American Bank Account Q's

ToniTuddle

Hello!

As the title says I am going to be opening an American bank account when I go over there in a months time. Going on the J1 student visa.

I've no idea what bank over there I should open the account with? I would be grateful for any advise. So far from a few threads I haven't seen good things being said about Bank of America....

Searched this forum and was wondering about leaving money in the account (enough for rent and bills for next summer:pac:).
Plan on putting the majority of my wages away every week. I would like to leave the account open instead of having to open a brand new one each summer I go out.

Are there alot of charges if you don't use your account over a set amount of time? It will be about 9 or 10 months until I am out there the following summer. Don't want it going dormant and them taking my money that I leave behind in it!!

pow wow

I just bank with a local bank from the state I lived in but don't incur any charges for not using the account very often now that I am back in Ireland. I have a debit card on the account which I use occasionally on US iTunes (movie rentals ) so it doesn't go into dormancy.

I haven't heard great things about Bank of America either but so long as you don't ever go overdrawn (you thought accidental O/D fees here were bad...you've seen nothing til you do it over there!!) I think the banks are much of a muchness.

ToniTuddle

pow wow wrote: »

I just bank with a local bank from the state I lived in but don't incur any charges for not using the account very often now that I am back in Ireland. I have a debit card on the account which I use occasionally on US iTunes (movie rentals ) so it doesn't go into dormancy.

I haven't heard great things about Bank of America either but so long as you don't ever go overdrawn (you thought accidental O/D fees here were bad...you've seen nothing til you do it over there!!) I think the banks are much of a muchness.

Thank you for replying

So getting a debit card would be a good idea then so.
Yet another thing to add to the list!

Yeah I'm going to try and save as much as I can this summer.
Of course I'll be bringing back hopefully a nice enough sum but I do want to leave money behind so that I won't have to worry about the following summer.

I guess I will do a search on banks in New York and see how I get on and which ones are near me. Will definitely make sure to never go overdrawn

mmprine

As pow wow suggested, I would check into smaller "community" banks in the town you will be living in. Usually their interest rates are higher & their fees charged are lower. All offer debit cards at no charge and the customer service is better. Mike in Texas.

ToniTuddle

mmprine wrote: »

As pow wow suggested, I would check into smaller "community" banks in the town you will be living in. Usually their interest rates are higher & their fees charged are lower. All offer debit cards at no charge and the customer service is better. Mike in Texas.

When you say community banks...what exactly do you mean?
I'm sure there will be mini branches of the big named banks around New York.

mmprine

Community Banks would be banks owned & operated by local owners... usually someone within your local community not some big corporation in
a big city far far away. My bank has a main bank & three branches...lots of times the bank president will come out into the lobby and chit chat with
the customers...his way of appreciating his customers business.

ToniTuddle

Well would you get community banks in New York city?

Would it not be sfaer to join a larger bank than a small privately owned one that could go bust and take all your money?**





**I haven't a clue if they could do that but good to ask!

mmprine

In the US all banks are insured by the FDIC up to $250,000 per account. In case any bank goes bankrupt, the FDIC (an arm of the US government)
steps in and assumes control of the bank...usually sells off the assets to another bank...and makes up any differences to make sure all the customers get their money...as long as they do not have more than $250,000 in their account. The process of a bank failure, the FDIC stepping in & the customers having their money is overnight.

pow wow

Savoy Bank, NYCB (New York Community Bank), Sovereign (now owned by Santander), or just tap into google and see what comes up.

Make sure you go for one that offers 'free checking accounts' (no fees for everyday banking).

If you plan on traveling around America a bunch while you're there you may be better with one of the bigger players as some banks charge for using ATMs that aren't theirs. For example, I used to get charged $1.50 for using ATMs in NYC because my bank didn't have any outside of Tennessee.

ToniTuddle

pow wow wrote: »

Savoy Bank, NYCB (New York Community Bank), Sovereign (now owned by Santander), or just tap into google and see what comes up.

Make sure you go for one that offers 'free checking accounts' (no fees for everyday banking).

If you plan on traveling around America a bunch while you're there you may be better with one of the bigger players as some banks charge for using ATMs that aren't theirs. For example, I used to get charged $1.50 for using ATMs in NYC because my bank didn't have any outside of Tennessee.

I plan on spending the majority of this summer going between New York and Boston. The weekends I go to Boston Ill just make sure to bring enough money with me.

Next summer I plan on going to a different part of America(cowboy country!) so I may have to open a more well known account then so. Thanks for the tips and help.