<p>Hi, I'm an incoming Fall freshman and I was just wondering if any of the current Cal students had any recommendations with regards to money management. I intend to open up a checking account when I arrive at Cal as well as obtaining a debit card. However, there are so many options. Which bank (BoA, Wells Fargo, WaMu, etc) do you think would fulfill these issues best?</p>
<ul>
<li>No monthly service fees</li>
<li>No hidden/secret fees</li>
<li>No minimum deposit requirement </li>
<li>Ease of transfer (for parents to transfer funds from possibly a different banking organization to their kid's accound)</li>
<li>No ATM withdrawal fees (not sure if this is possible)</li>
<li>Lots of ATMs/an easily accessible branch at or close to Berkeley</li>
</ul>
<p>I'm sure there are other issues I forgot to consider, but these are the important ones off the top of my head. Cheers and feel free to add my fellow freshmen.</p>
<p>Hello! I recently had to address this as well. I went with Bank of America. There's plenty of BoA machines on campus as well as off campus on Telegraph.</p>
<p>-There's no monthly service fee.
-There's no hidden fees as I'm aware of. I think the only thing you have to do is make a monthly deposit or else it's like $3. But that won't be a problem because... (next item)
-No minimum deposit requirement. So deposit whatever!
-Transfers can be made at home online through Bank of America. Your parents just need your card number and pin code. Or they can go to a Bank of America in person and just write a check to you.
-There's no withdrawal fees as long as you use BoA. But again, there are plenty on and around campus so that's why I chose it!</p>
<p>I think Wamu is famous for it's free checking and free atm withdrawals. From what I know however, there are not as many Wamu atms as there are BoA atms. Correct me if I'm wrong. I just love Wamu though; there's no minimum amount of money you have to have in your account (I had 2 cents in it several weeks ago) and they don't care if you deposit money every month or every year.</p>
<p>Yeah the downside to WaMu is the lack of locations. There's one right outside the BART station, and one ATM machine in the Bear's Lair, but the Bear's Lair is closed on weekends and after like 6ish. So that's kind of a hassle.
I find Wamu's customer service pretty nice. Once I did have wait quite awhile, but they always resolve my issue</p>
<p>I use Washington Mutual and I find it to be easy and convenient.</p>
<p>Bank of America can be good, but there are a lot of "If's." There are four checking account options available through BofA. I think Cdmphotoguy incorrectly alluded to the depositing of money if he was referring to the MyAccess Checking Account: a "direct deposit" is when one's payroll is directly deposited into the bank (that means you need a job, and you need to sign up for direct deposit) as opposed to "directly depositing" into bank. If you don't direct deposit, it'll cost you $5.95 per month. The "no minimum deposit" requirement is, as far as I know, meant to say that you do not need to deposit a specific amount when opening the account. The Standard Checking and Prima Checking Accounts are directly related, because they require you to have a certain amount in your account or else you get charged ($1000 and $10000, respectively). So, if you open a Standard Checking Account and don't deposit $1000 in by the end of the month, you will be charged $6.50 per month (for Prima it's $20.00 per month).</p>
<p>What seems to be the "best choice" through BofA is the CampusEdge Account, although it can be a hassle, considering the free-of-charges offer is only applicable if you're a student. Once you leave college, you'd have to transfer all your money into a different account/bank so as to no incur charges.</p>
<p>With all that said, I still think WaMu is the best way to go. If you are in the least bit concerned about managing a bank account with considerations to the balance in your account (like any "real" college student), WaMu has the easiest equation: You put $1.00 deposit at time of opening of checking account and you don't have to worry about anything unless you fall under $0.00, otherwise you're safe. No service charges. No fees. No limitations. That's the kind of math I like.</p>
<p>I agree with TTG. I've had a wamu checking for a couple of years now and i havent had any problems with it. And the new free checking is really good. You dont get charged from wamu if you use another atm (you just get the fee from the atm), you get free checks for life, you get one overdraft fee waived per year, and some other stuff. The lack of atm's didnt bother me too much, i usually used my debit card.</p>
<p>I'd say you're safe with BofA or Wells Fargo. Avoid Washington Mutual because the nearest ATM is on Shattuck. I have the WellsFargo and it's alright, but BofA does have more ATM machines.</p>
<p>I'd recommend opening a checking account NOW, instead of doing so after you arrive at Cal. Unless, you are busier now then you will be at Cal. </p>
<p>Also, I believe Online Payment option for BoA accounts are free (mine is, you need to ask the Reps there when you create your account). Using Online Payment, you can avoid E-Bill and its queer $0.50 charge per transaction.</p>
<p>Mention that you are going to college at Fall when you are making your account, and ask for any special promotions available. Sometimes you get like free $25 and other student specials, like free check printing for 5 years. Hopefully your local BoA have good Customer Service. Good luck.</p>
<p>Unlimited...don't you have to pay fees for withdrawing from that ATM in Bear's Lair? If I'm incorrect, correct me, but it's just everyone I know who has Washington Mutual has complained about the lack of ATMs. And every time they want to do something, they have to go to Shattuck.</p>
<p>I still say BofA or Wells Fargo. They're the most convenient for Berkeley students.</p>
<p>If you withdraw at your own Bank station, it's free!</p>
<p>I really do like the free checking offered by WaMu. My balance swung between quadruple digits and double digits... no minimum amount to worry about :)</p>
<p>But then if you say BoA doesn't need to pay that darn 50 cents for e-bill, that's awesome! I have to pay 50 cents :( (unless there is a way to pay without that fee??)</p>
<p>Here's another vote for B of A, simply because they have more ATMs. The only fee I've had to worry about has been the "don't go below $300 in savings" fee ($3). I got hit with an overdraft once ($15), too, but both were my fault. The account I have does not require direct deposit to avoid checking fees.</p>
<p>Perks about having B of A are 1) having lots of ATMs to use, 2) online transfers (convenient for paying back that friend that loaned you $50 who also has B of A), 3) online bill payment (convenient for paying the University).</p>
<p>BTW, you can pay your CARS bills without giving money to E-Check, but you'll have to write a check, which isn't free either (though less than 50 cents).</p>
<p>Basically what eudean said. BoA provides the "Online Bill Payment" service for free (for me, I don't know about others). You input all the crap online, and the bank automatically sends a check, without you actually writing the check. (NO $ because you don't need to waste a printed check!) Thus, I am NOT using e-bill to do the transaction, so no $0.50. I am sure other banks offer the same service, but check if they have transaction fees. If it's free, you can do the same too! I have yet to try to pay Berkeley with it though, but I had done transaction to my Dad's account to see if it works (lol).</p>