Okay, when you open up a savings account with a bank do you have to pay that bank a fee? (deposit, transfer)

[Blackandgold51]

Like let's say, banks like Whitney, Chase or Capitol One, does the the bank charge you a fee to hold your money in an savings account? Like do you pay the bank for them to hold your money?

And what does transferring money from a checking to savings account means and how do you do it?

Also, please give me all the information on the in's and out's of financial banking. So I will not be run over by banks in the future, you know.

[j_k_k]

Originally Posted by Blackandgold51

Like let's say, banks like Whitney, Chase or Capitol One, does the the bank charge you a fee to hold your money in an savings account? Like do you pay the bank for them to hold your money?

And what does transferring money from a checking to savings account means and how do you do it?

Also, please give me all the information on the in's and out's of financial banking. So I will not be run over by banks in the future, you know.

1) Some have a minimum balance below which they will charge a fee. Check with the bank. If you pay a fee to have a savings account, I would not bother having one, just give the money to charity. Paying a fee to have a savings account is so fundamentally unnecessary and wrong that if someone does it, they are better off broke.

2) It means you contact the bank (using an ATM card, going to a teller, going online, get on the phone) and say, "move this much from my checking to my savings." Or you can just write a check from your checking to yourself, and deposit it in savings, I guess.

3) Impossible to do here; question too broad in scope. In general, review their terms and figure out how to avoid fees. Don't spend money you don't have. Balance your accounts so you don't overdraw or bounce a check. Distrust everything your bank proposes or offers.

[joe moving]

Why not use a bank that won't charge fees like a credit union or local institution?

[Pitt Chick]

"Okay, when you open up a savings account with a bank do you have to pay that bank a fee?"

Like others have said, choose a bank that does not have a fee to open (and maintain) a savings account!

[Tallysmom]

Originally Posted by Blackandgold51

Like let's say, banks like Whitney, Chase or Capitol One, does the the bank charge you a fee to hold your money in an savings account? Like do you pay the bank for them to hold your money?

If you open an account at any bank that is under the minimum balance there will be a monthly service charge until you bring it over the minimum balance.

Originally Posted by Blackandgold51

And what does transferring money from a checking to savings account means and how do you do it?

You can transfer from checking to savings in various ways -- you can set up an automatic transfer for a certain amount on a certain day of the month and the bank will just do it for you, you can call up the bank and do it over the phone by either telebanking, or a person in which case might cost you, or you can do it over the internet.

Even better, you can sign up for automatic deposit of your paycheck and tell them you want to deposit a set amount into your savings and the rest into your checking account. I did that for years and you get used to not seeing that money and you learn to live on less.

Originally Posted by Blackandgold51

Also, please give me all the information on the in's and out's of financial banking. So I will not be run over by banks in the future, you know.

Way too much info -- and it's all out there. And though it's boring as heck -- this stuff is all spelled out in the banks deposit agreements -- read them.