Author Topic: Pay  (Read 9026 times)

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KenveeB

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Re: Pay
« Reply #45 on: March 29, 2012, 12:39:28 AM »
I didn't realize it was so hard for some folks to get a bank account. I didn't have to have a credit check or anything for mine, it's free checking with no minimum balance as long as you do a certain number of direct deposits a year. That was one of several similar offers at local banks at the time I signed up. Is this a recent change, a regional one, or what? (For reference, I signed up for my current account about 8 years ago.)

camlan

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Re: Pay
« Reply #46 on: March 29, 2012, 10:21:44 AM »
I didn't realize it was so hard for some folks to get a bank account. I didn't have to have a credit check or anything for mine, it's free checking with no minimum balance as long as you do a certain number of direct deposits a year. That was one of several similar offers at local banks at the time I signed up. Is this a recent change, a regional one, or what? (For reference, I signed up for my current account about 8 years ago.)

I think it depends on a couple of things. The banking laws in your state are a major factor. What the bank's own policy is. What type of bank--a savings bank, a credit union, a commercial bank, a local vs. national bank.
Nothing is impossible, the word itself says, “I’m possible!” –Audrey Hepburn


sasha

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Re: Pay
« Reply #47 on: March 29, 2012, 11:06:50 AM »
I didn't realize it was so hard for some folks to get a bank account. I didn't have to have a credit check or anything for mine, it's free checking with no minimum balance as long as you do a certain number of direct deposits a year. That was one of several similar offers at local banks at the time I signed up. Is this a recent change, a regional one, or what? (For reference, I signed up for my current account about 8 years ago.)

Since I've seen several people refer to credit checks, here's some clarification. In the US, it is really ChexSystems that determines whether you get a bank account or not, not your credit/credit score. ChexSystems is a type of credit agency, but limited to bank account activity and not the wider credit activities that would be on an Experian, Transunion, or Equifax report (credit cards, loans). ChexSystems is a reporting company that monitors "bad" activity on checking accounts. So if you have had multiple bounced checks, overdrafts that haven't been taken care of, etc., then you could find it hard to open a new checking account.

https://www.consumerdebit.com/consumerinfo/us/en/mishandlingaccts.htm

Sasha


dawbs

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Re: Pay
« Reply #48 on: March 29, 2012, 11:30:28 AM »
I didn't realize it was so hard for some folks to get a bank account. I didn't have to have a credit check or anything for mine, it's free checking with no minimum balance as long as you do a certain number of direct deposits a year. That was one of several similar offers at local banks at the time I signed up. Is this a recent change, a regional one, or what? (For reference, I signed up for my current account about 8 years ago.)

I think it depends on a couple of things. The banking laws in your state are a major factor. What the bank's own policy is. What type of bank--a savings bank, a credit union, a commercial bank, a local vs. national bank.
And it can be easy to get an account when you start out--but if you screw up (and get busted at it), it's hard to get an account again later--you basically get put on a (shared among banks) 'do not give this person an account' list.

Lynnv

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Re: Pay
« Reply #49 on: March 29, 2012, 12:06:37 PM »
I didn't realize it was so hard for some folks to get a bank account. I didn't have to have a credit check or anything for mine, it's free checking with no minimum balance as long as you do a certain number of direct deposits a year. That was one of several similar offers at local banks at the time I signed up. Is this a recent change, a regional one, or what? (For reference, I signed up for my current account about 8 years ago.)

Since I've seen several people refer to credit checks, here's some clarification. In the US, it is really ChexSystems that determines whether you get a bank account or not, not your credit/credit score. ChexSystems is a type of credit agency, but limited to bank account activity and not the wider credit activities that would be on an Experian, Transunion, or Equifax report (credit cards, loans). ChexSystems is a reporting company that monitors "bad" activity on checking accounts. So if you have had multiple bounced checks, overdrafts that haven't been taken care of, etc., then you could find it hard to open a new checking account.

https://www.consumerdebit.com/consumerinfo/us/en/mishandlingaccts.htm

Sasha

I worked in 4 different banks, starting as a teller and ending up as an internal auditor, over a period of 12 years.  All 4 used ChexSystems, of course.  But each one also had us run full credit reports and accept/deny accounts based on those as well.  So at some banks it DOES depend on your credit report (my first bank used TRW, the next one used TransUnion and the last two both used Equifax).  Some banks/credit unions/savings banks may choose not to run credit reports-but many others do.

My current bank (a credit union) only ran the ChexSystems check when we moved our accounts there.  They only pulled a credit report when I applied for overdraft protection. 

At least I think they called ChexSystems-a former employee of mine opened our accounts and we were so busy yammering talking about the 'good old days' before our bank got bought out that she might not have gotten around to it.   ;)
Lynn

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cattlekid

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Re: Pay
« Reply #50 on: March 29, 2012, 12:50:51 PM »
DH just started a new job.  He is now paid by paper check on a weekly basis.  I swear, the owner of the company is stuck in 1950.  So now every week he has to truck to the bank on his lunch hour and deposit his check.  It wouldn't be so bad - except now he gets hounded by the bank tellers weekly on how we need to open a savings account with them, refinance our mortgage, blah blah blah.  They also now call me weekly and annoy the living daylights out of me as well.   The only reason that we have this account is to auto pay our home equity loan and it happened to be a convenient place for DH to deposit his checks.  Everything else is done with an online only bank that pays interest on both checking and savings. 

The reason why he can't get direct deposit?  They tried it a few years ago but only offered it at one bank - the bank where the owner of the business banks.  No one took advantage of it so it was dropped.

alkira6

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Re: Pay
« Reply #51 on: March 29, 2012, 01:06:39 PM »
I finally made my DH get direct deposit a couple of years ago. Our story goes like this:

Me: Hey honey, did you deposit your check?
DH: (short pause) Uh, yeah, did it this morning.
Me: Ok, great. (tootles along, pays bills, hmmm, our balance is really low)

Two weeks later...
Me: Hey honey, did you deposit your check?
DH: (short pause) Uh, yeah, did it this morning.
Me: Ok, great. (tootles along, pays bills, hmmm, our balance is really low)

This goes on for a couple of months, I notice a massive deposit and freak.  Finally check the register portion online and notice that 4 checks have been deposited at once.

Me: Did you just deposit two months worth of checks at once?
DH: Um, no?  :-[
Me: rant about eating rice and noodles because we have no money, blah blah, blah
DH: Sorry, i won't do it again. (liar!)

Finally ended when I visited him at work and his boss handed me a hand full of envelopes and asked me to please deposit them because corporate is getting really tired of reissuing expired paychecks.  >:(

He had direct deposit that afternoon.

***** Just for those wondering, this was (well) over a decade ago and we were both in college. This was his first paying job and he was still learning how to be a grownup.

KenveeB

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Re: Pay
« Reply #52 on: March 29, 2012, 09:03:47 PM »
DH just started a new job.  He is now paid by paper check on a weekly basis.  I swear, the owner of the company is stuck in 1950.  So now every week he has to truck to the bank on his lunch hour and deposit his check.  It wouldn't be so bad - except now he gets hounded by the bank tellers weekly on how we need to open a savings account with them, refinance our mortgage, blah blah blah.  They also now call me weekly and annoy the living daylights out of me as well.   The only reason that we have this account is to auto pay our home equity loan and it happened to be a convenient place for DH to deposit his checks.  Everything else is done with an online only bank that pays interest on both checking and savings. 

The reason why he can't get direct deposit?  They tried it a few years ago but only offered it at one bank - the bank where the owner of the business banks.  No one took advantage of it so it was dropped.

Can he deposit at the ATM with your bank? That's how I deposit all my checks. No teller chats required. :)

Dindrane

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Re: Pay
« Reply #53 on: March 29, 2012, 10:20:18 PM »
I don't know if this would still be the case, but I actually had a bit of a hard time opening my first checking account.  I wanted to open one during my last year of high school, so I was 17 and had no steady source of income.  I worked over the summers and babysat, so I had money, but I didn't have income.  The first bank I went to (one where my parents had an account) wouldn't allow me to open a checking account, even with one of my parents as cosigner, because I didn't have regular income.  They'd let me open a savings account, but that would have severely limited how often I could withdraw money.

Another bank I went to was one where I already had a savings account.  I forget the specifics of the situation, but because one of my parents had cosigned a checking account at that bank for my brother, and because they had other accounts there, there was no way for either of them to cosign on an account for me without paying a fee.

I did finally manage to open a free checking account with no minimum balance at Washington Mutual, so it wasn't impossible.  But it was far more of a pain than I thought it would be -- I figured the only issue was being a minor, but it turns out that income matters (or mattered) to some banks as well.

Granted, this was all 10 years ago, so things could be different now.  I also don't have that bank account anymore (I bank with a local credit union these days) and WaMu has ceased to exist. :)


Ereine

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Re: Pay
« Reply #54 on: March 29, 2012, 11:13:58 PM »
Is it uncommon then for children to have bank accounts? I've had one of my accounts as long as I can remember, in the beginning my parents controlled it but it was in my name. When I was 15 I got an ATM card and could do what I wanted with it (which wasn't much as I didn't work). At least then it was encouraged to open accounts for children, banks had all sorts of programs for children, like mine gave me a piggy bank and a magazine.

There's lately been debate about banking here. The law guarantees basic bank services to everyone at a reasonable cost but doesn't specify what "basic" means. So people with bad credit may not be able to get online banking (I don't know why because they wouldn't be able to do any more damage to the bank) which can make their lives difficult as banks are moving towards only online. Teller services may be open for only a few hours a day (also a problem for older people in rural areas wihout cars, the one bus a day may arrive in town just as the bank closes) and the bill paying machines that used to be everywhere are disappearing. And you can't live without a bank account here.

Milash

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Re: Pay
« Reply #55 on: March 30, 2012, 12:07:03 AM »
I think it is a bit uncommon, but it is becoming more common use for children to have bank accounts where I live. My Brothers, Sisters and I all had bank accounts at around the age 14, but I work at a national retail store part time and I see kids aged about 6 using their own bank cards. I think its a very good way to teach monetary value to kids and how to be responsible, although you can do this without a bank account too.

For online banking, for my bank you have to be over 18, but YMMV.

I love online banking because I can check that my pay has been received, transfer money to family members, pay bills, and buy flight tickets to Dr Who and Harry Potter events :) Its so convenient to use. I love my bank

Dindrane

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Re: Pay
« Reply #56 on: March 30, 2012, 12:48:10 AM »
Is it uncommon then for children to have bank accounts? I've had one of my accounts as long as I can remember, in the beginning my parents controlled it but it was in my name. When I was 15 I got an ATM card and could do what I wanted with it (which wasn't much as I didn't work). At least then it was encouraged to open accounts for children, banks had all sorts of programs for children, like mine gave me a piggy bank and a magazine.

There's lately been debate about banking here. The law guarantees basic bank services to everyone at a reasonable cost but doesn't specify what "basic" means. So people with bad credit may not be able to get online banking (I don't know why because they wouldn't be able to do any more damage to the bank) which can make their lives difficult as banks are moving towards only online. Teller services may be open for only a few hours a day (also a problem for older people in rural areas wihout cars, the one bus a day may arrive in town just as the bank closes) and the bill paying machines that used to be everywhere are disappearing. And you can't live without a bank account here.

There was some deal that a local bank had with my elementary school where they let all the students open accounts if they wanted to, and we could deposit truly tiny amounts of money.  I think they had us keeping track of it with some sort of ledger or something, but I was only 6 or 7 when they did this, and I don't know that they kept it up for long.

Mostly, my parents put a lot of their savings for my college education in my name (it lowered the taxes, because my income was basically zero for a long time, and was quite low even when I was working during summers).  So I definitely had savings accounts that were "mine," but I didn't know about many of them until I was moving out on my own, and by then, most of that money had been spent on my college education anyway.  The first bank account that I really had sole control over was the checking account I opened at 17.  My dad cosigned it, so he technically had as much ability to access that money as I did, but I was the one who managed it, and the only one to put money in or take it out.


cattlekid

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Re: Pay
« Reply #57 on: March 30, 2012, 08:48:15 AM »
Unfortunately no, it's a smaller bank and they haven't gotten on board with the check deposits through ATMs yet.

DH just started a new job.  He is now paid by paper check on a weekly basis.  I swear, the owner of the company is stuck in 1950.  So now every week he has to truck to the bank on his lunch hour and deposit his check.  It wouldn't be so bad - except now he gets hounded by the bank tellers weekly on how we need to open a savings account with them, refinance our mortgage, blah blah blah.  They also now call me weekly and annoy the living daylights out of me as well.   The only reason that we have this account is to auto pay our home equity loan and it happened to be a convenient place for DH to deposit his checks.  Everything else is done with an online only bank that pays interest on both checking and savings. 

The reason why he can't get direct deposit?  They tried it a few years ago but only offered it at one bank - the bank where the owner of the business banks.  No one took advantage of it so it was dropped.

Can he deposit at the ATM with your bank? That's how I deposit all my checks. No teller chats required. :)

Gwywnnydd

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Re: Pay
« Reply #58 on: March 30, 2012, 01:37:46 PM »
Is it uncommon then for children to have bank accounts?

I think it's pretty common for children to have savings accounts, but as has been mentioned by previous posters, there are restrictions on what activity you can do with a savings account. A very common example of those restrictions is a maximum number of withdrawals in a month.
Most of what we think of as 'banking transactions' require a checking account, and there are more stringent guidelines for opening one of those.

camlan

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Re: Pay
« Reply #59 on: March 30, 2012, 01:49:49 PM »
There are special savings accounts for children in the US. There were issues some years back, because a lot of savings accounts started charging a monthly fee to have the account, if you didn't have a certain minimum balance in the account.

Many, if not most, children didn't have the minimum balance. As a result, their accounts were being charged $5-$10 a month and eventually many children found themselves with no money left in the account and a bank that wanted it's fees.

I'm not sure if it's on the state or federal level, but regulations were passed and now there are special accounts for children that don't have the fees or minimum balance.
Nothing is impossible, the word itself says, “I’m possible!” –Audrey Hepburn