t-poke t1_jackja9 wrote on February 28, 2023 at 1:45 PM

Reply to comment by Engineer-Daddy in First Bank/Checking Account for 18yo? by Lodinguan

> The best bank for a young person is one that has many branch offices

Um, explain this?

Young people are less likely to need branch locations because they're not allergic to doing stuff online like my parents and others their age are.

If your paychecks are direct deposited, and you rarely need cash, you don't need physical branch locations.

And if you do need branches, BoA and WF are two of the worst.

Engineer-Daddy t1_jacl9nm wrote on February 28, 2023 at 1:51 PM

Younger people use cash for a lot of things. Many of them work as servers or side jobs that don’t offer direct deposit. It’s also convenient to have a location nearby in the event you make a mistake as they typically only have one card they rely on.

I dislike BofA and Wells Fargo but they’re extremely convenient, especially if it’s difficult to get around.

I bank at Charles Schwab and find myself using Wells Fargo atms 80% of the time.

Calvin-ball t1_jad6lfq wrote on February 28, 2023 at 4:20 PM

Plenty of online-only banks offer ATM access through Allpoint or similar, and will reimburse ATM fees.

The bigger concern with banks like BofA are overdraft and account maintenance fees, which are more likely to penalize the young.

Engineer-Daddy t1_jadf3z1 wrote on February 28, 2023 at 5:14 PM

I had a student checking account with my savings on overdraft protect, so I personally never had either of those issues.