Which bank should I choose for a new account?

The interest rate is annual, capped at 13.99% by law. Some banks calculate it monthly, others quarterly—it just depends on which bank you're dealing with. And yeah, they'll hit you with interest for every single day you're in the red once the calculation period hits!

Hello there. I have a few things I wanted to run by you all...

Back when I was in college, I just opened a basic checking account at Chase. Now that I’ve finally landed a job, I’m looking to upgrade things—specifically, I want to set up an overdraft line of credit, get a Mastercard so I can actually use PayPal, and pick up a few other perks along the way.

The thing is, on my current account, they only offered me an overdraft limit of $100, which honestly doesn't make any sense to me. Could it be because my first paycheck only covered two days of work since I started on March 30th?

I’ve been browsing their various service packages online, but frankly, none of it makes any sense to me... what would you all do if you were in my shoes, and which plans would you opt for? I also need to set up online banking and mobile access so I don't have to constantly deal with the hassle of visiting an ATM or dealing with all that nonsense. How much do they usually charge for those kinds of services?

For context, my approximate salary is $1333.

Now, I really don't want to start a debate about how being in the red isn't a great habit; believe me, I understand that perfectly well, but sometimes life throws something urgent at you that makes it absolutely necessary... So, please, help me out. 🙂

thanks

I’d suggest looking into a dynamic package like the one I use. It covers everything—checking, savings, and even those Mastercard and prepaid card fees are waived. You get full online banking access and 15 free online transactions every month. They also offer lower interest rates on overdrafts, the option to pay off purchases through your checking account in installments without extra fees or interest, and even roadside assistance if your car is less than ten years old (up to certain limits defined by the plan). Plus, there are some decent perks regarding mortgage fees. Once your paycheck hits, you can always ask to increase your overdraft limit. That’s my two cents for now; hopefully, that gives you a starting point. Oh, and this whole setup will cost you $20 per month. They don't bill you for every single service separately; you just pay one flat fee for the package.

I guess a payment assistant might be your best bet to start with: you get checking, foreign currency, and online banking for $6.75/mo (so $80/yr). Of course, if you need every single service offered in a premium bundle, picking one of those makes more sense, but $20/mo ($240/yr) compared to $80/yr leaves you plenty of room to cover your Mastercard annual fee and a bunch of online orders (just 1 or $0.67/transaction, no matter the amount) — so maybe try listing out which services you actually want and how much you think you'll dip into overdraft (just to see how big the interest gap is between that and a full bundle).
If you just need a Mastercard for PayPal, it’s probably cheaper to open a foreign currency account at Bank of America (around $6-7/yr, and you get a Visa debit card), whereas a Mastercard at Chase is $50/yr.

Maybe I'm being way too nitpicky here, since we're talking about a difference of a few hundred bucks a year, but I just hate paying for stuff I don't need.

Let’s just say that based on my $1333 salary, I would ideally like to have a $1667 overdraft limit. I could settle for a bit less, but anything beyond that is unnecessary. Honestly, I have no desire to drown in debt or spend money I simply haven't earned yet. That covers my thoughts on credit lines...

As for other services, a Mastercard is a must-have, and having access to online banking would be extremely helpful. It would also be great if I could utilize checkbook services—assuming I understood correctly that this involves installment payments... and naturally, I'm looking for interest rates that stay as low as possible.

I really don't see the point in opening an account at a different bank if I can manage everything through Chase. However, $20 those monthly fees really start to add up. It’s almost enough to cover a monthly installment on my phone contract...

Ivanna and George Phillips, I appreciate the thorough responses you both provided. 🙂

Anyone have any thoughts on the last post?

I honestly think this would be a solid choice for you:

http://www.chase.com/home/wps/portal/p...29ff6d6e029014

Both he and I have been using this one, and so far, it’s been working out pretty well for us... $80/year, and those five free transactions per month are just about perfect for my needs...

neonhound10 said:I honestly think this would be a solid choice for you:

http://www.chase.com/home/wps/portal/p...29ff6d6e029014

Both he and I have been using this one, and so far, it’s been working out pretty well for us... $80/year, and those five free transactions per month are just about perfect for my needs...

Am I misreading this, or is that a 10 $0.00 limit on the overdraft? 😕 😲

I might end up playing around with this a bit too much...🤣

It says it's up to that amount, so you’d probably end up with a bit less at the very beginning...

Initially, you're looking at your base salary—but then, thanks to how consistently you handle your bills every six months, that number starts climbing. The catch? At the very beginning, you're stuck with a negative balance against your pay and a direct debit limit that barely touches your actual salary 😉

Steven Reed said:Initially, you're looking at your base salary—but then, thanks to how consistently you handle your bills every six months, that number starts climbing. The catch? At the very beginning, you're stuck with a negative balance against your pay and a direct debit limit that barely touches your actual salary 😉

Well, that sounds great then. I think I’ll go ahead and grab that package...

Everyone, you've been incredibly helpful, my sincere thanks to you all! 🙏 👍

Help me out here!

So, I'm thinking about grabbing a credit card from Bank of America, but I'm a little lost on the whole deal between an American Express card versus a Mastercard or a Visa Classic.🤷

Like, if I decide to buy something in installments, is there really zero interest? And is there a limit on how many payments I can spread it over? Or maybe a cap on the total amount?

Thanks a million!

Interest rates and fees vary depending on where you shop and how much you spend, but the total amount is always capped by your credit limit.
Banks usually issue Visa and Mastercard with much more flexible terms, whereas getting an American Express can be a bit of a hurdle.
By the way, you can actually use your Bank of America Maestro card to pay in installments too.😉

Just a heads-up, hardly any stores offer installment plans for Visa or Mastercard—and even when they do, it’s usually tied to cards issued by Chase. So, if he's looking specifically for those monthly payment options, American Express is definitely the better move here. 🙂

Thanks 😉

Hey, hey everyone...
In your experience, what are the pros and cons of using Chase versus Bank of America???
Looking for some actual smart feedback here—I’m curious about everything from the staff vibe down to the digital system and how they actually treat their customers...
thanks

lonefox50 said:Hey, hey everyone...
In your experience, what are the pros and cons of using Chase versus Bank of America???
Looking for some actual smart feedback here—I’m curious about everything from the staff vibe down to the digital system and how they actually treat their customers...
thanks

Bank of America = smaller scale, you won't be stuck in massive lines, and you can actually have a conversation with the bankers or the branch manager. They aren't immune to logic gaps or staff blunders any more than any other bank, but they're on a serious upward trajectory and they're working hard to capture market share (and succeeding).

Chase = arguably the best choice for the vast majority of clients. You deal with the downsides of a massive, bloated corporate system, but you certainly get the most educated staff (though that doesn't guarantee top-tier service) and they lead the pack in innovation and new tech (alongside Bank of America). Plus, they have the largest network of their own ATMs...

I could provide a much deeper comparison, but I'm just typing this out quickly.

I’ve got everything moved over to Chase, which I did after switching from Wells Fargo because I was dealing with a mortgage there. I’m still hanging onto that old Package 1 setup, $6.75 is what my monthly fee ends up being, and honestly, I don't really use much besides my Mastercard. Because of that specific package, I don't have to deal with membership fees and my annual fee is basically cut in half ($25 is what that looks like annually). I also have a Visa debit account in foreign currency, though I hardly ever touch it. I actually closed out my standard checking account because it drove me crazy—they wouldn't give me a real card for the ATM, just one of those flimsy paper ones, and I really can't be bothered to trek down to a teller just to move a few bucks around. All in all, it’s fine, but there is zero chance I'm switching to any kind of lepeza. It’s just way too pricey. For now, I can manage just fine running the errand between the local ATM and the CVS kiosk.

I’m a bit stumped by something here, if you don't mind me asking:

Why does having a huge network of ATMs actually matter to you guys? I get the logic when you're traveling—it's about peace of mind and having a backup plan—but right here in our own city? 🤔

The real question is, what are you even planning to do with that much cash anyway?

Thanks, Lucas, for the reply... honestly, I wasn't looking for some deep, academic lecture anyway :-))
but it feels like JP Morgan Chase has just gotten completely lost in its own massive bureaucracy...
and you know how it goes—the people actually working there can absolutely tank a bank's reputation in a client's eyes... and they do it pretty often
so, I was checking around, and apparently, RF Bank is ranked third in terms of "strength" here in the States? Anyone have thoughts on that?
Cheers