it seems very common. Another thing to look into regarding ATM fees is to check to see if the credit union is a member of a network that will allow for free ATM withdrawals. For instance, my credit union belongs to a network of other credit unions that allow ATM withdrawals from these other ATMs--four free a month and after that, you are only charged the ATM rate for your specific credit union. Definitely explore all your options! Link to comment Share on other sites More sharing options...
Strangefox Posted July 13, 2011 Author Share Posted July 13, 2011 (edited) Thanks everybody! Citibank's right next to a place where I will be living and there is an ATM on campus - that is why I have chosen it. @Eigen: Thank you for the idea and the link but it seems that I won't be able to use a Chase Student Account in my area. I entered my zip code and it says that my area is not covered... Citibank does have a student account but I don't understand if there is a low balance fee or not. The site does not say anything about it - or am I missing something? Also, what is Auto Deductions? It is from the description of the basic checking account. And one more silly question : What does the transaction "Checks paid" mean? Will they give me a check book or something?? Oh, and also, - what are the pros of joining a credit union? I thought it would be easier to get a credit card through a bank where I will have an account. Edited July 13, 2011 by Strangefox Link to comment Share on other sites More sharing options...
eco_env Posted July 13, 2011 Share Posted July 13, 2011 Citibank does have a student account but I don't understand if there is a low balance fee or not. The site does not say anything about it - or am I missing something? I got the impression that Citibank doesn't have fees for student banking. I think Bank of America does, which is unfortunate, because BoA is everywhere. Link to comment Share on other sites More sharing options...
UnlikelyGrad Posted July 14, 2011 Share Posted July 14, 2011 Oh, and also, - what are the pros of joining a credit union? I thought it would be easier to get a credit card through a bank where I will have an account. My credit union gives out credit cards too...and car loans, and mortgages, and pretty much everything else you can get from a traditional bank. What I like about my credit union: it's local, not a huge conglomerate. So if there ever were a problem, I wouldn't have to go through 3,276 layers of bureaucracy to get it taken care of. But I doubt there ever would be a problem: I have always received the best customer service from them. Customer satisfaction is really their top priority. My CU is for state employees only (which I qualify for, since I'm an employee of a state university). Our branch is not on campus, but it's only a couple of blocks away, and pretty much all of the customers are students/staff/faculty of MyU. The tellers are used to science nerds, etc., and frequently ask me how my research is going. I love it! rising_star 1 Link to comment Share on other sites More sharing options...
Agradatudent Posted July 15, 2011 Share Posted July 15, 2011 Bank of America does not have fees if you have a direct deposit of X amount of money attached to the account I believe. CITI just recently was hacked and the hackers stole 2 million dollars from people with credit cards with CITI.... I personally wouldn't go there. Link to comment Share on other sites More sharing options...
eco_env Posted July 15, 2011 Share Posted July 15, 2011 Bank of America does not have fees if you have a direct deposit of X amount of money attached to the account I believe. CITI just recently was hacked and the hackers stole 2 million dollars from people with credit cards with CITI.... I personally wouldn't go there. Your right! I didn't notice that option when I was comparing account types- MyAccess checking fees can be avoided by having a monthly direct deposit of at least $250. I hope I can manage that (definitely in months that I get paid, though there might be months that I don't). Link to comment Share on other sites More sharing options...
Xanthan Posted July 16, 2011 Share Posted July 16, 2011 Wait a second. Why is ANYONE using a big bank? Don't people realize big banks drive profits by hitting consumers with all manner of fees? Some big banks are better than others, but why do business with them at all? In most major cities (and small ones as well often), there is a credit union. Fairly often there is even a credit union branch or at least an ATM that takes deposits on any college campus. Credit unions are member owned, so they avoid the conflict of interest that big commercial banks have (that is, siphoning money away from depositors to give to shareholders as dividends). I belong to a credit union... they are part of an ATM network, and there's no fee in network (thousands of ATMS around the country); I can also get branch service at a long list of associated credit union branches. Seriously, a credit union is the way to go. Link to comment Share on other sites More sharing options...
Strangefox Posted July 16, 2011 Author Share Posted July 16, 2011 (edited) Wait a second. Why is ANYONE using a big bank? Don't people realize big banks drive profits by hitting consumers with all manner of fees? Some big banks are better than others, but why do business with them at all? In most major cities (and small ones as well often), there is a credit union. Fairly often there is even a credit union branch or at least an ATM that takes deposits on any college campus. Credit unions are member owned, so they avoid the conflict of interest that big commercial banks have (that is, siphoning money away from depositors to give to shareholders as dividends). I belong to a credit union... they are part of an ATM network, and there's no fee in network (thousands of ATMS around the country); I can also get branch service at a long list of associated credit union branches. Seriously, a credit union is the way to go. But what if I want to have a direct deposit of my stipend? Can I do that with a credit union? Besides, an account I mentioned in my original post has no low balance fee and if I perform 5 transactions a month like paying a bill once + paying in a shop 4 times with their debit card - there will be no monthly fee either. So no fees at all! Why not get an account with them? Edited July 16, 2011 by Strangefox Link to comment Share on other sites More sharing options...
Strangefox Posted July 16, 2011 Author Share Posted July 16, 2011 Bank of America does not have fees if you have a direct deposit of X amount of money attached to the account I believe. CITI just recently was hacked and the hackers stole 2 million dollars from people with credit cards with CITI.... I personally wouldn't go there. Hm, interesting... I will look into that. Link to comment Share on other sites More sharing options...
Xanthan Posted July 17, 2011 Share Posted July 17, 2011 My account has no fees. None. And there's no minimum balance, and I don't have to do any transactions. There's no guesswork, it's just free. I have direct deposit, and it deposits without a problem. You can also have a separate savings account and deposit some of your stipend into checking and some into savings (whatever percentages you'd like). The account came with a debit card (Visa branded), just like you'd get with a big bank. Also, unlike most big banks, I get an actual paper statement. Some banks don't do that anymore or make you pay a fee to get that. They also offer credit cards (I don't know about fees on those, I don't have one), and lower interest rates on loans for members. And online banking. And phone banking. And bill pay. And probably other stuff I'm forgetting about. Basically, my credit union offers all the same services as a big bank, without being as evil. Link to comment Share on other sites More sharing options...
Strangefox Posted July 17, 2011 Author Share Posted July 17, 2011 My account has no fees. None. And there's no minimum balance, and I don't have to do any transactions. There's no guesswork, it's just free. I have direct deposit, and it deposits without a problem. You can also have a separate savings account and deposit some of your stipend into checking and some into savings (whatever percentages you'd like). The account came with a debit card (Visa branded), just like you'd get with a big bank. Also, unlike most big banks, I get an actual paper statement. Some banks don't do that anymore or make you pay a fee to get that. They also offer credit cards (I don't know about fees on those, I don't have one), and lower interest rates on loans for members. And online banking. And phone banking. And bill pay. And probably other stuff I'm forgetting about. Basically, my credit union offers all the same services as a big bank, without being as evil. OK, so you are saying that big banks are evil. But some are saying that big banks are more secure because financial crisis doesn't effect them as much. Oh my god, I am so confused Link to comment Share on other sites More sharing options...
Xanthan Posted July 17, 2011 Share Posted July 17, 2011 OK, so you are saying that big banks are evil. But some are saying that big banks are more secure because financial crisis doesn't effect them as much. Oh my god, I am so confused Actually, credit unions are less vulnerable to the financial crisis. TARP (Troubled Asset Relief Program), aka "the bailout" went mostly to the handful of largest banks. Of course, the financial crisis always was more of a concern to the economy at large (and the credit market), less so to individual depositors. In banks, the FDIC (a governemt agency) insures deposits so if the bank fails, you don't lose any money; for credit unions, the NCUA provides the same insurance. So either way, a financial meltdown will effect you, but not in that way. Be aware that your deposits are only covered up to $100K... but as graduate students, I don't think we'll have to worry about that. Link to comment Share on other sites More sharing options...
eco_env Posted July 17, 2011 Share Posted July 17, 2011 My account has no fees. None. And there's no minimum balance, and I don't have to do any transactions. There's no guesswork, it's just free. I have direct deposit, and it deposits without a problem. You can also have a separate savings account and deposit some of your stipend into checking and some into savings (whatever percentages you'd like). The account came with a debit card (Visa branded), just like you'd get with a big bank. Also, unlike most big banks, I get an actual paper statement. Some banks don't do that anymore or make you pay a fee to get that. They also offer credit cards (I don't know about fees on those, I don't have one), and lower interest rates on loans for members. And online banking. And phone banking. And bill pay. And probably other stuff I'm forgetting about. Basically, my credit union offers all the same services as a big bank, without being as evil. how many ATMs can you use for free with a credit union? how often do you have to change banks because you are moving? Link to comment Share on other sites More sharing options...
Strangefox Posted July 17, 2011 Author Share Posted July 17, 2011 In banks, the FDIC (a governemt agency) insures deposits so if the bank fails, you don't lose any money; for credit unions, the NCUA provides the same insurance. So either way, a financial meltdown will effect you, but not in that way. And what about that thing that the other poster said in this thread: CITI just recently was hacked and the hackers stole 2 million dollars from people with credit cards with CITI.... I personally wouldn't go there. Did people lose money because of that or they were protected by this FDIC? Link to comment Share on other sites More sharing options...
timuralp Posted July 17, 2011 Share Posted July 17, 2011 Did people lose money because of that or they were protected by this FDIC? They did not lose money, but not because of FDIC. These were credit cards. Every customer can, within 60 days, dispute any charge on the credit card and is not responsible for paying the charge if found to be the result of fraudulent activity. My guess is CITI mailed out a bunch of new cards. In general, if this sort of thing is a major concern, I would consider using a credit card for all the purchases. The problem with debit cards is that the money leaves your bank account immediately and can take a while to get it back. If the purchase was made with a credit card, you have not paid any money yet. Why is ANYONE using a big bank? For one, they often offer better interest rates. American Express offers a savings account earning 1% right now. The local credit union offers highest rate at 0.2%. There are potential perks. BAC (Bank of America) offers up to 30 free trades in a brokerage account to customers with a balance over $25k. This probably doesn't apply to most people, but it's a nice option. Lastly, I would look around at what deals you qualify for right now. I know Chase offers something like $100-$150 to new clients opening a checking account. Another bank here offers an iPod touch. In my experience, after having banked with a big bank, a smaller bank, and a credit union, there were no big issues with any of them, so I would go with whichever one has the best offer going on right now. Link to comment Share on other sites More sharing options...
Agradatudent Posted July 18, 2011 Share Posted July 18, 2011 I personally use a credit card for nearly everything and pay it off in full each month. I'm not sure what your situation is (international student..?), but there's nothing more important than opening up a credit card and starting a credit history for yourself. I personally have two. A visa through bank of america and an American Express Blue card. I tend to use the Blue for online purchases (since AmEx has great customer support and if someone tries to screw you, they screw them back for you) and the visa for local things. One day it will matter what bank you choose, but when you have as little money as we do... it's not a big deal. If you have a larger account balance, you can throw your weight around and try to get larger loans with lower interest rates etc... but that's not today! Link to comment Share on other sites More sharing options...
UnlikelyGrad Posted July 18, 2011 Share Posted July 18, 2011 My account has no fees. None. And there's no minimum balance, and I don't have to do any transactions. There's no guesswork, it's just free. I have direct deposit, and it deposits without a problem. You can also have a separate savings account and deposit some of your stipend into checking and some into savings (whatever percentages you'd like). The account came with a debit card (Visa branded), just like you'd get with a big bank. Also, unlike most big banks, I get an actual paper statement. Some banks don't do that anymore or make you pay a fee to get that. They also offer credit cards (I don't know about fees on those, I don't have one), and lower interest rates on loans for members. And online banking. And phone banking. And bill pay. And probably other stuff I'm forgetting about. Basically, my credit union offers all the same services as a big bank, without being as evil. What Xanthan said. I used to bank with Chase...wouldn't do that again if you paid me. I get all of the same functionality from my CU, with none of the customer service hassles. Link to comment Share on other sites More sharing options...
Strangefox Posted July 18, 2011 Author Share Posted July 18, 2011 What Xanthan said. I used to bank with Chase...wouldn't do that again if you paid me. I get all of the same functionality from my CU, with none of the customer service hassles. Off-topic: Did you get my personal message? Link to comment Share on other sites More sharing options...
Strangefox Posted July 18, 2011 Author Share Posted July 18, 2011 I personally use a credit card for nearly everything and pay it off in full each month. I'm not sure what your situation is (international student..?), but there's nothing more important than opening up a credit card and starting a credit history for yourself. I personally have two. A visa through bank of america and an American Express Blue card. I tend to use the Blue for online purchases (since AmEx has great customer support and if someone tries to screw you, they screw them back for you) and the visa for local things. One day it will matter what bank you choose, but when you have as little money as we do... it's not a big deal. If you have a larger account balance, you can throw your weight around and try to get larger loans with lower interest rates etc... but that's not today! Hm, could you tell me more about credit history? I know how important it is - but how is it created? I mean, if I move from one bank to another or if I use several credit cards with several banks, does my credit history sum up somehow? I am an international student, so I have no credit history yet (this August I will come to the US for the first time in my life). Link to comment Share on other sites More sharing options...
runonsentence Posted July 18, 2011 Share Posted July 18, 2011 Hm, could you tell me more about credit history? I know how important it is - but how is it created? I mean, if I move from one bank to another or if I use several credit cards with several banks, does my credit history sum up somehow? I am an international student, so I have no credit history yet (this August I will come to the US for the first time in my life). You create a credit history by using credit of any kind: borrowing, repaying, etc. The simplest way to build a credit history is to open a credit card (though I know that credit cards are not always "simple" to get for non-citizens!), but loans go on there too. Even accounts you have set up with utility providers also help to build your credit (as long as they are under your own name, not a landlord's), as it's proof of you regularly paying a bill each month. Whenever you open a credit card, take out a loan, etc., this activity gets reported a credit bureau, which keeps track of your credit history. So yes, it does sort of "sum up" everything you do that involves credit. If you're looking for more information, these links might also be helpful: http://financialplan.about.com/od/creditdebtmanagement/a/nocredit.htm http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre03.shtm Strangefox 1 Link to comment Share on other sites More sharing options...
Strangefox Posted July 18, 2011 Author Share Posted July 18, 2011 You create a credit history by using credit of any kind: borrowing, repaying, etc. The simplest way to build a credit history is to open a credit card (though I know that credit cards are not always "simple" to get for non-citizens!), but loans go on there too. Even accounts you have set up with utility providers also help to build your credit (as long as they are under your own name, not a landlord's), as it's proof of you regularly paying a bill each month. Whenever you open a credit card, take out a loan, etc., this activity gets reported a credit bureau, which keeps track of your credit history. So yes, it does sort of "sum up" everything you do that involves credit. If you're looking for more information, these links might also be helpful: http://financialplan.../a/nocredit.htm http://www.ftc.gov/b...edit/cre03.shtm Thanks! Link to comment Share on other sites More sharing options...
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