Banking Help

[Martint]

Hi guys,

Well, I'm starting to get some money (webdesign stuff), and I'm ready to start a bank account.

However, since my sisters and parents still dont take me serioulsy, they help me at all.

My sister also told me that I need to deposit $500 to even start a account..

Anyways, I'm prolly gonna go with Bank of America, since thats where rest of my family is.

-----

Now here's my question..

Do Bank of America have an account for a 15 year old like me that doesnt get like a $1000 paycheck every month.

I just need an account for small change, an account I can have full control over.

I know this is a weird question, but I figure this is the best place to ask.

[Bubba Bob]

For Bank of America you only need $100 to open an account, and $300 minimum balance to wave the $3/month fee.

For more info click here.

Oh, and that savings account is currently drawing a whopping 1/2 percent in interest

Edited May 11, 2006 by Bubba Bob

[Martint]

Savings account?

One of my friends told me that, with a savings account, you cant really spend money as you please. It uhh, saves

[Bubba Bob]

Oh, you want a checking account? Well, cruise around the Bank of America web site and find the checking accounts

[Honda_Boy]

where ever you go since you are fifteen you'll probably have to have a jonit account with one of your parents. it can be set up as a student account and be free unitl you leave college. At least thats how mine works at F&M. Mine's a joint with my mom so she has access to it too and the account is free until i leave college, which is 4 years off.

[sultan_emerr]

How secure is your online banking?

Here's an eye-opener: a blog from SANS, the respected computer security institute, reveals that many banks are not using SSL encryption to secure online banking transactions by default. This includes major banks such as Bank of America, Chase, Wachovia and Washington Mutual. Although all offer "optional" SSL authentication, many computer users who aren't tech pros will not realize that they have to do something extra to secure the connection. I was relieved to find that the bank where we keep our primary personal and business checking and savings account does use SSL by default, but another bank where we have some investment accounts does not. All of us who use online banking need to check on how our banks handle this and use customer persuasion to get it changed so that all use SSL authentication by default. To find out more and to view the list of banks that make SSL optional, see

http://www.wxpnews.com/GYHR8H/060509-Secure_Online_Banking

http://www.komando.com/tips_show.asp?showID=9078

[Aluvus]

Savings account?

One of my friends told me that, with a savings account, you cant really spend money as you please. It uhh, saves

You have to go to the bank to make a withdrawal. It's not locked up where you can't touch it.

Savings accounts typically offer better interest rates than checking, but are less convenient to take money out of.

If you have any local credit unions, they sometimes offer better rates.

[blim]

Had to do the same investigating not long ago with my kids, Martin!

Savings account?

One of my friends told me that, with a savings account, you cant really spend money as you please. It uhh, saves

At the bank that my kids have their savings accounts, they got an ATM card and make withdrawls using that--no charge when used at the bank's machine. Son has automatic paycheck deposit from work, which makes things easy--he just takes out what he needs using the ATM.

I called around to many different banks. The question I asked was "how low could the balance go" before there are maintenance fees. College kids have a habit of nearly emptying their accounts when tuition bills arrive. The bank that gave me the best deal with the "low balance maintence fee" was the one I put my kids into.

I also put my name on their accounts. Very handy, as there were times when I needed to do their banking for them--when one works 9-6 and the banks are only open from 9-4, a mom listed on the account is quite helpful.

Liz

[Dragon]

as a 15 year old, you will be hard pressed to find a bank that will give you a checking account. That is the same as signing a contract which is null and void until the person reaches the age of 18 and is legally classified as an adult by standard law.

you can have a savings account with a parent assigned as guardian that allows you to withdraw monies without a parent being present, however a lot of banks with guardianship accounts require a parent to co-sign the withdrawl slip.

so basically, until you reach 18 don't count on getting a checking account. although you might find a bank that will give you one, you will still need your mother or father along to open the account.

[xxkbxx]

I have a Savings and Checking account setup with online banking. It's been neccessary for PayPal purchases on eBay. I had the thing set up when I was 14 (with joint ownership). Your best bet would be to get a Savings Account.

[Dragon]

like I said he would be hardpressed to find one where he is the sole "owner" of the account.

[thesidekickcat]

As someone said earlier, you probably would get better savings account rates at a credit union. They are like a bank but for limited sections of the community, such as for union workers, technology company workers, teachers etc. But lately some of them are opening up to a more diverse population, say those living in a county or city, etc. So grab the yellow pages and do some searches and call a few banks, credit unions etc for information. Visit the local branches too to see how they treat you. Some places can be awfully stuck up to ordinary folks.

Here is a really nice educational money/banking website for you to check out too. Try the various drop down menus at top too.

Practical Money Skills

Pat

God bless everyone

[JDoors]

Credit Union National Coop -- Locate a CU in your area!

Many, if not all, Credit Unions are disassociating themselves from their original affiliated groups for various reasons and will accept most anyone.

Edited May 13, 2006 by JDoors