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 once a 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 discretionary spending 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 monthly fees, and if you have a savings account with them, you can set up your accounts to where overdrafts draw on your savings account preventing declines, and overdraft fees. While Capital One is not too special, it does work well enough for me since I had an account with them for years.