Bank with fewest fees?

[anabelle]

DS18 just got his first check. He is a youth referee so he doesn't make a lot of money, but would like to have his own bank account. He will be going away to college next year so it would come in handy to be able to use an ATM to withdraw cash while at school.

Hubby and I use BofA and for the most part have been pretty happy with them. We have their credit card and our car loan is through them, but now they are going to be charging for debit card use. We really don't use the debit card that much, because we charge all budgeted items on our Amex to get cash back at the end of the year.

A teen at school will more likely just need a debit card vs. a credit card, so does anyone love their bank? Are the fees minimal? TIA

 

[Fyrefly]

Credit Unions tend to have the lowest fees, if any because they are non-profit. I pay nothing for checking, the checks themselves, debit cards (to my knowledge) or anything. But I'm also with a state credit union that you have to be a state employee to get, so I can't recommend mine specifically.

I would suggest looking for credit unions and find one that has small balance requirements. Then, and I'm gonna put on my flame suit for this one, but why not skip the debit card nonsense and get him a credit card with a low limit? Debit cards offer less protection and have stupid fees attached to them.

I think you may have to go in together with him on it, since I think they changed the laws, but try to get him his own if you can. The earlier he learns about how to properly use a credit card the better, and he'll be building up his credit score for a young age. Plus he's going to be in college next year so teach him how to keep track of his balance and stuff now, while you still are around him full-time. I've had one since I was 18 and four years later passed credit checks so when I moved into my new place the utility and cable companies didn't ask for several months' deposit.

 

[Sadie22]

Research what ATM(s) may be available on campus that can be used without any fee as well as if there are any bank branches on campus. Since freshmen could not have cars on campus, this was key to my DSs' choices. They had had savings accounts for years but got their first checking accounts and credit cards just before college. They used their credit cards sort of like debit cards, transferring money online to pay for purchases as soon as they returned to their rooms. It seems many of their friends did the same. Why use a debit card when a credit card is safer? The checking accounts were student accounts with no fees throughout graduate school, and once they were no longer students, direct deposit of pay checks resulted in no fee checking accounts.

We are all with Bank of America and are very happy with it.

 

[mrseace711]

Look into Student Bank Accounts........ My bank(that i work for) offers e-student accounts so no fees and atm fees are reimbursed once a year. The plus is the parents hold their own accounts with us and can easily transfer money into their childs account =) im sure your local banks like credit unions have something similar. When I was in high school I lived in NV with my dad but my mom and grandpa opened an account with an ATM card with their local credit union so that they could send me money, the credit union reimbursed all atm fees as long as i used it at a machine with the cirrus symbol =) good luck

 

[Swimalie]

A lot of banks have student accounts. If he knows where he's going to school next year, I'd go with that bank now. To avoid fees, tell him not to get a debit card. Most banks will start charging for them soon, if not now. And watch credit unions. My husband had an account for over 30 years when they decided to charge a monthly fee. Not all are the same.

 

[distherapy]

Check out USAA and see if you're eligible - it's a great option. We don't have any fees and ATM fees are reimbursed monthly. I also love that I can scan checks and deposit them from home.

https://www.usaa.com/inet/pages/why_choose_usaa_eligibility_main

 

[mommyof3princess27]

I use PNC and I dont have any fees at all...totally free checking even on debit card purchases. Love them!

 

[RitaE]

My kids both use Schwab Bank for their checking accounts. We set them up just because they are both students and haven't really "settled" into a city yet.

As of yet there are no fees on the accounts and I haven't heard of any plans for them to add fees . You can deposit checks via their mobile app (take a picture of the check). Also, it refunds all foreign ATM transaction fees.

 

[eliza61]

check out
www.bankrate.com.

It will let you compare many banks and their respective fees.
Also check out the credit union section. It will help you find credit unions in your area you can join.
CU are great. generally across the board less fees. (In general people. I know as soon as this post some one is going to mention that their bank is cheaper than a credit union)

 

[IUTBAM]

My 18 y/o DD has a student banking account with Chase, and there are no fees.

USAA is also a good bet if you qualify.

 

[BCV2003]

I use PNC and I dont have any fees at all...totally free checking even on debit card purchases. Love them!

Same here. I love PNC!

 

[PrincessSuzanne]

We have USAA as well and we just moved from one local bank to Navy Federal Credt Union which wasn't charging fees, watch them, because some do, some don't. The one that I have a savings acct will charge fees on their checking acct, but not the savings acct, the other won't charge any fees as long as DH's Army check goes there.

Both refund ATM fees at the end of the monthly cycle. There are no ATM fees if you use another Credit Union ATM.

Read all the fine print whereever you decide to go with. Beware that some of the sutdent checking accts revert to regular checking accts are different ages, I have seen some do it at 18, others 21.

 

[Sadie22]

Read all the fine print whereever you decide to go with. Beware that some of the sutdent checking accts revert to regular checking accts are different ages, I have seen some do it at 18, others 21.

Read the fine print. That's the best advice for anything.

My sons' checking accounts would have converted to regular accounts after four years, but a simple notification to bank personnel that they were still students resulted in a extension of the favorable terms through years of graduate school. A bank employee needed to extend a deadline in the computer system. So not only read everything but ask questions.

I wish all the people dissing BOA for charging a debit card fee would do that, too, since many will not be charged a fee because they meet the requirements to have fees waived. There is so much incorrect information being passed around rather than proper research being done. Always do your own research and pick the best choice for you and your family.

 

[miss missy]

My credit union still has no fees, no min balance, no atm fees. I believe most credit unions are the best for no fees

 

[tink_n_pooh]

We just closed our secondary account with BofA because of all the fees that they charge, it's ridiculous.

We have PNC for all of our primary banking and we are not charged any fees at all, even for out of network ATM usage.

We use ING for our savings and bill pay accounts, online transfers are nice and easy.

 

[PrincessSuzanne]

Read the fine print. That's the best advice for anything.

My sons' checking accounts would have converted to regular accounts after four years, but a simple notification to bank personnel that they were still students resulted in a extension of the favorable terms through years of graduate school. A bank employee needed to extend a deadline in the computer system. So not only read everything but ask questions.

I wish all the people dissing BOA for charging a debit card fee would do that, too, since many will not be charged a fee because they meet the requirements to have fees waived. There is so much incorrect information being passed around rather than proper research being done. Always do your own research and pick the best choice for you and your family.

That is exactly the reason I moved from my bank to the credit union, because some fees were going to be waived, but the fee to use a debit card as either debit or credit were still going to be there at $5 per month, and I use my debit card for everything.

 

[disny_luvr]

Another happy PNC customer here. We switched from Wells Fargo to PNC a few months ago and I could not be happier. We don't pay any fees for anything. I really did my research before moving all of our accounts and PNC was, by far, the best bank in my area, even better than most credit unions.

 

[C.Ann]

Stick with smaller local banks - or a credit union if available.. (Be careful with the CU's though as there has been rumbling that they may start instituting fees as well..)

Good luck!

 

[JandJ]

I joined a credit union in college; it was affiliated with the school. I stayed with them after graduation as they have branches throughout the state. Before we were married, I joined DH's credit union and now we have a joint account. No affiliation was necessary to join, I think you just have to live in the state. There are no fees for anything, just a $5 minimum savings account deposit. Plus, they're small and I always feel like I'm getting personal service whenever I go in there. We're very happy with them.

 

[ekatiel]

Check out USAA and see if you're eligible - it's a great option. We don't have any fees and ATM fees are reimbursed monthly. I also love that I can scan checks and deposit them from home.

https://www.usaa.com/inet/pages/why_choose_usaa_eligibility_main

^^^^This. USAA is wonderful. --Katie