Bank account questions.
 

I have a couple questions about bank accounts and such. I know what some things are such as what a credit card, debit card,and savings account is. But what exactly is a checkings account. And what exactly is a banking account. Is banking account just the broad term used when you make an account with the bank? And within the banking account you can have savings acc, checking acc, etc?

I STRONGLY suggest that you make a list of questions you want answered, and make an appointment with one of your bank's representatives. Trust me, you will save yourself a lot of troubles down the road.

You pretty much got it right. A banking account is the general account with that particular bank that you decided to be a client of. It can contains many (to my knowledge) sub-accounts: most popularly, credit and debit.

Basically, a credit card is used to borrow money from the bank to pay for something, and the bank expects you to return the money at a date that they will specify. A debit card is used to store your funds at a bank. It usually contains 2 (cause some banks have more) sub-accounts: chequing and saving. Basically, it's just fancy naming for those sub-accounts, for all people care they could've named them "account A" and "account B". It's just 2 places where you can hold 2 different sums. On each account you can place an account plan, specified by the bank (again, read the text at the top), of how you want to store your money. Hope that clears it up.

Yeah it does. I guess I'll try and talk with a banker.

I never deal with those banks. They scare me. D:

For my bank (Bank of America), my savings account gives me a teensy amount of interest and I can only withdraw money 3 times per month without being charged a fee. My checking account doesn't give me interest but it lets me have unlimited withdrawals. I opened both of my accounts at the same time and they're tied together. My credit/debit card is also tied to my checking account. My card (and most cards now) will let you run your bank card as both credit and debit and they work the same way.

If your credit card isn't tied to a bank account, then you have to remember to pay it off at the end of the pay cycle.

Yikes. If I were you, I'd look into putting your money in another bank. BoA's shady dealings are going to come back to bite it in the ass.

I don't intend on asking them for a home loan lol. They're retail bank should be fine. Plus, they have a branch on campus so they're most convenient.

Eh, they're FDIC insured, so if you don't have more than 10 grand with them you'll be able to get it back if they go under. So there's that.

I wish I had 10 grand... e_e

I really want a credit/debit card so I can buy woot shirts http://www.laymark.com/i/m/m153.gif

Get some sort of pre-loaded card. Green Dot or something like that.

https://www.greendotonline.com/greendot

Yeah, I thought about getting something like that, like the visa reloadable card but I dont like how it has a bunch of fees and you have to get another card after x amount of time and I dont know how secure it is. I also need a bank account anyways because I might possibly be getting another job that requires you to have a bank account since they directly deposit your paycheck into it. I missed out on one woot shirt I really wanted:(. Im going to the bank on saturday so hopefully the one woot shirt I really want is still there.

Do they take Paypal?! If they do.. you only need a bank account and link that to paypal.. then there isn't an extra card that you have to fuss about..

I never use my credit card to buy stuff online. If I wish to pay for something, I usually buy a Visa/Mastercard Gift card. Works like a normal Visa/Mastercard, just for a limited sum ($25, $50, $100).

Why??G__G

For obvious security risks. If my gift card gets hacked/stolen, worst case is that I will lose that $25 prepaid sum, not $1000 from my real Visa.