Bank of America or Washington Mutual?

[extraextra]

I've figured that the time has come for me to get a checking account, and I'm pretty much lost. I've been using a credit card tied to the parents account all these years, but I'm trying to become more independent and not rely on my parents so much.

Bank of America offers a CampusEdge checking account which is free for five years - after that I have to have a MyAccess account which has a monthly fee, but if I have a "qualifying monthly direct deposit" the fee is waived. What exactly is a monthly direct deposit?

It also comes with a StuffHappens card, I have no idea what that is? It says, "good for one-time service fee or overdraft fee refund." Eh?

Washington Mutual just has two checking options, Free or Platinum. Free checking seems to have more free stuff than what Bank of America's CampusEdge/MyAccess has.

The only real difference that I have been able to comprehend is that BoA gives a Visa debit card and WaMu gives a Mastercard debit card. I'm partial to BoA/Visa but I don't think that matters. Do I just go to the bank and say, "I want a checking account!", go through the process, give them the money to put in my account and I'm done?

Any help would be appreciated.

 

[vniow]

I had both and they were both pretty easy to set up. It is as easy literally going in and asking for a checking account.

I hate BofA with a passion though and closed my account with them and opened a WaMu one shortly after. No trouble since really. Their customer service is far better from my experience.

 

[nbs2]

Couple of thoughts.

I've had my Campus Edge account for...well a long time. Haven't paid a fee. The Stuff Happens thing is nice - if you screw something up, they will make a one-time waiver of the fee.

If BoA ever makes me pay for the account, I'll drop them. I just don't see a point in paying if someone else offers a free account.

As for getting the account, you'll need some ID (probably your SS card), and yeah, just walk in. That's about it.

 

[AJ Muni]

I actually have both. I use the campus edge for my school (i.e. loans, purchasing books stuff like that) and actually when I opened the campus edge account, they gave me free $50. I use WaMu for everything else (Work direct deposit, and daily debit transactions). The only difference that sticks out to me is that BoA didnt give me free checks, whereas WaMu did. If I would to pick one, I'd go with BoA, because in my area they have a lot more accessible ATM's (In gas stations, machines on the beach, in supermarkets, etc.) I think that BoA has some sort of contracts with businesses around here. In addition it seems that every time I want to get money out of my WaMu account, I need to go to a wamu bank.

 

[grapes911]

I'm partial to ING Direct. It's all paperless and you get a MasterCard debit card. The best part is you get interest. I have a free Wachovia checking account that I use to feed the ING one.

 

[extraextra]

I hate BofA with a passion though and closed my account with them

Why do you hate them?


nbs2 the CampusEdge is free for 5 years, but maybe they don't check all that closely?

Checks... how much do checks cost? I don't expect to be cutting too many checks so I don't know if that's a major issue for me. I guess I'll look around and see what's bank has more ATM's around here.

I don't even think there's an ING direct bank here? I've never seen one!

 

[grapes911]

I don't even think there's an ING direct bank here? I've never seen one!

It's online only. They keep things cheap by not having any branches, tellers, or checks. Wachovia was giving me like .25% interest in my savings account and free checking. ING is giving me 4.5% interest in my savings and 3.5% interest in my checking. You do need to hook the account to a checking account (and it can't be theirs). That way they can access the other bank and transfer your money for you.

 

[nbs2]

nbs2 the CampusEdge is free for 5 years, but maybe they don't check all that closely?

Checks... how much do checks cost? I don't expect to be cutting too many checks so I don't know if that's a major issue for me. I guess I'll look around and see what's bank has more ATM's around here.

I don't even think there's an ING direct bank here? I've never seen one!

You won't see an ING Direct - it's an online bank.

Check costs - I am still working through the box I got six years ago. I'm almost through the first pad. I should get new ones though, I've moved 6 times and gotten married since then.

CampusEdge - I'm guessing they really don't bother to look. I think it also helps that I've had my savings account with them since I was 12. One of those "we could charge a fee, but it only takes a single mistake to lose a customer" moments, I guess.

 

[extraextra]

You won't see an ING Direct - it's an online bank.

Lol, no wonder.

BoA says it's about $12-$14 a box, I don't know what exactly a "box" entails but $12 doesn't seem like a huge amount. I guess if they don't check the accounts, that's beneficial to me, haha.

Last question pretty much - do I need to take a picture there for the debit card? If I do, I better go and look nice instead of all bum college student like I usually do.

 

[Lyle]

What exactly is a monthly direct deposit?

Since no one else has addressed this question yet: Many employers will offer you the option of having them deposit your monthly paycheck directly into your checking or savings account (as opposed to handing you a check which you must then go deposit yourself). This is known as "direct deposit".

BofA is willing to waive your monthly fee when your check is direct-deposited because they can then count on you maintaining a "healthy" average bank balance.

You'll just have to ask how many checks come in that $12 box, but I'm guessing it will be several hundred. Certainly enough to last awhile, especially if you pay most of your bills online.

 

[Thanatoast]

Do NOT use Bank of America. Every member of my immediate family and my fiancee has gotten screwed by them over the years by bank fees. I told my fiancee not to open an account with them and they've managed to charge her over $400 in fees since she opened her account two years ago.

BoA has a habit of deducting purhcases immediately but hold deposits until their convenience and often until your account is empty and they start charging you $27 overdraft fees and $7 per day "you have no money" fee, thus ensuring you never get above water.

BoA is evil.