Young Adults Locked Out of Flexible Banking
Young people, often with irregular income or international needs, are frustrated by slow transfer times, limited access, and complex banking requirements. They seek flexible, accessible solutions to manage their savings and payments, often exploring alternatives to traditional banks due to these limitations. Many are also looking for ways to maximize interest rates.
SOURCES (60)
“Yep! Chase allows me to turn the OD coverage on or off in the app. Reg E requires banks to have the customer opt-in if they allow the card to overdraw the account.”
thx! will check out credit unions soon :) I know there are things like student cards with deals and stuff, like discover (?) and boa. I tried to do some research but…
Got get your own account at a separate bank. Do not give mom access.
“Check local banks. When I was a teen, my siblings and I all needed our own accounts because my parents were going through a bad divorce and they kept accusing each other of taking our money (though we were the ones using it). The “big banks” all required an adult on the paperwork, but we found a small local bank that didn’t. I switched banks when I was 18 and leaving so I’d have access to my accounts out of state.”
“Yeah sadly Chase pays like 0.01% APY which is nothing, I opened an account with SOFI and set up direct deposit so it's at 3.1-3.4% APY, still better than Chase lol. Thank you for your advice, I appreciate it a lot!”
“Or a High yield savings account once OP is 18. Nerd wallet compares lots of FDIC (really important) HYSAs.”
“Yes, I believe it was some sort of joint or junior account with my parents that later converted to chase high school checking then chase college”
“Current, we have US Bank business checking/savings account..savings account at US Bank offers 3% interest rate ( given our combined balance so far). What are the other good bank options for higher interest rate in business savings account? Any recommendations? submitted by /u/techpro_ [link] [comments]”
“I opened my first bank account, without a parent, when I was 16. Just search for banks in your area that offer accounts to minors. Most banks are happy to take all the money they can.”
“I'm currently working and I want to be able to grow my savings for when I want to travel or for big purchases, I'm currently thinking about sofi and capital one. If anyone knows of other banks or think I should pick one over the other, it'd be appreciated submitted by /u/johnfarty78 [link] [comments]”
“I am a college student and already have a chase account, I plan to save $2000 in the new bank account but I havnt decided on HYSA or CD as I am still learning and I dont have a very extensive financial literacy. Any thoughts are appreciated! submitted by /u/Little-Part-2235 [link] [comments]”
A) Checking fees. B) Accessibility. C) Savings interest rate.
“Hello, I want to take out my money and send it to an Credit Union, because hows the world is moving with are leaders, I would like to not let them have control with my money, and I think I'll gain more from unions. I'm making up a list for the best unions for me in my state, basing on DRs, APYs, accessible, mainly monthly fees. What else should I look for that can help me, and should I look for ones in my state or my city? submitted by /u/dam_idc [link] [comments]”
“I had an HYSA with Discover that was great. 4% APY, no string, no fees. They recently merged with Capital One and now its 3%. Looking for an alternative. submitted by /u/SpicyMayonnaise000 [link] [comments]”
“Hey guys! I’m opening up my first Pet Care business, and I was curious as to whether anyone here has experience with Amex Small Business banking, or Capital One Small Business banking? I use Capital One for personal use, and LOVE them, as well as Amex for my credit card, but I’d like to hear some opinions on the business side of things! submitted by /u/DecepticonDataBase [link] [comments]”
“Do you have access to the money? If so you can just take the money out. You don’t have to close it or anything.”
“I'm researching online banks for my new LLC and feeling a bit apprehensive after reading reviews for Bluevine, Relay, and Novo: Freezing and closing accounts with no explanation? Holding money with no idea of when it will be returned? When finally returning funds, only sending paper checks, and not in the business name? It seems Mercury could be a good fit, but they require a physical address - which my business doesn't have. I'm open to switching to Chase after things are up and run”
“Open a separate bank account with a different bank than the one he can see. Wanting a private emergency fund isnt shady on its own especially unmarried with a kid you deserve some financial independence.”
“Hey guys! I'm a Non resident foreigner and I want to know for a foreigner like me which US banks would offer these services? My target is to do business digitally(SAAS-IT related) in US itself so I won't use any Fintech, My friend suggested that I visit a local credit union as they are more lenient. I would soon be visiting NY and Texas to meet my clients and leave. According to you guys which are the more affordable banking options in this case? What did you guys do? What documents or p”
Not sure, but does SOFI have an age restriction? Might be an option.
“i was in a similar spot few years back and its awful. wells fargo did let me open solo at 17 but you must go in person with your id like the comment says. make sure your parents dont find the mail from them after, maybe use a different mailing address if you can”
Bank of America allows independent checking accounts from age 16.
“Where do you live and get mail? That would work. The minor thing is going to be a challenge.”
“I think Wells Fargo allows 17-year-olds to open an individual account without a guardian. You need to physically walk into a branch and ask, you can't do it online.”
“I am 17, living with my parents, TX, and need my own private bank account. For the last couple of jobs I have had my parents have had full access to my employers direct deposit account and have been taking money for themselves. Needing a bank that will let me open an account employers can deposit my salary into without being brought to any of my parents attention. submitted by /u/One-Piglet-9566 [link] [comments]”
“Excellent! Try to aggressively clean up any past overdraft balances and fees. You can check around for smaller banks or Credit Unions that don’t use ChexSystem or Early Warning System that can prevent opening new accounts that were OD’d. If you have to get a second job or outside gigs to increase your income to stop using payday loans you’ll save yourself lots of future and further headaches. Good luck! I hope you can get back to a regular FDIC-insured banking institution or NCUSIF-insured Credi”
“Peak Bank link you provided shows "up to 4.01%" whereas Marcus has 3.40%, although that can change with Fed changing rates. What are the terms for Peak Bank rate? That is not clear.”
“Is it a good idea to open a business account wi the Navy Federal or AMEX? I opened a business account with chase but can’t get the credit cards because I’ve applied for more than 2 credit cards (not with them but in general) in the last 2 years. Or is there something better? I want to take advantage and maximize benefits so if anyone has any pointers on what I should do I’d really appreciate it. submitted by /u/Putrid-Complaint-504 [link] [comments]”
“I know Reddit loves credit unions, but for situations like these big banks Are often better. Where in the country are you? Canadian banks like TD, BMO, CIBC all have American bank branches”
“If that works for you then it works for you! Personally, I like to put other funds in a different account because it makes it easier to track. Banks like capital one allow you to open multiple HYSA and I put my self employment tax there. Just a recommendation to make it easier to track; for me, it also makes me feel less of an inclination to pull from my emergency fund. But going back to your question, mid/late 20s, you guys sound like you are doing decently! My rec still stands though to figure”
“I asked to do that instead of just getting a sole account. Said I still needed proof of MY residency otherwise they close the account. We’re going to try a different CU or bank it’s just highly irritating we can’t bank at the same place.”
“Still sounds like a credit union to me then. Bank name? Both Wells Fargo and Chase added me to my fathers accounts. He lives in FL, I live in Maryland. Bank of America added me to my wifes account as joint, no problems. Her CU had me apply and had too many hurdles to add me. For the record: I am 3rd generation citizen. My spouse is Naturalized. It isn't discrimination you are dealing with. It's that institutions policies.”
“Can you open a joint account with your husband? Then both names will be on the statement. And I agree, try a different bank or a credit union. Any official mail addressed to you ought to satisfy the requirement though.”
“Idk good question lol. We asked about adding me to my husband’s or doing a joint account and they said they still needed proof of my residence otherwise they close the account.”
“Sometimes credit unions can be a bit fussy with the rules. Try a mid sized regional bank, they usually have that small town feel allowing you to solve the weird problems, and big enough to offer whatever you need”
“I want to make sure I understand. Why can't you be added to the current account? I've seen Credit Unions with ridiculous requirements to add a spouse, but never encountered this with a bank. Once you have the joint account, you can check the requirements to add an extra checking or savings account in just your name.”
“Sorry if this is the wrong sub for this. My husband sponsored my immigration from Canada, and we’re trying to get me a US bank account. I have my state ID and SSN, but they won’t let me open an account without a bill in my name for proof of address. All the utilities, mortgage, insurances, etc. are in my husband’s name because I’m a SAHM. The bank employees suggested moving any of the utilities to my name, but you need a bank account to open a utility account. He added me as an authorized user t”
“Hey y’all wondering if anyone know if you can do a balance transfer from one bank to another. For me I have Wells Fargo with a high amount wondering if I can transfer it to a Chase account. Does it shut down my Wells Fargo credit card and will I still earn reward points on my WF account? submitted by /u/sully_0 [link] [comments]”
“Hey guys! I'm a Non resident foreigner and I want to know for a foreigner like me which US banks would offer these services? My target is to do business digitally in US itself so I won't use any Fintech, My friend suggested that I visit a local credit union as they are more lenient. I would soon be visiting NY and texas to meet my clients and leave. According to you guys which are the more affordable banking options in this case? What did you guys do? What documents or process should I b”
“see if Bank of America offers HYSA to link to your account makes transferring funds easier hierachy Credit Cards - Point of Use Checking Account - job deposits and paying bills HYSA - move money in and not touch it. move money out 4-6 times a month at MOST CD - money that sits untouched for 6-12 months keep enough in checking so you dont overdraft or not vigilant enough to move money from HYSA to cover spend”
“Hi all, this is a long one... I'm 18 and decided to open my first HYSA with Marcus by Goldman Sachs. I opened the account Sunday night (July 12), everything was verified, and I transferred funds from my own Bank of America checking account to it. The transfer went through Monday morning, I logged in, saw the money in my account, and everything looked completely normal. Then this morning (Tuesday), I got an email saying my statement preference had changed, even though I never changed anything”
“I keep at least $2k in checking. If it gets above $5k I transfer enough to bring it down to $2.5k. This may not work for you. All of my savings, investments, retirement, etc are set up on automatic transfers to the respective accounts the day after I get paid. Paycheck goes into the checking account, bills are paid manually from checking. I don’t use a real budget.”
“Charles Schwab accounts are good for expatriates. I would also expect Chase accounts to be pretty solid.”
“This! The bank needs to know where you physically live. There are lots of folks who, for various reasons, can’t get mail at their physical address. I don’t work at BoA, but I can’t imagine they would be allowed to give out account information to anyone (like your parents) who are not named on the account.”
“Im using the Bank of America because it’s one of the only that let me open a card by 16 but it says on the website that PO Boxes aren’t allowed”
“Hey everyone, going to keep things a little vague here for anonymity as my business is quite a niche market. However, I am having trouble finding out exactly what a bank does for a business. I own a small business that I started about 10 months ago. My business brings in about $200k a month in sales. About $75k of that is profit. Things are moving quick and after paying myself and my employees, I need to invest everything back into the company to keep up with the competition. I would like a $25k”
“Im already with Capital One, so I’ve got Zelle. Though I didn’t know about Schwab having a good ATM card. I’ll look into that…”
“The only issue is that they use discover which can cause some issues with acceptance here and there.”
“Capital One does have mobile deposits. I've never had an issue so far. There are 0 fees for savings or spending account, no minimum and no direct deposit needed. If you need to deposit cash, you can use the app and go to CVS or Walgreens. I also have Ally, Chase, and KeyBank. I don't think I've set foot in a bank in a couple of years. Ooooh-! I did, needed to get a bunch of $5 bills for the office Christmas game.”
“Does anyone have a Capital One bank/savings account? I have their credit cards never had a problem with it and I’m looking to open up a new bank account with someone. I was thinking about just doing a Capital One so then I can use it anywhere as I move state to state so I can’t go with a community bank and I’ve heard bad things about US Bank and Wells Fargo. Well anyways, does anyone know if capital one banking has mobile deposits available? Or if there are any monthly service fees. Or any sugge”
“It depends on how much free time you have, and how much you enjoy optimizing your finances. Personally, I switched HYSAs several times, but settled on using VUSXX in my Vanguard account. It's currently 3.62%, but exempt from state taxes, which makes it approximately the equivalent of a 3.85% HYSA for me.”