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Banking question

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By lightsout,
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lightsout Grand Master

lightsout

Posted
Posted

I am a young guy who doesn't really know much about finances and the like, and I've been told 2 different things by 2 different people. Here is my situation:

I have had a Bank of America account since high school. Overdraft fees due to the keep the change BS has screwed me a couple times, and I am currently paying off a credit card which I got to cover any coincidental overdrafting (and had to use it a year or so ago, maxed it out. Yeah, FML). I recently got back to college after a year off after my initial freshman year in college and the nearest BoA is in Asheville (20 minutes or so away). I needed to cash a refund check, so I went to the bank that was right on campus, the Wachovia.

Here is my dilemma. I now have 2 accounts to keep up with. I have been told that it is a lot to manage, what with needing a bank where I can get money in and out when needed and also needing another bank just to pay off the credit card from my checking to my credit card, thus, needing to use a BoA ATM. I have been told that it is good to have 2 banks, especially when you may live close to one and further from the other (as in the scenario which I am in now).

Should I keep them both active, or just pay off my credit card with BoA and then close that account? Is Wachovia generally a better bank, what with them being associated with Wells Fargo now?

Help a kid out so I don't end up in some fugged up situation later or at least so I can rest easier instead of thinking about it.

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pstall Newbie

pstall

Posted
Posted

I would pare it down to 1. The free checking mumbo jumbo is going away. And only 80 yr old bridge players or those without a drivers license actually walk into a branch.

Direct deposit and use atm's that take cash for deposits if you get cash and that's all you need.

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boo7382 Newbie

boo7382

Posted
Posted

Ive had Wachovia since I was like 10 and always liked them. I have only overdrafted a couple times back in the day because of check card holds and they refunded me my money. Also got my card stolen and went into negatives (because I was a poor college kid) and they refunded everything. I used to work for them too and have never had a problem with my accounts, but I only have one and my Way To Save (which is awesome btw)

Im pretty sure they haven't completely merged to Wells, the transition is moving from West to East but names and atms and so forth won't be changed for a while. I personally like Wachovia better than Wells but that also has a lot to do with internal stuff. Wachovia has never screwed me over.

The only reason I have ever wanted to get BOA is for Panthers banking so I can have the cool card.

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thefuzz Mentor

thefuzz

Posted
Posted

Both are bad banks.

Go to a small town bank where you live, and make sure that they online checking. Close out both accounts, and pay off the credit card. You don't have to have a checking account to have that card.

Secondly, if you need cash and you aren't near a bank, buy some candy at the super market and get cash back.

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theyhateme45 Newbie

theyhateme45

Posted
Posted

Credit Union... if you can... banks suck ass.

I agree, go to a credit union. The only opinion I have the defers is that I would not close your credit card account. If you pay it off just use it sparingly to keep it active. Have that credit card on your report active since you've had it while helps your credit rating in a positive way.

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