2nd bank account

[sam_gordon]

We currently have a checking and a savings account with Chase. We have an ATM card that we can use to access either account. Our online login accesses both accounts.

We're taking a trip to Mexico this summer. The travel agent recommends opening another account (with an ATM card) and putting a small amount in that account so if it gets lost/stolen, we wouldn't have to worry about all our checking/savings being wiped out.

That makes sense to us. However, if we open another account with Chase, can we prevent someone with the new account number be able to access the old accounts, BUT be able to transfer money as needed to the new account?

Does that make sense?

 

[goofyredraider]

I think it depends on how your accounts are linked. I have a few accounts with my main bank (USAA)...one of which we use exclusively for travel. It does not have OD protection on it, and I can make transfers online (or over the phone) very quickly and easily if I need to do so.
For instance, I will *just* put enough $$ in that account to pay for our gas to Florida this summer. If I need $$ (other than the cash or GCs I have on hand), I will do a quick transfer. Right before we leave, I will transfer enough to get home (gas).

 

[Anne34]

We currently have a checking and a savings account with Chase. We have an ATM card that we can use to access either account. Our online login accesses both accounts.

We're taking a trip to Mexico this summer. The travel agent recommends opening another account (with an ATM card) and putting a small amount in that account so if it gets lost/stolen, we wouldn't have to worry about all our checking/savings being wiped out.

That makes sense to us. However, if we open another account with Chase, can we prevent someone with the new account number be able to access the old accounts, BUT be able to transfer money as needed to the new account?

Does that make sense?

We have two accounts with Chase. We can transfer money between them, but you must keep $1500 in each account in order to avoid their monthly fee. Their original rule was $1500 in all accounts at the bank (savings, checking, IRAs, etc.) but you can't have two checking accounts linked to the same original accounts.

I don't want to keep that much in an extra account, so we closed it. For me, it would make more sense to just use a credit card at the hotel and for large purchases in Mexico. (We've done it many times). Some cards have transaction fees, but they aren't huge -- call your bank and find out how much. We always bring cash too (about $500) and keep it in our hotel safe and just take some out when we need it. You don't really need much cash at all-inclusives.

 

[HannaBelle]

We have a second account with Compass that is used for online purchases and situations such as this. I keep less than $100 in the account, it is not linked to our savings and it does not have OD protection. I just transfer money in as needed. We do pay a monthly fee for this "privilege" and we are researching moving our accounts to USAA, but I hate the thought of not having a local branch I can walk into to do banking.

 

[prncess674]

If you are just going to popular tourist areas: Cabo, Cancun, etc then they will gladly take good old American greenbacks. Rather than using your debit card to settle the hotel bill, just use your credit card that has built in fraud protection liability.

 

[goofyredraider]

We have a second account with Compass that is used for online purchases and situations such as this. I keep less than $100 in the account, it is not linked to our savings and it does not have OD protection. I just transfer money in as needed. We do pay a monthly fee for this "privilege" and we are researching moving our accounts to USAA, but I hate the thought of not having a local branch I can walk into to do banking.

I completely understand that...but we have used USAA for almost 10 years and did not have a "local" branch until August of last year (we opened a Capital One account largely due to a $200 bonus offer with direct deposit - I use that account for my husband's national guard pay/vacation fund now). We survived! Mailing deposits, requesting certified checks, etc. is super easy. Plus, now you can do deposits at the UPS store...or if you have a USAA credit card, can scan your deposits in and they are there instantly. It is super easy! I have never been inconvienenced or had one problem since we've been banking with them. Plus, NO FEES!

 

[Green Tea]

If you want cash, what about something like a prepaid debit card from AAA that you can use an ATM for. Sort of their new version of traveller's checks. But if you are not set on cash, I like the Capital One cards that do not have foreign transaction fees. Just swipe as you would at home. Then you have access to as much as you need, and you ave the protections a credit card offers.

 

[sam_gordon]

The prepaid debit card from AAA might work. I don't mind bringing cash, and am planning on it. It's just I don't really want to travel with a wad of cash.

The idea is to limit liability if something happens to the card. I don't really want to open another credit card. I have a Delta AmEx, & wife has a Delta AmEx (separate accounts to get their bonus FF miles).

DW & I had talked about another checking account for a while. I could put my freelance money in there and it can be used to pay "extra" bills. Having $1500 in each account wouldn't happen though, I know that.

 

[HannaBelle]

TY for that info Erin! We are USAA members and they are our #1 choice, I just dread making the change over. DH is in the interview process for a new job and if he gets it, I think we will start the "move" from Compass to USAA.

 

[jedijill]

When I traveled to Europe, I opened a checking account with Fidelity. It's free and they don't charge foreign transaction fees on their debit card. Its not linked to any other account so very safe.

HTH

Jill in CO

 

[goofyredraider]

TY for that info Erin! We are USAA members and they are our #1 choice, I just dread making the change over. DH is in the interview process for a new job and if he gets it, I think we will start the "move" from Compass to USAA.

No problem! Feel free to message me with any questions. We banked with Compass before we made the change as well. I just can't say enough good things about USAA banking. (I'm in Lewisville, btw).

 

[mdsoccermom]

If you are just going to popular tourist areas: Cabo, Cancun, etc then they will gladly take good old American greenbacks. Rather than using your debit card to settle the hotel bill, just use your credit card that has built in fraud protection liability.

As of 2010, businesses only take up to $100 USD cash per transaction. And businesses have the right not to take USD cash at all.

 

[lost*in*cyberspace]

Sam, I think your travel agent is not giving you very good advice. I would not open another bank account just for a trip, unless you really want another one and there are no fees.

If you travel internationally, even occasionally, I suggest that you get a credit card which does not charge foreign transaction fees, such as Capital One. This is what I try to use when I am traveling outside the US. Use this as much as possible for purchases.

Use your ATM card to get a small amount of local currency for places which don't accept ccs. This is what my husband and I do; we never carry much cash, even at home. Don't use those small, free standing ATMs; use ones connected with a bank or at the airport.

One more tip - if you have internet access and a secure connection, check your bank and credit card accounts every day while traveling, to make sure that no one has stolen your cc numbers and is making charges.

 

[crazelion]

I have thought about banking with alley. They do not charge for checking account. I have been thinking about doing that myself. I have suntrust account that that keep my reward program money in. But they charge 7 monthly fee if don't keep 500.00 dollars in the account.

 

[davedmaine]

Never use a debit card in a foreign country

 

[lost*in*cyberspace]

Never use a debit card in a foreign country

I don't agree. I have used my debit card many times to take local currency out of ATMs in foreign countries. No riskier than using an ATM in the US.

 

[NYCDiane]

We currently have a checking and a savings account with Chase. We have an ATM card that we can use to access either account. Our online login accesses both accounts.

We're taking a trip to Mexico this summer. The travel agent recommends opening another account (with an ATM card) and putting a small amount in that account so if it gets lost/stolen, we wouldn't have to worry about all our checking/savings being wiped out.

That makes sense to us. However, if we open another account with Chase, can we prevent someone with the new account number be able to access the old accounts, BUT be able to transfer money as needed to the new account?

Does that make sense?

It would just be simpler to open an account at a completely different bank. Just go to TD Bank --- they issue your ATM card on the spot. You can also go to Bank of America -- they issue a temporary ATM card on the spot and your photo ATM card comes in the mail a few weeks later.

Just put enough in the account to cover your vacation expenses. If there's an emergency, use a credit card until you get back. I wouldn't have another Chase account because they can and will be able to access all your money if they get that one card. (I have personal experience with Chase and would never, ever bank with them again after they let someone clean out my account, leaving me with only $14)