19 years old and the banks are trying to eat me!! Help!

panzita0

Hello, I'm from canada but I found this site and found it really interesting so I'm going to post here since we definately don't have anything like this to help us out in canada lol!

So I turned 19 and got a letter from my bank saying now that your 19 you need to get a new bank account or it will automatically be transfered to the standard saving for grownups type thing. So that's fine..except they CHARGE FOR EVERYTHING!!! It's nearly a dollar to make a transaction and I make transactions all the time like a few a day type thing!
So I looked into all the banks in my area and they're no better if I want a good bank account I have to have a minimum of 1500 in it at all times which I definately don't have and wont have (due to loan and the fact that I'm going to be buying a truck soon or another pony lol) that ever!

So what is this? Please don't tell me reality I won't accept it *clings onto the rosy glasses* Is there any way that I can actually SAVE money with banks? What good are banks if your not saving?? I don't have enough money to invest which could poteintally balance off the bank costs. Should I just get myself a nice safe to store my dough? At this point it would save me money lol let me know the options, or any other advice you can give me. Thanks!

dmg24

Hi panzita,

Welcome to MSE.

Unfortunately, it is difficult to advise, as the banks operate differently in the UK. It does look like our system is going the same way as yours, but thankfully it has not yet.

Sorry I can't help more ... x

C_Ronaldo

Surely theres a bank that has an account which you wont be charged for

soolin

C_Ronaldo wrote: »

Surely theres a bank that has an account which you wont be charged for

In the US and Canada it is fairly routine to be charged to operate a basic bank account, it is not like the UK where we expect our banking to be free as long as we stay in credit.

I can't advise the OP at all really, except to say that my Canadian relatives shopped around to get the best deal they could, and even gave up some of the 'normal' things we take for granted in a bank to get a lower cost account. They used info from a Canadian newspaper, I'm sorry I don't know which one as it was a while ago who suggested which banks were cheapest for which accounts. They are however with some obscure bank no one has ever heard of just because they choose not to use a cheque facility and to just use cards instead.

panzita0

Ok thanks everyone. I'd be interested in knowing which bank your canadian relatives are with, I hate using cheques this would be a good thing to me Lol!

Lazy_Runner

Would it not be worth putting off the purchase and saving up till you had the 1500?

I don't know if this is a possibility in Canada, but do you have credit unions that offer banks accounts? My aunt (who was in California) banked with a credit union that offered preferential rates to the staff at the place she worked. I don't believe she paid any charges.

computerwoman

Hi and welcome to MSE I hope you are well on this fine day...I don't know if this will be of any good but as it has an americian side to it it might...try www.citibank.co.uk they have a dollar account euro account and GBP account...they are based from america...citi-group...but if you get an access account it's free almost the access account is a current account with debit card cheque book I'll leave you a link...sorry if this is wrong but as they are from your part of the world just maybe...

http://www.citibank.co.uk/personal/banking/bankingproducts/currentaccounts/sterling/accessaccount.htm?source=3664

http://www.citibank.co.uk/personal/banking/international/eurocurrent.htm

hth's cw:D

they have a bank in toronto...

Toronto Downtown - ATM location

• Address: Concourse Level (1), Street Level (2) 123 Front Street West Toronto, Ontario M5J 2M3
• Directions: By car: From East/West: Take the Gardiner Expressway to Bay/York exit. Take York Street North, we are located at the southwest corner of York and Front Street, i.e. 0.3km from Gardiner Expressway. Look for Silver grey Citibank building (Citibank Place). From North: Take Don Valley Parkway, which merges into the Gardiner Expressway, and follow the above instructions. By subway: Exit at Union station, walk west on Front Street (2 minute walk) until you see the silver grey citibank building.
• Hours: 24 x 7
• Phone: 416-947-4100 (CitiPhone)
• Services:
  • 24 Hour ATM Service
  • 24 Hour International ATM Service
• This information may change, call to confirm

roswell

WOuld it not be cheaper to take all your money out each month and only pay one transaction charge? only leave in enough money to cover bills and hold the rest in cash ?

riad_2

Due to charges for debit card transactions by most Canadian banks... what I've noticed most people do over there is instead use their credit cards for purchases.. and if you set up a Direct Debit (or the canadian equivalent where the full payment is taken each month from your bank account)... it pretty much works much like you would with a debit card but you just pay for the purchases at the end of the month in full by settling the bill...

soolin

Lazy_Runner wrote: »

Would it not be worth putting off the purchase and saving up till you had the 1500?

I don't know if this is a possibility in Canada, but do you have credit unions that offer banks accounts? My aunt (who was in California) banked with a credit union that offered preferential rates to the staff at the place she worked. I don't believe she paid any charges.

I think this is what my relatives have as it appears to be a sort of co operative fairly local to where they used to live in Ontario. I know they had to change again when they moved to Quebec and now have a bank with Quebec in the name, but again quite local.

SwingsNroundabouts

Possibly look into online banking - maybe you'd pay less as you wouldn't be relying on in-branch admin?

Just a thought, good luck and keep trying!

Jo