Ask MetaFilter questions tagged with checkingaccount

Fiscal Responsibility: The gov't isn't setting me an example. Maybe I can set an example for the gov't.

silkygreenbelly — Thu, 30 Apr 2009 17:25:27 -0800

Personal Fiscal Responsibility. Help me turn over a new leaf (and keep it turned over). Looking for a new bank and some advise. My track record for being responsible with my money is not very good. Over the past 10ish years I've lived paycheck to paycheck with only a few short stretches of managing my money well. I need some advise in the following directions:
1. A new bank: "Christine" from Wells Fargo just cheerfully agreed with me that my financial life sucks, but the issue in question "wasn't the bank's error" so she was going go ahead and let Wells Fargo fuck me over $80. I'm sick of Wells Fargo's bullshit banking practices*.
I've looked through previous askme's but some of them are pretty old (ie recommending BoA). I've heard about ING Orange Checking seemed to be all the rage a couple of years ago, is it still good? Are their better alternatives? Requirements for a bank account would be: no minimum amounts required, no annual fee (unless having direct deposit gets it waived), free electronic transfers to other peoples bank's accounts at other banks.

2. Tips, tricks, advice, links to blogs (besides get rich slowly already know about that one) or classes in the Seattle area, on small personal finance management, how to curb spending, but most of all how to stick to it.

3. I currently have only student loans and I am concerned the fact that I do not having any credit is going to screw me over when I eventually need to get a car of my own (currently using my sisters until november). I have tossed around the idea of getting a credit card for a dedicated expense (like gas). Bad idea? How would this work with money management?

*I asked why they took out my withdrawls largest to smaller and she said it was because most people don't want their largest checks to bounce. I asked why it would matter when WF doesn't actually seem to bounce checks, they just "overdraft" the account and she told me it was because they can technically return checks if they choose to and they might want to (at some ill-defined point) decide to return a bounced check instead of charging overdrafts.

I need a deposit account (but I don't mean a deposit account), know what I'm saying?

zek — Mon, 09 Jul 2007 13:03:56 -0800

Is it possible to set up a U.S.-based banking account where people can wire money in, but not wire it out? If so, what is the magic terminology I should be asking about at my bank? My business occasionally gets requests to buy items overseas, from foreign universities, government agencies, and so forth. I've allowed a few of these businesses in the past to have my routing/account number on a case-by-case basis and the transactions have gone smoothly. But I know I can't keep doing this when presumably anyone can just take that info, make an account on CCBill, and start buying porn, or worse yet directly wire funds out somehow.

So is there a type of account that's "receive only"? If not, what is the best way to deal with these international institutional sales?

I looked up deposit account but this appears to refer to some sort of bank-based investment method.

How to deposit checks that are wildly out of the ordinary for me?

Anonymous — Sun, 31 Dec 2006 07:55:36 -0800

I have two personal checks, both VERY large, to deposit into my checking account. This is slightly freaking me out since I've never done such a thing in my life (and I've had unusually low account balances for 6+ years). Can I just do this without making my bank suspicious or causing any problems? Two checks for $10,000 each. One of them I only found out about yesterday and my mind is still sufficiently blown that I am only now starting to think about the practical realities. I already understand that these checks are each the right amount that they will not have tax implications for me on my personal income tax.

The first check is just from my grandmom -- an incredible thing in and of itself, but since it's from a family member and with my same last name, I think no bank would find it that suspicious.

The second check is from a (rich!) friend of the family who apparently got so entranced by all the stories from my volunteer work that she simply wrote out a (completely unsolicited by me) 10K check (yesterday!!!) that she says is for me to use anyway I want. So I had *just* gotten used to getting this huge amount from my grandmom and here comes another equal amount. Pardon me while my head explodes, but more to the point for this question:

I've had this checking account for 6+ years, and my overall average monthly balance has probably been under $100. I just basically live a life that's full of barter and moving around, and not full of money. So I am really not sure if I should just deposit 20K into a bank account that's had next to nothing for six years. I happen to be clean as a whistle so if anybody has any criminal concerns they wouldn't find anything -- but even an investigation is also the last thing I want to bring on my family / friends? As you might guess I'm somewhat scared of money and intimidated by institutions in general (grew up poor and am still pretty marginal).

So, SOLUTIONS: Could I deposit one of the checks straight into a different bank, like open a new checking account? But would that be more or less suspicious??? Or use the second check to buy a savings bond or other kind of account that only is accessible in a long time like 12 or 18 months? Or do I just take a deep breath and deposit both?? Would it help to deposit them at different times?

Also, I bet I could give back either of these checks and ask for it to be a bank transfer to my account instead. If it would look better to do 1 check + 1 xfer?

(p.s., yes, I am taking this newfound wealth very seriously and will carefully not squander it -- I don't want to make my question even longer but trust me on that one!!)

Benefits of established checking account

dios — Wed, 27 Dec 2006 12:16:50 -0800

Is there any benefit to keeping a checking account open? I have a re-discovered checking account. It's been open since 1995 and was an old personal account before I got married. Once I got married, I have been using the joint account in a difference bank ever since. I thought I had closed it out, but I just realized it still is there with about a grand just sitting in it. When I did use it before I got married, I passed a lot of money through it. But it hasn't really been used in 3 or 4 years.

I'm thinking about closing it. But I don't want to close it if there is some benefit to keeping it around. So I am asking you smart people: is there a benefit to having a ten-year old checking account? Does it help my credit rating? I seem to recall that having a credit card for a long time is a good thing. Is the same true for a checking account? If I have a long held, but dormant account, would it increase the likelihood of getting a loan or something in the future?

I vaguely recall thinking about keeping it open to have my own account after we were married to have a private account which I could use to buy my wife gifts or for hookers or whatever. But I've clearly not used it and won't. But if there is some tangible benefit to just having it, I'd be fine with leaving the minimum balance ($500 or whatever) just sitting there.

TIA.