Opening a new bank account becomes a rocket science
By scheng1
@scheng1 (24649)
Singapore
December 7, 2015 7:43am CST
I am thinking about opening a new bank account for a specific purpose.
I have two bank accounts at the moment.
One is the one to receive salary and pay all the bills.
The other bank account is for emergency fund. It is opened with a finance company that has no ATM.
I have to go to the bank during the opening hours if ever I want to withdraw cash.
This makes it a good choice since I cannot spend the money at will.
I like to open a third bank account to save up for a vacation, perhaps a vacation as long as a month.
I search a few main banks, and find that they have all sorts of different bank accounts. All such bank accounts promise heaven and earth, but come with various charges.
That means you have to pay the bank if you close the bank account within 6 months. You have to pay the bank if the minimum amount falls below a certain rate.
I hate to have such charges.
They should consider it a privilege that we savers want to deposit our money with them. If not for us savers, they will have no money to lend out.
5 people like this
5 responses
@GardenGerty (169585)
• United States
7 Dec 15
We have two bank accounts as well as a credit union account. It is a good way to establish relationships with financial institutions if you can find one with terms you like. There are also prepaid debit cards available in some places. Those might be too easy to spend.
2 people like this
@scheng1 (24649)
• Singapore
7 Dec 15
Credit card is probably the only thing that is easy to get.
Over here, Citibank even offers instant approval for credit card if you meet the requirement.
You just have to wait for an hour or less, and you can walk off with the new credit card.
However, for saving account, the extra charges are a pain.
@Freelanzer (10782)
• Canada
8 Dec 15
Are you able to open a second account with one of the banks you already do business with. We have a total of 4 accounts with the same credit union for different purposes.
1 person likes this
@Freelanzer (10782)
• Canada
8 Dec 15
@scheng1 Never had that problem banking for a lifetime but you never know so good thinking.
1 person likes this
@scheng1 (24649)
• Singapore
9 Dec 15
@Freelanzer It happens in my country before.
The ATM network for a major bank was down for a few hours.
It affected those who needed to withdraw money, and those who used the ATM card to pay for grocery.
You can imagine the frustration of the shoppers who had selected their vegetables, fruits and whatever else, then queued up for 10 minutes, and the ATM not working.
@bunnybon7 (50970)
• Holiday, Florida
8 Dec 15
that is very true. a savings account should not charge but nothing we seem to be able to do about it.
1 person likes this
@GreatMartin (23670)
• Ft. Lauderdale, Florida
8 Dec 15
When do you plan the vacation?? I see it as a way to NOT touch the money until you have reached your goal and therefore won't pay a penalty.
1 person likes this
