What kind of a bank account should I open?
I’m a college student and I have a check to cash. I’m planning on going to a bank but I wasn’t sure if I should get a checking account or a savings account. Which account can I cash in a check? Also, if I get one of those two accounts, can I link it to paypal? Will I be able to transfer my money on paypal to my bank account and then withdraw the money from my bank account? Thanks.
September 17th, 2010 at 6:53 am
Most savings accounts have a limit on the number of transactions per month they permit. This may be a problem if you want to link the savings account to paypal. As far as cashing a check, you should be able to do that with either account.
I suggest you speak to the customer service representative at the bank you’re considering using. They know the bank’s policies much better than Yahoo readers.
September 17th, 2010 at 7:28 am
Things to ask about when deciding where to do your banking and what account(s) are best for you:
Does the checking &/or savings account have a monthly fee?
What are the minimum balance requirements?
Do the accounts earn interest?
Is the debit card a “no fee” card?
What is the ATM network and what is the out of network fee per transaction?
Are you allowed a certain number of transactions at a teller window, then charged if you exceed that number?
Is online banking and bill pay free?
Banks are “for profit” and you would be a “customer” which means they want to make money from you. You want to keep all of your money, earn interest, and not pay fees for the “privilege” of banking with them.
I suggest you find out if the college you attend is associated with a credit union. Credit unions are member based and you stand to have lower fees, or no fees at all, earn better interest rates, and actually keep more of your money and make it work harder for you! If your college isn’t affiliated with a credit union, just ask around in the community, look in the phone book – it is easy to become a credit union member!