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Personal Banking

Discussion in 'General Entrepreneur Discussion' started by Yankees338, Dec 13, 2007.

  1. Yankees338
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    Yankees338 Bronze Contributor

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    I'm probably gonna start up a bank account that I can maintain myself, instead of my parents being in charge. What banks do you guys use? Which do you prefer and which do you prefer to stay away from? What types of things should be considered? What are the strengths and weaknesses of specific banks? Do you use smaller, local banks or regionwide/nationwide banks? This will be for a checking account. I'm not gonna be spending all that much, but it will mainly be used as a way to educate myself on managing my money.

    Any input is appreciated!
     
  2. AroundTheWorld
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    AroundTheWorld Be in the Moment Speedway Pass

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    Is REI a part of your future? Then it is a good idea to start developing a relationship with a local bank. That will come in handy in the future.

    Or... if you will be doing a lot of traveling, a larger national bank can be nice.

    We have different bank accounts - some locally and some "national" banks - for the reason mentioned above.

    Most banks have free checking - and some offer interest. Don't open an account where you have to pay a monthly fee, because there are plenty out there where you don't.
     
  3. Allthingznew
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    Allthingznew Contributor

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    Well said.
     
  4. AroundTheWorld
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    AroundTheWorld Be in the Moment Speedway Pass

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    Oh, and I should have mentioned..

    It has become a requirement for me that my bank has an online banking service (that includes bill pay). As your responsibilities grow - so do your bills.... have a fast/easy/convenient/automated way to pay those bills saves you a lot of time and paper.
     
  5. Yankees338
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    Yankees338 Bronze Contributor

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    Thanks...online banking is definitely a must for me being that I'm on the computer all the time. REI is part of my future, but I don't know whether it will be here or elsewhere. I'd like to do it here, but it's a tough market to get into. There are always opportunities, though...

    If I have a specific banker that I use at the local Valley National Bank branch (just as an example) every time I go there, will that help me in establishing a relationship for the future?
     
  6. AroundTheWorld
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    AroundTheWorld Be in the Moment Speedway Pass

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    National banks have a "box" they use when deciding if they should lend money. Either you fit in the box or you don't.

    Local Banks allow you to sit down, face to face with the decision maker. We have obtained several loans through a local bank - and I'm sure that a few of them were loaned to us based more on who we are and our relationship then on the deal itself.

    So - I would say "no." A relationship with a specific banker at a national bank won't necessarily put you face to face with the decision maker.
     
  7. Yankees338
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    Yankees338 Bronze Contributor

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    I see...thanks. What advantages would a national bank offer, then? Just convenience of having multiple branches?
     
  8. AroundTheWorld
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    AroundTheWorld Be in the Moment Speedway Pass

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    That, honestly, is the only advantage I see, but other's on here may see more...

    however, I will say that the national banks I have used have better online banking then most of the local branches I have used.
     
  9. Jito
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    Jito New Contributor

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    At 16, just make sure you don't get charged any fees.
     
  10. JScott
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    JScott Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    If you have access to a credit union, take a look there as well. They tend to have better rates for loans, and while some of the smaller ones may not have the resources of large banks, many do...
     
  11. Diane Kennedy
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    Diane Kennedy Bronze Contributor

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    Have you talked to any banks about this yet? I know in Arizona you have to be 18 years old to open an account. (Or at least at my bank you need to be) We had to set up an account for our son that had his dad on it so that there was an adult, but David is responsible for everything about it.
     
  12. Yankees338
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    Yankees338 Bronze Contributor

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    I'd probably need another name on there, but I think I can handle everything else.

    Thanks for the responses!
     

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