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/biz/ - Business & Finance

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608919 No.608919 [Reply] [Original]

Hello /biz/

I've always preferred using and dealing with cold hard cash but I can see the usefulness and purpose of a debit card. You also apparently need one for college and FAFSA and all that shit, so I come here to ask:

Which bank would be the best to get a debit card with? Keep in mind that

>I don't generally have or spend a lot of money, besides on food or games a few times a year
>absolutely no monthly bills attached to being a customer with them
>preferably no minimum amount of money needed, but if its something like $5 I can settle with that

>> No.608920

How do you not already have one through your bank?

>> No.608927

>>608920
I don't have a bank. I'm 18, stupid, and inexperienced.

>> No.608928

>>608927
dont make the same mistake as most people of joining a commercial bank and then being too lazy to switch to a credit union.
open an account at
https://www.navyfederal.org

>> No.608932

>>608928
I'm not in the military, and otuside of selective service bullshit, I have no plans to ever be. Is there something maybe...more civilian friendly? I really don't want my name anywhere near the military.

>> No.608936

>>608932
sure you can try a local credit union near you.

>> No.608939

>>608936
what's the difference between a credit union and something bigger, more universal like let's say Wells Fargo?

>> No.608941

>>608939
the difference is that commercial banks like wellsfargo has private shareholders, whereas in credit unions customers are the shareholders, so they can give you better rates.

>> No.608944

>>608941
A rate for? Taking out a loan? I don't plan to use any loans or form of credit.

>> No.608946

>>608941
The other difference tends to be locations and available services.

>> No.608947

>>608919
>I can see the usefulness and purpose of a debit card
So banks and the IRS can track your usage, amirite?

That aside, try to get a credit card; they offer better consumer protection than debit.

Do a lot of research and don't fuck up.

>>608944
Also rates for savings accounts, CD, etc.

>> No.608949

>>608946
So wouldn't a bigger bank have more of both of those then?

>>608947
I really would prefer not to have either, but a friend said you need one to make use of FAFSA dosh so now I'm scrambling to get one. As for savings I'd rather keep it in a chest at my house than store it in the bank.

>> No.608952

>>608949
colleges tend to have credit unions of their own.

>> No.608953

>>608949
>I'd rather keep in a chest at my house
One of the worst possible ways to store money.

>> No.608954

>>608952
Even a shitty community college?

>>608953
I disagree. I live in a mostly white neighborhood and have never been robbed. I only take money out when I go out knowing I plan to get something.

>> No.608955

>>608954
The fact remains that you earn no interest, it isn't insured, and it's inconvenient to use for many things.

>> No.608960

>>608955
>earn no interest

Are you telling me you earn extra money if you have some stored away in a bank?

> it isn't insured

Not getting robbed, doesn't matter.

>inconvenient to use for many things.

Online shopping, paying bills, and the rare place that doesn't accept cash?

What I've gathered so far is that local credit unions are the way to go, yes? After browsing a little some of these look kind of shady.

>> No.608961

I have an account with Ally bank. Their interest rates kicked the shit out of the credit unions in the area. If you can deal all online, they're tops. Fast, 24hr support.

>> No.608975

>>608919

Student debit cards are the same across the board. Get BoA or a local credit union. FUCK CITI DEBIT CARDS AND THEIR SHIT ASS INCOMPETENT CUSTOMER SERVICE

>> No.608980

>>608960
>Are you telling me you earn extra money if you have some stored away in a bank?
Yes.
>Not getting robbed, doesn't matter.
You're also only 18. You could get robbed or there could be a fire or natural disaster. There's no reason to take the chance.
>Online shopping, paying bills, and the rare place that doesn't accept cash?
Yes. There's also investing and making large purchases (people don't want to deal with large sums of cash).

>> No.608982

>>608960

everyone in this thread is a "redpilled" shill. There is essentially no difference between a credit union and commercial bank other than a credit union is inconvenient because there aren't branches around the country or reciprocal agreements with banks around the world.

Just go with big commercial bank, and no you won't earn any meaningful interest on a savings or checking account.

>> No.608983

>>608982

I mean no difference on the user side other than feeling like you are getting one over on the jews

>> No.608984

>>608982
Any interest is better than no interest. It adds up over a lifetime.

>> No.609023

>>608982
>a credit union is inconvenient because there aren't branches around the country

Do you realize that every credit union has agreements with every other credit union? 75% of the ATMs I walk past every day are operated by a credit union, and I can use any of them. There are 5 different branches of various credit unions within a couple of blocks where I live, and I can do anything I need to do in person at any of them.

Overseas it can be a little more tricky unless you looked up in advance which banks are affiliated with NYCE or STAR, and which groups your credit union belongs to.

>> No.609049

>>608961
Just looked this up, how do you add money to an online only bank?

>> No.609053

>>608982
Credit unions have access to cheaper funds and are non-profit therefore will offer you car loans/mortgages at lower rates. They also return excess money they earn to account holders.
I have a pnc account for convenience and am part of a credit unit for the lower interest mortgage if I want one.

>> No.609054

>>609049
Pretty much every employer offers direct deposit.

>> No.609066
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609066

>>609054
Well yeah I got that. I'm going to rephrase my question and zone in a specific part that needs addressing.

For those of you who have gotten FAFSA money before, how does the process work? I'm a poorfag so they gave me an estimate of almost $5000. So then what? Does the gubment give the money to the school which gives it to me? Or do they just direct deposit it into my account (that hasn't been made yet)?

Growing up is such a pain in the ass

>> No.609071

>>609066
>>609066
All of my money went through the school. It automatically paid off my tuition, then they gave me a check for what was left over.

>> No.609074

>>609071
So all classes are paid off and then that's it? They're only like $60 a class...

What am I going to do with the rest of the money? Don't tell me I'm going to have $4800 sitting around for fun right? I wouldn't feel right accepting all that

>> No.609081

>>609074
Are you for real?

>> No.609086

>>609081
Anon I'm stupid and relatively poor. Everyone wants me back in school so I don't end up as your typical /v/irgin

>> No.609088

>>609086
How much of the FFASA money is loans and how much is grants?

>> No.609093

>>609088
It said pent grant: 5000 last time I checked

No idea bout loans, but I would never take a loan. I'd rather be a walmart slave than be in debt of 20k, like all the horror stories I've heard.

>> No.609102

>>609074
Where the fuck do you go that classes are 60 bucks?

>> No.609104

>>609093
Pell Grants.
Looks like you hit the poor person lottery. Do not keep this money in a chest in your house, please.
Just open a savings account that has a debit card at whatever bank is most convenient for you to get to. There is no real difference for someone in your situation.

Consider getting a credit card eventually (I know, I know you don't want credit) but a credit card with a small balance that you PAY OFF EVERY MONTH will help you in the long run. Doesn't have to be this year or next that you get one, just eventually. Priorities change in life, and if you ever want to buy a new car or a house, you will be glad you built your credit.

>> No.609108

>>609102
Soutern california. Its just community college man.

>implying I'm talented or rich enough to make it to a big university

>>609104
Pell, not pent you're right. After doing the research I think I'm gonna try Ally like that one guy said. The websites for local credit unions look cheap and/or shady so I'm not gonna bother. If I get ballsy wells fargo it is...fuck if I know.

I've been told about the credit card. If I'm deemed to stupid for college I'll just become a retail slave and get a credit card then, balancing cost of living with small purchases on credit to start building it.

But do I really get the rest of all that money...? How is that possible? Does something happen if you don't use it all? Are there limits to buying shit with pell grant money?

>> No.609118

>>609049
You can upload checks via their app (when my grandma sends me some sweet Christmas cash). Direct deposit. You can't deposit cash, but you could go buy a cashier's check or w/e and upload that.

I mostly don't deal with cash.

>> No.609190

>>609108
I can't say for sure without seeing your FAFSA, but right now, in January, they are showing you an estimate. It may or may not get adjusted based on your actual tuition. But the reason they are giving you more is that college = tuition + expenses. Expenses are room, food, books, etc. So that is why they are giving you more, you are supposed to use it to live while at college.
If you can live for free or cheap, yes, you get to keep it all. You will get the final (non-estimate) number a few weeks before the semester starts.

>> No.609693

>>609108
No limits it is your money. I get about the same amount but my military scholarship pays for books and tuition so I keep nearly all of it like you. BUT you must do good and stay in school. If you flunk out or do piss poor (D or below here) you will most likely have to pay it back, and won't be able to enroll into school anywhere until you do. It called academic probation (failed a class or two, with low grades in other, below 2.0 GPA) and academic suspension (didn't raise that gpa above 2.0). That can follow you from school to school. Some college advice. Go to class. Its pretty simple. Can't learn if you're not there. Some classes are different, people are different, but don't gamble it, just go. Actually study. Read the chapters, do the homework, work practice problems. It makes the world of a difference. If you get into a rough spot, stuff isn't clicking for you, you're struggling, ask for help. I'm a junior and I haven't had a single teacher or proffesor that wasn't more than willing to give me advice or tutor me (or tell me where I can go to get tutored). Know your schools resources. Do you having a writing lab? A math lab? These places offer open tutoring at my campus, though with yours being a comm. College Idk.

TL;DR Do good in school or they'll take that money back. Go to class, study, and ask for help when you need it.