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Need advice re: Opening New account (please)


CBkid
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Hello -

I have recently started working again after being jobless for over three years.

Was layed off in NYC a month after 911. Went back to school to get an advanced degree (better myself) only to find the job market had completely dried up upon graduating.

Fast forward to today-

I have about five usecured debts that are all in some form of collection. One is actually pending judgement. Most of my OC's & CA demand payments in full which is right now out of the question as I don't have savings built up yet to do so & have family loans I'd like to pay back before my usecured debts... (back rent etc.)

(sorry if this background was long, necessary I thought)

So here's my QUESTION:

What would be the best type of Bank Account for me in this situation?

(note: I do not work fulltime, I freelance & get paid weeks post gigs, sometimes mos. after, so checks total more than 2 weeks pay)

-- It's weird I'm actually afraid of what to do w/ my paycheck.

Thank You for thoughts on this.

CB

I do plan on paying my debts back w/ interest one @ a time as I can.

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I am assuming that you don't have any bounced checks that you never paid off???

Never wrote a check that bounced and always had a fairly healthy average balance.

FWIW: when I was last employed my (Chase) account had a large overdraft protection on it that I never used. May have been my savings that allowed for that... (which is now of course history, 3+ yrs. w/o work takes it's toll)

Suggestions?

TIA

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I would suggest signing up for a checking account with a low minimum balance requirement.

I know some bank require you to have a direct deposit to get a free account.

Probably the best way to determine the best account for you is to first find out what the banks in your area offer.

Then choose from the options that are available.

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I would suggest signing up for a checking account with a low minimum balance requirement.

I know some bank require you to have a direct deposit to get a free account.

Probably the best way to determine the best account for you is to first find out what the banks in your area offer.

Then choose from the options that are available.

While this is a good idea when shopping for ANY long-term relationship, this doesn't take into account the differences by each institution when applying for a checking account.

Many banks check a credit bureau as well as chexsystems. Most credit unions will only check chexsystems. The OP is more concerned about which INSTITUTION to choose, not necessarily product - although there are free checking accounts almost everywhere.

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So here's my QUESTION:

What would be the best type of Bank Account for me in this situation?

(note: I do not work fulltime, I freelance & get paid weeks post gigs, sometimes mos. after, so checks total more than 2 weeks pay)

-- It's weird I'm actually afraid of what to do w/ my paycheck.

Thank You for thoughts on this.

CB

I do plan on paying my debts back w/ interest one @ a time as I can.

This was the question that I was answering. While I agree with you in your estimation that each bank has different services to offer, I think the OP was looking at the type of checking account as opposed to asking which banking institution to choose.

I have my personal preference as banks go, but my financial situation is different from the next so if a person has thousands in the bank, one bank might do better with high balances than say a Wells Fargo or US Bank! :D

If you live in New York and he lives in CA the banks for the most part are going to be different. So if you recommend Wachovia he may not have one in his area.

That is why I made the suggestion that I made. It is always better to research and then make an informed decision.

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  • 4 weeks later...

Thank you for the responses...

I'm actually concerned w/ what type of institution I should use for banking. Credit Union? Bank? Brokerage?(i.e schwab, etc.)

Afraid that if suddenly I have a new account opening (& there's record of it) other CA's will begin to circle & possibly try freeze the account etc. Making it that much harder for me to pay-off my OC's & CA's (one @ a time was my plan).

IS my only resort for banking an Offshore account? HSBC, etc. (which requires a much higher minimum balance) $11k if I recall correctly.

Currently I have one pending judgement (which I'm trying to deal with)... but I'd like to safeguard myself best I can from some of the nightmares I've heard of.

:oops:

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