OT What bank do you use for your writing income?

[Ella R.]

I have Capital One, and it's driving me nuts lately. I don't use the Paypal debit card, so I transfer all of my writing payments into my bank account. I just need a basic account, and everything was fine with mine until Capital One added an $8 (actually above $8 but can't remember the exact cent count) monthly fee a couple of months ago. The only way I can avoid it is by not letting my account go under $300 ever and/or getting at least one direct deposit greater than $200 (or something like that). They don't count paypal transfers as deposits, and I write full-time, so it's really annoying. I'm also totally not ok with being forced to keep my minimum balance at $300 all the time. That's ridiculous. I have a right to use my money when I need it.

Anyway, I've been dragging my feet on opening a new account because it's a pain, but I really don't want to keep paying this. Can you help me out with any good alternatives that won't charge me an arm and a leg for a basic account? I live in New York City, so I have access to all the major chains. Not so much small regional banks though.

Thanks in advance!

[beanandpumpkin]

We use two banks, a small local one and also Webster. Our local bank has free checking. We pay the fee on the Webster account... I think it's free if you use your debit card X number of times per month, which we usually don't. We haven't switched because it's such a pain; that one was originally set up to handle all of the automatic deduction bills that we could set up, and we'd only write checks or use the debit out of our local bank. Now that there are fees, it's less convenient, but more convenient than switching everything. So yeah, my laziness is costing me $10ish per month. Meh.

[maryalene]

I use our local credit union for our primary account. However, I also have an ING account for my Paypal money. I've been very happy with their free checking and transferring money has never been an issue.

[Del S]

I use a local credit union, too, so I doubt you have that one in NYC but can you look into credit unions there? They usually don't charge the types of fees that the big banks do. I've been a member for 14 years now and never had to pay any checking or savings account fees, fees for writing more than a certain number of checks, fees for transferring money more than a certain number of times, etc. -- it amazes me what banks charge people for.

[Ella R.]

There are some smaller local banks here, so I'm definitely going to look into those. My one gripe with that scenario is the fees at atms if I'm not close to a regional bank. Some atms charge 5 bucks or more for one withdrawal, so it's almost like I might as well be paying a monthly fee.

At the risk of sounding stupid (I'm a total ignoramus when it comes to banks, loans and finance in general), what are the main differences between banks and credit unions? Just things that affect daily life, like length of paypal transfers, atm withdrawal fees, etc.?

Are ING accounts used strictly for savings? Or can they be used as debit accounts?

Thanks so much for the help ladies!

[Del S]

Ella, I'm no financial genius, lol, but from what I've heard over the years, credit unions tend to be smaller and more community-based. I was only able to join mine because my dad was a member, but other unions only accept people in certain professions or industries. If someone you know is a credit union member, they may be able to refer you, though I don't know if ALL of them work that way. My CU is actually a pretty big entity so there are tons of branches all over town, where other CUs may only have 1 or 2 branches, which is inconvenient when you need an ATM that won't charge extra.

I use Paypal a lot and when I transfer money over, it usually takes 2 business days to get from Paypal to my account. I only use my CU's ATMs (since they're pretty plentiful) but if non-members use them, they get charged about $2.

This article explains the whole CU vs. bank better than I can: Credit Unions vs. Banks: What's the Difference? | Wise Bread

[ErinHill226]

I have two bank accounts now. I've been with Woodforest National Bank for two years, and I do really like them. I think they have branches in NY, but not sure about near you. I haven't been charged any fees. Plus, they are open every day of the year aside from Christmas and they don't make you wait to spend your money when you cash checks (unless it's an oddly high amount).

I also have an account with TD Bank now. I haven't been with them long enough to give a real verdict, but I really like the local manager and such. They do charge a monthly fee of $3.99, though. Or, I think it's $2.99 if you have estatements instead of paper ones.

Is there a reason you don't want to go with the Paypal debit card? Just curious. I've had minor issues here and there with certain stores not being able to process it (a VERY rare occurrence), but I love having it.

[maryalene]

ING does have checking accounts now. If you are interested and want to PM your email, I can send you a referral email that will get you a $25 bonus if you open an account and deposit $250.

[karmicwindows]

I have money market accounts to be best. Mine is through Perkstreet Financial. I new pay ATM fees regardless of what ATM I'm using, they cash back perks, unlimited check writing, no monthly fee, and automatic overdraft protect. I have found that money market accounts are proving to be much more flexible than standard checking accounts with better privileges.

[smp1225]

I also use Woodforest Bank and have been with them four years now. They have free checking and no fees associated with Paypal transfers. With them open 7 days a week and located inside my Walmart, I simply love them.