How many bank accounts do you have? I've got three. I plan on closing my Chase account soon though as they are starting to charge me fees because I am no longer doing direct deposits. Did you know that once you put your money in the bank it technically no longer belongs to you? They use it to invest and back in the day they used to give the interest earned to the customers but nowadays we typically get fractions of a dollar. At least in the US I believe you cannot withdraw more than $5000-$10000 because the IRS will flag you as doing something suspicious. Have you ever heard of this?
Bank Accounts
- Thread starter Sharon
- Start date
I currently only have one bank account. Though, I do have both checking and savings account but they're both linked to the same account, I may start a savings account that I can keep out of sight and out of mind to help save a bit more.
I have two, a checking and savings account, however they are linked together so I suppose that counts as one account? Anyway yeah, I plan on having a few more accounts once I turn 18, all of which being a savings account.
Like rainy day funds, house savings, college savings probably, etc. I like being organized and a budget on an excel sheet just doesn't cut it. :lol:
Like rainy day funds, house savings, college savings probably, etc. I like being organized and a budget on an excel sheet just doesn't cut it. :lol:
I have one bank account and it is a sub account on my moms. I have my own card and I can add money to it but it's prepaid. I have an American Express Serve card. 😛
I have 3, currently. And yeah, banks loaning out your money and such is how they make money. I actually like banks, it's a pretty safe way to hold your money, and with a credit/debit card, it isn't that hard to spend your money.
I have two. My new bank account has free unlimited transactions for students, where as my old one only offers 15 free transactions per month, so I switched. Old account is still open though.
And my credit card is with a different bank, so three if that counts. 😛
And my credit card is with a different bank, so three if that counts. 😛
I have:
Westpac - 2. (1 for thebookstore.co.nz proceeds & 1 which is just a transaction account for Kiwisaver - a retirement scheme).
Kiwibank - 2 (savings + transaction) + 1 for holderhost LTD.
ANZ - 1 (transaction).
I am a foundation member at Kiwibank, which was set up by our Government to provide competition to the big Australian banks. On my eftpos and Visa Debit it actually says "Foundation Customer" which is a nice touch.
The bank is obligated to give back your money but yes we operate under a fractional reserve banking system. If someone deposits 10 million, the bank can lend 90 million under a 10% reserve system.
Westpac - 2. (1 for thebookstore.co.nz proceeds & 1 which is just a transaction account for Kiwisaver - a retirement scheme).
Kiwibank - 2 (savings + transaction) + 1 for holderhost LTD.
ANZ - 1 (transaction).
I am a foundation member at Kiwibank, which was set up by our Government to provide competition to the big Australian banks. On my eftpos and Visa Debit it actually says "Foundation Customer" which is a nice touch.
The bank is obligated to give back your money but yes we operate under a fractional reserve banking system. If someone deposits 10 million, the bank can lend 90 million under a 10% reserve system.
Joshua Farrell
FP's Housekeeper
Sharon said:
You know, you could have the direct deposit part of your account disabled. My checking account was setup for direct deposit, and when I stopped doing direct deposits, I had to go to the bank to get them to turn that off, due to the $25 fee they had attached to the account, when the direct deposit is not in use.
I have a college account where the money from my loans go to. I still technically have my community college account - unused. And then I have a Chase account that I've had since 2008 which started as a high school account, then upgraded to a college account under my grandma's main account. 🙂
Today I closed my Chase account. Now I've only got two accounts - one checkings and one savings.
When I get a job I'm going to look into buying silver because I've heard that even though you typically don't earn a profit in the long run but it holds its value better than any other investment. Even if there is an economic down turn it'd be nice to have something to fall back on if in case a catastrophe were to happen with the banking systems.
When I get a job I'm going to look into buying silver because I've heard that even though you typically don't earn a profit in the long run but it holds its value better than any other investment. Even if there is an economic down turn it'd be nice to have something to fall back on if in case a catastrophe were to happen with the banking systems.
Sharon said:
Kind of on topic, did you like Chase? I am debating closing my current account and moving it over to Chase, they just seem like a good company but no one in my family really has experience with them. 😛
I only have one right now. Unfortunately I don't have a job yet so I don't really have much money to keep safe 🙁 In the future I plan to spread my money in different banks, though. It seems safer to spread the risk than putting them all in one bank.. And I can separate saving funds from one another in the process.
Chase is good but just be aware of any potential fees. I had to close it because they were starting to take $12 per month because I no longer had a direct deposit of $500 or more coming in every month. I don't know when I will look for another job so I didn't want them charging me any more.
Sharon said:
Oh good heavens. Wells fargo has that as well and it stinks. I cannot stand how banks need to charge you for not using your money, Direct Deposit I can see why they charge but not the whole "we will charge you if you don't use your money" kind of thing. 😛
Sharon said:
I have one bank account. Never heard of that bank, haha but its pretty much the same in any country. Banks take your money, loan it to people and charge very high interest, while paying you very low interest. That is how they earn money. Other than loans, they invest your money into other types of investments to make money. If you are looking to make investments, banks is never a good option, even back when before the financial crisis when they have like 5% interest on your balance, that is still nothing. That means it takes 20 years for your money to double which is horrible. Now, it's more like 0.5% interest so that is 200 years to double your income.
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