Bank with no fees for checking account? Brooklyn

amother

Lawngreen

Mon, May 22 2017, 11:53 am

This is for my daughter who wants to apply for a part-time job and she needs a bank account where her potential pay would be deposited.

She says Chase requires a minimum deposit to open an account.

MagentaYenta

Mon, May 22 2017, 2:11 pm

amother wrote:

What are the advantages of banking with a credit union vs. a bank?

I will share these responses with dd.

Thanks to all of you!

Credit unions are owned by the depositors and not share holders. Because CUs are not-for-profit, their mission is to support the interests of their shareholders rather than maximize profits. (Revenues from loans and investments must exceed dividends and expenses.) This mindset makes it easier to offer free checking accounts, some higher interest savings vehicles, low interest rate loans for credit cards, vehicles and homes. CUs also partner with insurance companies and sometimes local auto dealers in order to give their customers better rates than what is available to the average consumer.

Funds deposited into a CU are insured just as they are at regular banks.

I just can't imagine banking one place and then doing a search to find a good low interest CC with points when I can walk into my local CU and pay between 4-5% in todays money and get a good deal on points. (I earn extra points by spending my money in my community.)

amother

Sapphire

Mon, May 22 2017, 3:45 pm

HonesttoGod wrote:

Apple bank

I don't know if this is still the case, but many years ago I heard that Apple bank may be owned by Jews, and there may be halachic issues in getting interest from them.

youngishbear

Mon, May 22 2017, 6:26 pm

Checking accounts rarely offer interest. Savings accounts do that.

Apple bank has 100% free checking. However they don't yet have remote deposit, where you can deposit a check using your mobile phone.

cnc

Mon, May 22 2017, 6:32 pm

amother wrote:

I don't know if this is still the case, but many years ago I heard that Apple bank may be owned by Jews, and there may be halachic issues in getting interest from them.

Many local banks are owned by Jews. They have a Heter Iska posted.