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Thread: bank accounts and financial stuff

  1. #1

    Default bank accounts and financial stuff

    Hello ADISC, today I've been researching bank accounts and financial stuff.
    I'm having problems with my finances because my mom still manages my bank account for me at 20 years old, lol. So now that I'm trying to do it, I'm bewildered by my options.

    Basically, this all came about because I need to order stuff online. I've gone with prepaid debit cards in the past, but now I'm worried about doing it again because I've canceled 4 of them already.

    Credit unions sure sound like a sane alternative to a bank account. I'm going to try to sign up with one later today. I think I just have to prove I live in the county and pay the $25 minimum balance. If it's as great as it sounds, I'll be canceling my Hell's Cargo account and finally seizing independence from my parents.

    So tell me, what do you use to order things online? Any suggestions?

  2. #2

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    I have an HSBC current account (w/ Visa debit) and credit card - I use either of them to order online without trouble!

  3. #3

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    I use credit cards, personally. I have a Mastercard and a Visa. The advantage over debit is that there are all sorts of benefits and extra protections with credit cards. For example, some (most?) have theft insurance on purchases. If you truly do pay off the card every month, its a great way to safely build credit at no cost to yourself. Saying this, I sincerely believe that not everyone out there should get a credit card. Some people have no ability to properly understand and control debt. $5000 in debt on the average credit card means a monthly interest charge of $80. That's without paying any of it down!

  4. #4

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    I know what you mean, I used to check my balance against my ATM receipts and it all went bad one time and I was a few hundred dollars short suddenly :-(

    As long as you keep a good list of how much you have in the account, add anything you're already obligated to before it will happen (oh gosh that can be a lot of stuff for a household, mortgage/power/water/cable/cellphones/car payment/insurance and stuff) so you consider that money gone already, add anything you go and do (buying stuff in person or online) as soon as you do it, and add any incoming money (paychecks or other money deposited) but don't consider it to be in your account until it's on your bank's website... it's a piece of cake. Balance it weekly at least, just to keep an eye out for unexpected problems.

    Repeat the above for each debit card you have, and repeat it in reverse (instead of the account going positive, it goes negative before it gets brought back/closer to zero) for each credit card you have.

    I have used both a regular bank and a credit union, and I haven't noticed much of a difference as long as you keep money in the account and don't bottom it out. I have a iPhone and recommend the program PocketMoney Lite (for free, with ads, but not bad) because it's very easy to track one account. Any other recommendations?

  5. #5

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    Quote Originally Posted by inconspicuous View Post
    Credit unions sure sound like a sane alternative to a bank account.
    i think they're called 'building societies', in the UK.
    personally, and speaking from a lower-class point of view, i don't like any bank, building society or money-lender; the general idea being that one doesn't spend what one hasn't got - this fits better with the state of remunerations and the available lifestyles from such. no coincidence, then, that 'hire purchase' and 'credit' are often referred to as the never-never.

    if you've got money to play with, then the money-handlers/lenders can be worth it and exploited to your benefit. and that'll be where things start to get complex.

    i prefer simplicity because it not only stops things getting out of hand, but if things do go awry, they're then easier to sort out.
    i have one current account with a debit card; that's it (and i think that's too much), except that i also have a P##pal account which is preferable (i think) for online transactions. with the latter, i tend to delete my debit card details when i'm not using the account too much.

    overall, i don't see any benefits to money-handlers/lenders other than debt (for the individual and the nation). certainly, for the 25 years that i've held work-necessitated bank accounts, i've experienced no benefit whatsoever; in fact, due to all the running about, chasing these third-parties for my money, i've suffered a financial detriment.

  6. #6

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    If you're just starting out in the world of adulthood and finances, you unfortunately need to build up credit. Here in the USA (I'm not sure if it's like this elsewhere, so I'm calling out the location), if you want to lease an apartment, chances are they will check your credit. If you want car insurance, chances are they will check your credit. If you want a car loan, mortgage, or nearly any financial instrument, you will need good credit.

    I would recommend looking into what I affectionately call a student credit card. Back in 2000 when I started my undergrad, students actually used to make a bit of spending cash by circulating applications for credit cards. Most of them had limits of around $500 (I think my first card was $800). The trick is, as long as you have income of course, to use the card for stuff you'd otherwise pay cash for, like gas in your car. Then, pay that shit off as soon as you get the bill each month. Doing so will help you build a credit history and good credit score.

    It's worth pointing out, too, that most electric company accounts DO get reported to the credit agencies, so if you get an apartment and the electric is in your name, that will also help build your credit.

    As for other financial business, try to find a free checking account (I know they're getting harder to find since banks are fuckers). Usually, you can get a debit card with a small annual fee (if not free). Don't even bother with a savings account, as even if you're in one of the high-roller account tiers, the interest on a savings account is shit, and they're not nearly as flexible in terms of doing bill payments and ATM usage and whatnot. Also, DO NOT RELY ON THE BANK TO KEEP YOUR BALANCE ACCURATELY! Learn to balance a checkbook and do it religiously and more thoroughly than if a mobster has a gun against your head. And of course, before you spend any money, make sure you've budgeted for the month and that you consider money for rent, electric, car note, car insurance, gas money, phone bill, internet/cable, and whatever other expenses you have-consider that money SPENT before you even see it hit your account.

    As for buying online, if you get a credit card of some sort, use that, as there are stronger protections, but that said, you can absolutely use a debit card as long as it's something like a Visa Check Card. For instance, I haven't had a credit card since 2004, and I am able to regularly buy stuff online.

    Good luck, and welcome to the wild world of personal finance!

  7. #7

    Default



    Quote Originally Posted by xbabyx View Post
    If you're just starting out in the world of adulthood and finances, you unfortunately need to build up credit. Here in the USA (I'm not sure if it's like this elsewhere, so I'm calling out the location), if you want to lease an apartment, chances are they will check your credit. If you want car insurance, chances are they will check your credit. If you want a car loan, mortgage, or nearly any financial instrument, you will need good credit.

    I would recommend looking into what I affectionately call a student credit card. Back in 2000 when I started my undergrad, students actually used to make a bit of spending cash by circulating applications for credit cards. Most of them had limits of around $500 (I think my first card was $800). The trick is, as long as you have income of course, to use the card for stuff you'd otherwise pay cash for, like gas in your car. Then, pay that shit off as soon as you get the bill each month. Doing so will help you build a credit history and good credit score.

    It's worth pointing out, too, that most electric company accounts DO get reported to the credit agencies, so if you get an apartment and the electric is in your name, that will also help build your credit.

    As for other financial business, try to find a free checking account (I know they're getting harder to find since banks are fuckers). Usually, you can get a debit card with a small annual fee (if not free). Don't even bother with a savings account, as even if you're in one of the high-roller account tiers, the interest on a savings account is shit, and they're not nearly as flexible in terms of doing bill payments and ATM usage and whatnot. Also, DO NOT RELY ON THE BANK TO KEEP YOUR BALANCE ACCURATELY! Learn to balance a checkbook and do it religiously and more thoroughly than if a mobster has a gun against your head. And of course, before you spend any money, make sure you've budgeted for the month and that you consider money for rent, electric, car note, car insurance, gas money, phone bill, internet/cable, and whatever other expenses you have-consider that money SPENT before you even see it hit your account.

    As for buying online, if you get a credit card of some sort, use that, as there are stronger protections, but that said, you can absolutely use a debit card as long as it's something like a Visa Check Card. For instance, I haven't had a credit card since 2004, and I am able to regularly buy stuff online.

    Good luck, and welcome to the wild world of personal finance!
    It sure is a wild world. After a bit of research I realized that the free account with the credit union would only include an ATM card, so I wouldn't be able to use it online. To get a visa debit I'd have to use direct deposit or pay money per month. So this all went nowhere, it looks like I'm just going to have to go with either greendot again or something similar. It's worth it for 4.95 I guess. It used to be in their rules they could cancel your account for making too many accounts, but I don't see it now so hopefully I'll be ok.

  8. #8

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    I am with Toronto Dominion Canada Trust (TD). I have a Student chequings account (no fees), a tax free savings account (high interest rate, and no tax on the interest you collect up to 5,000), and a Visa.

    To purchase things (online, stores, pay bills, everything except taking cash out) I use my Visa. Mostly cus it's interest free for 21 days, so I rarely pay that, it builds my credit and I get travel points.

    What I have works for me, and has for the past couple years. What I would suggest is doing some research online about banks in you area, and then visit a branch near you to discuss what would work best for your personal situation. Go to as many as you'd like... feel them out, and go from there.

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