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27310037 No.27310037 [Reply] [Original]

What should someones first bank account be? Just a normal bank account like chase or something? Or a credit union? I dont make much money and have been unemployed because of covid. have to start somewhere though.

>> No.27310085

>>27310037
credit union. interest bearing and no fees.

>> No.27310119

>>27310037
Credit unions > banks

Banks are gay and Jewish.

>> No.27310176

Alliant Credit Union offers extremely good rates on Savings, I don't know of anybody higher.
they also let me hold a checking account with 0 balance, if I ever need it or a debit card for something I just transfer funds over, otherwise all my money not in 401k sits in savings and I buy things on credit.

>> No.27310367

>>27310176
>>27310119
>>27310085
can i still buy stocks and crypto and such using a credit union? I am a total noob to all of this, and understand i should only spend what im willing to lose. But im not sure if i need some specific form of bank account to buy stuff like that. Sorry for such silly questions.

since i am pretty much a newfag, is there any con to a credit union that a bank would be better for? I am a typical college age person just trying to do all of the normal bullshit in life and get my footing.

>> No.27311052

>>27310367
I can't think of any downsides to a credit union other than not having as many physical branches. Crypto exchanges let you use either a debit card or transfer from your checking account. Go read the rules on a banks website or the credit unions website and stop trying to get spoon-fed here.

>> No.27311910

>>27310367
I'm with a credit union because my mom helped me make my bank account because I'm a retarded autist and I do stocks/crypto/investing just fine

>> No.27312884

>>27311910
>>27311052
alright thanks guys, i have no problem doing the research on my own, just wanted to get some orientation before i dove in. i trust you guys more than people on youtube, at least in some ways, like having realistic expectations of things. and not being blindly optimistic about shit. it has its own value coming here sometimes and asking some questions.

>> No.27312911

>>27310037
discover free cashback checking is good for a noob 18 year old

>> No.27313117

I just use Wells Fargo. Works well enough

>> No.27313504

>>27313117
do they give you interest on your savings?

>> No.27313604

what does this sub think about online banks? like Ally, Schwab, etc.

>> No.27314592

>>27313504
Very little. I only keep $15k in the bank. It’s not supposed to be a form of investing. Large chain convenience makes it worth it over a credit union imo when it comes to savings and checking

>> No.27314914

>>27314592
is the interest on savings something that purely counters the money one "loses" from yearly inflation? I have some money saved up and one reason im asking about a bank is that i dont want to waste my money, but i dont want to lose it by letting it sit around depreciating either. i may be getting ahead of that though worrying about that.

>> No.27315532

>>27314914
No the interest is not enough to counter inflation. But like I said a bank should simply be used for direct deposits and using a debit card/atm when you need to. It is not for investing or growing your portfolio. Do you just have cash sitting under a mattress? If you want to invest you open an account at like TD ameritrade or whatever broker you chose, but you have to link a bank account and send the money from there.

>> No.27315629

>>27310037
Find a checking account that is free, for like students or whatever. With a low balance you could get charged

>> No.27315729

>>27310037
uh a free checking bank account that is used to transfer stocks between brokers, never leave your money sitting in the fkn bank

>> No.27315764

>>27310037
I have no complaints with Bank of America. They even helped me when AT&T tried to scam me out of several hundred dollars.

>> No.27317646

>>27315532
if the money you get isnt enough to counter inflation then what is the money for? its nice they give it to you but whats the logic behind it? Is it because we know they are using it to invest in other shit and it isnt always actually in the bank? no it isnt its in a work prepaid card but i dont think i can buy or trade stocks or anything without a bank account of some sort so it makes sense to just get one even though i only have a few thousand saved up. i want to have a place to save my money in to save up for school. but i also want the ability to invest as well in small amounts here and there. better that than using it for beer money or video games if it does end up lost in a shitty stock.

how does an account like emeritrade or a broker differ from an app like robinhood or whatever you guys use your trading stocks? im just trying to familiarize myself with terms and catergories and i will look this stuff up in more detail over the next few days while i research what bank i should go with or credit union.

>> No.27317719

>>27315764
what happened did you try to cancel a phone plan and they tried to make you give up?

>> No.27318833

>>27317719
Several months after moving AT&T restarted my service with a few small fees (2-10 dollars each month), then one large payment, then a couple months of a package way more expensive than I’ve ever purchased.
AT&T acknowledged I had cancelled, and that I had not resumed my service, but said they could only remove the most recent month charge (about 10% of their ADMITTEDLY fraudulent charges).
Told them to fuck off and explained it to my bank, they wiped out all but like 40 bucks (From those early small monthly charges) of it saying they “couldn’t go further back”

Fuck AT&T they are absolute scum.

>> No.27319064

>>27317646
>if the money you get isnt enough to counter inflation then what is the money for? its nice they give it to you but whats the logic behind it?
to make you content with leaving it in their possession so they can invest it in other things for more profit.
there's 0 reason to hold cash, unless you're doing something illegal or under the table.
work > paycheck direct deposit to savings account > do what you want from there

>> No.27319627

>>27319064
what is the difference between a bank and a direct deposit account? Many jobs have a prepaid card which i feel in some way qualifies as a direct deposit account, but i dont think it comes with any of the benefits of a bank like being able to get a credit card or being able to finance a car or something.

basically so far i have the idea that a credit union is superior to a bank based on peoples consensus.

>> No.27319692

>>27318833
so why do you think that happened? do you think this is something a district manager is making their employees do to meet some sort of bonus or quoata? seems fucked up.