Banking

Having a bank account is imperative. You won’t have to wait for a check to be mailed to you. It would directly deposit into your account on the 1st of the month, and you would be able to do all you need to do with the money. There are a few things to consider. First, you would want to figure out how the bank you choose handles overdrafts. The bank may cover the overdraft, and charge you a significant overdraft fee that hurt your limited resources for months to come. This is especially true if you have a razor thin net income left. If you can, have them decline the purchase. Trust me, it is better this way, especially if you don’t have a means of addressing overdrafts. Some banks might let you use a Savings Account, or their credit card to cover the overdraft, and if that is the case, you can consider that. However, know what you are getting yourself into.

Next are banking fees. These are fees imposed by the bank for certain actions. For example, if you don’t have “enough” money in the bank, they may charge you a maintenance fee. Stay away from such banks. There are many banks and credit unions that will not charge you monthly fees. By going with a bank that won’t charge monthly fees, you can have more of your money to do with as you see fit.

Next, you would want a bank that supports Zelle. Zelle is a person to person payment service. The sender sends money to an email address or telephone number. The amount comes out of the sender’s account and with your registered email address and telephone number, the money deposits into your account within seconds. This is the best way for someone to send you money, and it is also the most efficient way to send someone money.

What I Do?

I bank with Capital One. They charge no minimum monthly fees (as mentioned above), and depending on your credit, they will provide you with a pool of up to $200 to cover overdrafts. You are then charged 12% APR, and the money is paid once you have money in your account. I have been with Capital One for years, and been happy with them. As for their Debit Card, you can get cash out for free at any All Point ATM. To deposit cash, you can go to a local Capital One branch (if there is one), or a CVS Pharmacy. You will not be able to deposit checks or money orders at CVS though. For checks, you can use a smart phone app and take a picture of both the front and back of the check for deposit. I will just not accept money orders. Capital One also supports Zelle.