<p>Hey guys. I have a quick question about checking accounts and stuff because I am clueless in this field. If I were to get a checking account in my name and not linked to my parents, what would I need to do that? Generally would I need to be a certain age and if I were to buy stuff online with the debit card, does the bank just automatically take the money out of whatever money I have in the bank? Thanks in advance.</p>
<p>As far as I remember, when I opened my checking account all I needed were forms of ID. Some banks require a minimum balance (and perhaps a minimum initial deposit).</p>
<p>And yes, when you buy things online with the debit card, the bank takes the money out of your account (unless you're buying a plasma tv with $100 in the bank -- then it's a credit card! :)).</p>
<p>You usually have to be 18 to get a checking account in your name. If you are younger, you have to get a cosigner or whatever it's called. Debit cards are optional and any charges you make are immediately deducted from your balance. You can use them online or anywhere as a credit card, but I recommend credit cards over debit cards for their fraud protection. If someone steals your debit card and uses it, you're hosed. If it's a credit card they steal, you're generally OK. If you get a debit card, just be careful. I know someone who had their stolen and their 3k balance was depleted within two days.</p>
<p>Well, for starters, you would need to be 18 or 17 with proof that you are graduating early. They mostly hassle anyone (under 18) who isn't going to college and wants a checking account. As long as you are, you just go there (doesn't matter if you go with your parents, but they like to come because they are just like that) and apply for an account...you basically go in and talk to one of the reps and they hook you right up. Usually, debit cards and such (usable online) take out of your checking account and you guessed it, right outta your account. I like the way that works cuz you don't spend over what you have.</p>
<p>Also, if your parents have an account at a certain bank, they usu. give you deals of like no atm fee, free checking, unlimited checks, atm/debit card, and no minimum deposit..those are awesome...
Remember, though, that debit cards don't build credit.
...god knows why im online now..</p>
<p>molliebatmit, I don't think debit cards ever become credit cards. If you make a debit transaction on a card for which you do not have sufficient funds, your card is either denied or the bank charges you for the item in addition to an overdraft charge, which is usually around 30 bucks.</p>
<p>sry for that post, when i started to reply, there were no replies..went away for a wee and came back, finished posting and posted, boom there were loads of posts..sry for repetition and babbling</p>
<p>chumboy: when ur older/have a job, they kinda are like credit cards because they have like $1000 credit auto-credit lines and stuff</p>
<p>this is of course when ur older..but that is mostly in place so that a check made out for $900 will cash even if you ahve only 850 in the bank...she meant it as a joke, i presume</p>
<p>Yeah I think that's right, Eclipsed. Oh, fearfulliving, you do have a DL, don't you?</p>
<p>Since everything else has been answered, I'll respond to a few. The online companies usually would check your identity online if it match your debit card number, verify and approve. I never heard of age verification or anything like that because you need to be over the age of 18 to apply for credit card or for this matter, debit card.</p>
<p>As long as you have enough funds, you don't need your parents consent whatsoever to apply in a bank. Be aware though that some checking/debit accounts needs minimum balance. When I first started myself, I have to have at least $300 in it so I don't get charge. I also co-signed up with my mom but the account is mainly for myself. Eventually, my mom would upgrade my account to a platinum account (not sure up to this day what the benefits are but platinum sounds good).</p>
<p>Just another quick mention - some debit cards linked to checkign accounts can be set up with 'overdraft protection' - you basically set up a savings account with a minimum balance, and if you accidentally spend too much on your debit card, it draws money from the savings account (instead of gettign slammed with an overdraft charge). I have a checking accoutn which my job direct deposits into, and then an attached savings account with the minimum of $300 (to avoid fees) just in case.</p>
<p>Seems to work very well for me. Luckily I've never had to use the overdraft protection.</p>
<p>Just wanted to mention that if you are under 18 and want a checking account, state farm has one (min age 13). Check their website to sign up. I think it is online based, but I think they give you free ATM fee rebursement, postage-paid deposit envelopes, and free checks.</p>
<p>Do you guys know of any banks in the Providence area that don't require checking accounts to have minimum balances, have that overdraft protection dealio, etc.?</p>
<p>I have a Student account from Bank of America.</p>
<p>I think its free for 6 moths then its $3 a month.</p>
<p>chumboy87 Ive had my debit card stolen, I lost 4k. Called the Bank, I had it back in there overnight. Visa Check cards are good.</p>
<p>Washington Mutual and Wachovia have free-checking (no monthly fees, no minimum balance, freek check writing, free use of ATMs, etc)</p>
<p>Nothing is free there is always some fee payed by the person.</p>
<p>wether it be for online use, or the chechs are super expensive. the bank always gets money somehow. Sometimes you are forced to make direct deposits</p>
<p>some times you get activity fees</p>
<p>maintenece fees.</p>
<p>banks that offere free service have a ton of restrictions if you want it to be free.</p>
<p>Simply research this on google.</p>
<p>free != free all the time.</p>
<p>my student checking account at Compass seems to be pretty sweet so far. I'm not getting little maintence fees or check fees or ATM fees.</p>
<p>Maybe becasue its a student account, banks usually wave those fees for students.</p>
<p>whats a dl?</p>
<p>bank accounts can easily be free. They want your money to invest and they want you to keep it there as long as possible. Are you going to keep it there if you find a better deal elsewhere? Are you going to come back to the bank again with larger amounts of money later?</p>
<p>Its all about making a good image. The fees amount to **** compared to what they make in interest on your accounts.</p>
<p>maybe</p>
<p>But like I said Nothing is Free</p>