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I recently turned 18 a few months ago and I'm about to start my second job. This time I want to do direct deposit instead of receiving checks, but I'm having trouble finding a good bank with low fees (preferably no fees but I'm being realistic). I've tried applying to online banks like Simple and Aspiration but I don't have any records so they couldn't confirm my identity. What do you guys think I should do? What bank would be a good first option for me?
Try on line. Schwab or Fidelity.
You can deposit with a smart phone.
You can get cash with an ATM card and some brokers will pay fees.
Start investing with some of your money from your second job.
Location: Was Midvalley Oregon; Now Eastside Seattle area
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your local Credit Union that's conveniently located on the nearest corner.
Mine is open till 10-6pm, 10-7pm on Fridays and 10-2 on Saturdays.
CC rate is 7.9%
I second a Fidelity Cash Management account, you can use their ATM card at any bank and Fidelity will reimburse the fees, besides that you can start a 401K now since this year you can put in up to $18,500 to reduce tax liability, IMO there is no better time to start planning for your future than the present.
I recently turned 18 a few months ago and I'm about to start my second job. This time I want to do direct deposit instead of receiving checks, but I'm having trouble finding a good bank with low fees (preferably no fees but I'm being realistic). I've tried applying to online banks like Simple and Aspiration but I don't have any records so they couldn't confirm my identity. What do you guys think I should do? What bank would be a good first option for me?
Go to a local credit union with a good reputation.
A national or regional with ATMs convenient to where you live or work, so you won't incur withdrawal fees for cash. Use the bank's app for depositing anything that isn't direct deposited. And get a cash card/debit card to use instead of checks. If you're a college student, some banks do have student low or no fee accounts.
OP, I second third and fourth going to a credit union.
They have membership requirements, it's usually you must work for a company associated with them, live work, go to school or worship in a defined are ( town county, city, etc).
They offer better savings rates and loan rates than banks do. They have an atm affiliation with other credit unions you can use in many cases nationwide, often without fees.
They have fewer requirements than a bank may.
Once you've established you can open an online account and feed it from your CU accounts, you'll have a history then.
I must have always had it really good because I had no idea that banks would charge fees just for having a checking account.
OP, I agree, that a credit union would be the way to go. I'm a member of three credit unions and none charge fees for a regular checkings/savings account. Look for ones in your area or ask around with family and friends to see if they can invite you. if not possible, just find the bank either closest to you or with the lowest fees. Check to see if they have discounts for direct deposit or mobile banking.
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