Is having a savings account worth it?
We all pretty much have to have a checking or current account nowadays, but a separate savings account is not always necessary - it depends on your behaviour. Some points are relevant:Savings account(s) can be good for setting aside different pots of money for different purposes.Savings accounts tend to offer marginally higher rate of interest (although it’s all rather tiny at the moment).If you need the discipline of having your money in a savings account, rather than psychologically more accessible in your current/checking account.If you have larger sums of money, you shouldn’t keep them all in one bank - have a couple of accounts.Very long-term (20+ years), savings just about keep pace with inflation (that’s only if you get best interest rates and minimise taxes etc.), so likely to lose via inflation and huge opportunity cost of a saving account vs. investment.Sometimes cash is king - don’t invest too much money. Lots of cash puts a nice wedge between you and financial poverty. Cash can be deployed at favourable times.Hope that helps
What happens if your checking account is negative and you never pay them back?
I have a joint checking account with my parent that I opened 5 years ago and never closed it to get my parent's name off because Chase wouldn't let me unless my parent was there. My parent had a dispute with the bank over a loan and was not going to pay the loan until the dispute was resolved. So they took over $600 out of my account, but I withdrew that money that same day. The next day they said they took there money for the loan, but my money was overdrawn, even though at the time it was in my account and I had it in my hand. My account is now negative over $600 and they are charging me $5 everyday for overdraft, potentially over $1000 a year if they let it add up . I refuse to pay the money. What will happen if I never pay the money back if anything?
Can my parents see my high school checking account purchases?
They have the right to look until you are 18 AND have had their names removed from your account. Nobody is calling them up to tell on you, but you probably get a bank statement at your house. They MAY look at it, and are entitled to do so while you are a minor. They CAN look at your online banking, or go get a statement from your bank of how you have spent your money.Some parents actually DO keep track of how their children spend money so that they can advise them about good saving or spending habits. Other parents do it because they are concerned about possible patterns that would show you are probably regularly buying drugs, or cigarettes. Some parents do it just because they are nosy. If you are unsure whether your parents are of the ‘respect the kid’s privacy’ type, or the ‘concerned about financial responsibility’ type, or the ‘paranoid about drug purchases’ type, you COULD ask them, but then they would probably look at your bank account, assuming you were spending money in a way they should know about, and you would prefer they did not.
How can I close a Chase account?
The account does not automatically close if you withdraw all the money. Do not take this approach. If you have fees associated with your account, you could still get charged… and then receive additional charges because your account went into overdraft to cover the cost of the fees.Send a message to Customer Support through your online access. Tell them what you want to do. I have done this, as I needed to close out a Chase account while I was travelling abroad.
Easiest way to block my parents from seeing my bank account?
I am going into college this year as a freshman and my mom wants do a joint account (chase account) with me so that she can easily transfer money to my account. Also, another reason is because she wants to see what I'm spending money on. This is an issue for me because I want my own privacy. I want to spend money on things I don't want my parents to know about for example like birth control, or just heavy spending on clothes, concerts. Now I heard that there's a solution for me which is keep my current account with my mom so I can receive money But open a new chase account secretly without her knowing and I can just cash out at a grocery and put money into my new account whenever I need it. And so I can spend that however I want. Is this possible with chase? Do u guys have any other solutions?
I have a chase college bank account and my parents can see my balance how do i change this ? im over 18?
Two ways to do this. One: removing them as signers but that route will have to have you and your parents present to sign a new signature card and them signing off as them no longer wishing to he owners. Two: close the account open a new one as a sole owner and have your debit card transfered to the new account so you can use it right away. Both will void their online access and ATM access to your account.