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Old 11-08-2014, 07:59 PM
 
9,814 posts, read 16,229,011 times
Reputation: 16488

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Ahem......guess I'm from a different world.

I had a savings account from the time I was 18, and a checking account. My father opened them for me.

When I moved to Texas, I deposited $500 to open a checking account, then had the rest of my funds wire transferred to a savings account. Because the balance in my savings account was $5000+, my checking account was free. I had my paycheck direct-deposited and avoided any checking fees and got free checks.


You need decent credit and savings to open most checking accounts. I never understood those people who were waiting outside the payroll dept practically shaking, I neeed my check, I gotta get my check.....then would run to the nearest Payroll check cashing place, get their money in hand---minus the 3% fee, then run all over town paying for money orders, then run to utilities, etc, to make payments, always late, paying late fees, etc, etc......then would look astounded at me...... you have a checking account? I never mentioned I also had a bank account, that would be beyond their comprehension. They actually thought they had the better deal.....a checking account charges you for the checks, then you pay for the stamps, while they thought all the fees they paid just to get at their own money were somehow ok,.....oh, its only 3%. Well, what if they got a 3% raise, would they think that was nothing....

My DS started working, first thing he wanted to cash his check. Co-workers told him he could cash it at the grocery store, so he insisted I drive him there (he doesn't have a driver's license yet). Ok, I let him go in, he came back looking so dejected, they wouldn't cash my check.....then he insisted I drive him to the nearest bank, they will cash it......no deal, no account, no ID....then I said let me make a few suggestions.......WE will go to MY bank, and open you a checking/savings account...its called a junior account, its linked to ours, so you don't have to have savings, etc. There, they cashed his check, no fees, he now has direct deposit, AND a savings account.


My grandfather taught me there's two types of people who use banks----those who get money from the bank ie interest... and those who give money to banks---ie ----fools who pay fees to use their own money.
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Old 11-08-2014, 09:37 PM
 
Location: I am right here.
4,929 posts, read 4,212,052 times
Reputation: 15621
Quote:
Originally Posted by MaryleeII View Post
Ahem......guess I'm from a different world.

I had a savings account from the time I was 18, and a checking account. My father opened them for me.

When I moved to Texas, I deposited $500 to open a checking account, then had the rest of my funds wire transferred to a savings account. Because the balance in my savings account was $5000+, my checking account was free. I had my paycheck direct-deposited and avoided any checking fees and got free checks.


You need decent credit and savings to open most checking accounts. I never understood those people who were waiting outside the payroll dept practically shaking, I neeed my check, I gotta get my check.....then would run to the nearest Payroll check cashing place, get their money in hand---minus the 3% fee, then run all over town paying for money orders, then run to utilities, etc, to make payments, always late, paying late fees, etc, etc......then would look astounded at me...... you have a checking account? I never mentioned I also had a bank account, that would be beyond their comprehension. They actually thought they had the better deal.....a checking account charges you for the checks, then you pay for the stamps, while they thought all the fees they paid just to get at their own money were somehow ok,.....oh, its only 3%. Well, what if they got a 3% raise, would they think that was nothing....

My DS started working, first thing he wanted to cash his check. Co-workers told him he could cash it at the grocery store, so he insisted I drive him there (he doesn't have a driver's license yet). Ok, I let him go in, he came back looking so dejected, they wouldn't cash my check.....then he insisted I drive him to the nearest bank, they will cash it......no deal, no account, no ID....then I said let me make a few suggestions.......WE will go to MY bank, and open you a checking/savings account...its called a junior account, its linked to ours, so you don't have to have savings, etc. There, they cashed his check, no fees, he now has direct deposit, AND a savings account.


My grandfather taught me there's two types of people who use banks----those who get money from the bank ie interest... and those who give money to banks---ie ----fools who pay fees to use their own money.
I concur.

My parents opened a savings account for me when I was very young, and I kept track of the little passbook. When the amount got to a certain level, some of it was removed and invested. I was always a part of that.

When I headed off to college, I had a savings account and a checking account.

When I had my own children, I opened savings accounts in their names, but their accounts were tied to mine as they were minors, and as each got old enough, they also opened checking accounts and then had independent accounts.

(Today my son just showed me the app he uses to collect rent from his roommates before he writes the check to their landlord. They send money through an app, he gets it, and then he presses a button, and it appears in my son's back account! He's been using this for quite a while. )
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Old 11-09-2014, 06:57 AM
 
10,702 posts, read 9,660,550 times
Reputation: 16516
Quote:
Originally Posted by FBJ View Post
And my point is Walmart wants you to SPEND that cashed check in their store. That's part of the plan
NO! Tell me it isn't so that any store would thank you for spending money in their store.....what is the world coming to????
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Old 11-25-2014, 11:14 AM
 
Location: Ohio
5,626 posts, read 5,244,398 times
Reputation: 6773
I had a volunteer payment check and needed it cashed. Went to Kroger- wouldnt do it. Went to bank- wouldnt do it. Finally went to Walmart and they did it, no problem! I should have went there in the 1st place!

Its nice to have the option when you dont have a bank account. Its also nice they have a loadable pay card at WM.
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Old 12-05-2014, 12:19 PM
 
2,702 posts, read 3,868,005 times
Reputation: 4521
Quote:
Originally Posted by Sloaf View Post
My bank account is free, deposits/withdrawals are free, electronic payroll deposit is free, debit card use (unlimited) is free, and unlimited online billpay is free. Who's missing the point now??
Obviously you are..Because there are a lot of people who CANNOT get a bank acct for a lot of reasons...

Banks check on you when you try to open an acct just like lots of other creditors do....

They don't want certain things to show up if they are allowing you to open an acct.....
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