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Banking Questions!

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posted on Nov, 18 2010 @ 12:08 PM
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Hey everyone! Soon I'm going to get a bank account. I would like to understand banking better. Can any of you help me with understanding how banking accounts work and the best I can get out of a bank account.




posted on Nov, 18 2010 @ 12:16 PM
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reply to post by Romantic_Rebel
 


Personally I don't believe anybody knows how the banking industry really works anymore. I would try to find a credit union to join instead of one of the huge banks. They have better rates and with my experiences with them they are just easier to deal with.



posted on Nov, 18 2010 @ 12:19 PM
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reply to post by Rhadamanthus
 


What is the difference between Credit Unions and Banks? I believe both are the same? Am I correct?
I would like to get a savings account and which I can also use a credit card to spend money from my savings account.



posted on Nov, 18 2010 @ 12:25 PM
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reply to post by Romantic_Rebel
 


from what i hear these days is that you are better off not saving your dollars anymore and instead changing your greenbacks into gold or silver. you are guaranteed greater returns at a faster rate than the interest in savings accounts will allow, meaning whenever you need the money, you can sell some of that silver for more than you bought it and rest assured that you would not have lost any value in your total finances like you would face during hyperinflation. it sounds a bit protective and an act of paranoia to be doing this sort of thing, but when you add up the facts circulating in the critiques of the world economy, it would seem better to be prepared for such an event as a collapse of the dollar or massive devaluation of it. i only know about savings accounts, and its a pretty simple procedure. deposit money, get monthly or yearly compounded(?) interest, withdraw as you like. your bank might require a minimum amount always in your account. never withdraw more than you have, and never ever forget to pay a fee. three years ago i got smacked with 250$+ fine for overwithdrawal of my account, not knowing that i had in fact overwithdrawn, because my debit card allowed me to spend as if it i were paying with credit. I was 16 years old working at albertsons- it was not easy to pay back. and it all stemmed from like a 5 dollar purchase. if i were you, id really look into the facts about the banking system and the future of the dollar. people aren't advertising cash4gold for nothing, nor are economic strategists and advisers suggesting a return to gold for no reason. who wouldn't want a bullion of gold or silver anyhow? i think investments into commodities are the safest banks that'll give "more bang for your buck".



posted on Nov, 18 2010 @ 12:30 PM
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reply to post by Romantic_Rebel
 


Just be aware that the word credit is another way of saying debt.
If you can't pay cash then you are either in debt or can't afford it.
I make sure I leave nothing in my account...I keep it elsewhere so I don't have to rely on them and kiss their butt when I need my money.


I once walked into a bank with a few grand and opened up an account.
I went back a few weeks later to get my money and they said I didn't have enough id.
I had enough id to open the account and deposit a few grand but didn't have the id required to get my money out without fighting about it.

They are snakes in the grass.
If you need to buy something big then be patient and save the cash and pay for it so you own it and are not a slave to the banks.
They like you to be in debt with them...don't give them that power over you.

I am a simple guy so my advice might not work for others.



posted on Nov, 18 2010 @ 03:00 PM
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Forget the bank idea.

Better off stuffing it into a mattress and buying money orders when needed to pay bills.

Even better still, purchase barter items and stockpile them. You know, stuff that you could trade for other stuff when the time comes.

Giving the banks more money to play with perpetuates the scam!



posted on Nov, 18 2010 @ 03:30 PM
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reply to post by Romantic_Rebel
 


Personally, I prefer local banks or local credit unions (credit union is first choice) and local because they are motivated to be a part of the community and *may be of more use to you should you want to expand your financial options in the future OR should you have a problem with your account that you need resolved, quickly and in your favor. Your local credit union will most often (but not always) have better interest rates on loans, credit cards, etc. and that will be a major perk.
________________________________________________
Bottom line: look for FREE checking account. If it's not, don't bother.


edit on 18-11-2010 by LadySkadi because: (no reason given)



posted on Nov, 18 2010 @ 04:55 PM
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Originally posted by Romantic_Rebel
reply to post by Rhadamanthus
 


What is the difference between Credit Unions and Banks? I believe both are the same? Am I correct?
I would like to get a savings account and which I can also use a credit card to spend money from my savings account.


If you're using a card to spend money from your account, it's a debit card. A credit card is just for spending money you don't have.

Avoid a credit card, unless you're able to pay it off every month with your income, and until you feel comfortable with your understanding of the way banking works.



posted on Nov, 18 2010 @ 09:22 PM
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