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opening a new bank account - October 4th 2016, 10:21 PM

I am looking into opening a new bank account, that is secret from my father. He is controlling all my money in my current account, which is parent joint. All the money in this account should be mine as I worked for it and saved up over several years. He is taking it out and doing all kinds of messing arounds. He owes me thousands of dollars by now. I'm tired of it and just want to open a new one and secretly save up in a new account.


I am clueless how to go about this though! How do I choose the right bank? I think I want it to be a checking...as that's what i have now. But I am not sure. I also can't afford to pay a fee every month. Right now, the one I have is Chase.


Thank you in advance to anyone.
   
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Re: opening a new bank account - October 5th 2016, 12:03 AM

I'm going to assume you're in the US. In order to have an account independent from your parents, you'll have to be 18. If you're thinking money that you can withdraw for daily life expenses, then you want a checking account. If you want to set money aside to save and earn interest, and not use it for everyday things, then you'd want a savings account.

Usually, the fee they take out can be avoided if you make a certain amount of transactions a month (for me it's 5, but I'm trying not to spend money so I just let them take it out). You can go into the bank, tell them at the counter that you want to open a new account. You'll go into a side room where they sit down with you and ask you a lot of questions (and tell you about the possible fees), I had my mom go with me even though I was old enough just because I'd never done it before. Mostly it's stuff like whether you want paper or digital statements (they might charge you for paper ones), whether you want to allow overdraft charges (If you accidentally take out too much money and empty the account, do you want them to give you the money you need and charge you a fee for it, or deny the too expensive charge before you make it? That's all I remember, it just takes forever to do. If you're close to 18, it might make more sense to leave the account as is, and remove him as a signer when you're old enough. You'd have to ask how to do this.

It's easiest to go with the bank you already have an account in, since it's easier to manage if all your accounts are in the same place.


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Re: opening a new bank account - October 5th 2016, 12:11 AM

Quote:
Originally Posted by Kate* View Post
I'm going to assume you're in the US. In order to have an account independent from your parents, you'll have to be 18. If you're thinking money that you can withdraw for daily life expenses, then you want a checking account. If you want to set money aside to save and earn interest, and not use it for everyday things, then you'd want a savings account.

Usually, the fee they take out can be avoided if you make a certain amount of transactions a month (for me it's 5, but I'm trying not to spend money so I just let them take it out). You can go into the bank, tell them at the counter that you want to open a new account. You'll go into a side room where they sit down with you and ask you a lot of questions (and tell you about the possible fees), I had my mom go with me even though I was old enough just because I'd never done it before. Mostly it's stuff like whether you want paper or digital statements (they might charge you for paper ones), whether you want to allow overdraft charges (If you accidentally take out too much money and empty the account, do you want them to give you the money you need and charge you a fee for it, or deny the too expensive charge before you make it? That's all I remember, it just takes forever to do. If you're close to 18, it might make more sense to leave the account as is, and remove him as a signer when you're old enough. You'd have to ask how to do this.

It's easiest to go with the bank you already have an account in, since it's easier to manage if all your accounts are in the same place.

Hi Kate,
Thank you so much for the reply. I guess I should have mentioned it in my original post, but yes I am in the USA and I am over 18 (22 years old) Will I need any specific documentation? That's going to be hard too because my father keeps birth certificate and social security with him. Ugh...
   
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Re: opening a new bank account - October 5th 2016, 01:25 AM

You might just be able to get his name taken off or they might make you just open a new account. Since you're over 18, you might be able to open a new account online. You'll need your social security number and possibly driver's license number, but you won't need the actual documents if you have your SSN memorized. If you open the account in person, you'll need the physical documents. If you absolutely have to, could you make something up to get your documents from him?


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Re: opening a new bank account - October 6th 2016, 05:06 AM

I would much rather open a new account and keep it a secret. If I took his name off the current one, he'd confront me and maybe retaliate. He also owes me money and might not pay me back if he gets angry. I'd rather have him add the money he owes me into my account without suspecting I plan to transfer it later. He said that if he finds out I'm spending them money he will take it all away from me. So I have to be strategic (which is making me super anxious because he's an excellent Chess player and he might figure this all out. But also because I feel like I'm betraying him. He's my father and I love him and dont want to go 'against him' just to take care of my needs but that's what it's coming down to) There's also a possibility he wont be paying me back regardless. I don't know at this point.

Right now I'm doing some searching for bank. I looked into Chase and it's wayyyy too complicated with all its requirements. I dont think I would be able to make a direct deposit of $500 or more every month!

I hate playing these games. I just wish I can be honest with him. I feel guilty. But it's something I've been wanting to do for a while.

I'm thinking that maybe, since I'm going on a weekend trip later in October with an organization I can say that the organization asked for those documents? Sounds a little fishy but I can act all clueless and tell him "that's just what they're asking for, idk"
   
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Re: opening a new bank account - October 6th 2016, 04:03 PM

Quote:
Right now I'm doing some searching for bank. I looked into Chase and it's wayyyy too complicated with all its requirements. I dont think I would be able to make a direct deposit of $500 or more every month!
Does your area have Liberty? I don't remember what documentation I needed but the minimum deposit was only $25 and then now I only need to have a balance above zero. So I can have like a dollar in my account and be good.
If not I'd look and see what else is in your area. Another one might be similar.


   
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Re: opening a new bank account - October 8th 2016, 12:28 AM

I have also heard that Liberty is a good option, especially for students with not a lot of cash or a big income. I myself use my own town bank that's not really a big name or anything. If you have one of those in your area, I would highly recommend looking at what their requirements are. And maybe ask if they have a free checking option that is good for students/younger adults.

I also think asking about the documents with your weekend trip would be okay too. That seems like a somewhat good idea. I don't believe you have to have too much, but I do know your social security number is a must have. I hope it works out!


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Re: opening a new bank account - October 8th 2016, 05:23 PM

Thank you both. I will look into Liberty. I've also been looking into online-only banks which I know has its pros and done but they have a lot of benefits like no monthly fees and such. I'm making a list and will compare and contrast. Then narrow down my options.

I am also looking into a job training program that i can say requires those documents. Because it's probably true, i just didnt get that far into the process yet for them to ask. The previous employment program I've participated in, did ask for social security, birth certificate etc. It is a more logical explanation for wanting my documents. So if I do end up choosing a local bank, I can make a second copy of the documents for this.
If not, I know my social security nunber by heart.
I've looked into credit unions but I don't qualify for any in my city. I've looked into the major banks but they're so complicated and have so many hoops I have to jump if I want my monthly fee waived.
For now it is local banks, online-only banks and my sister told me she got a bank account that is located in New Jersey (we live in NY) but that she manages it all online. Although, makes me wonder if online-only is better because then theyre more equiped to handle any problems all through online means.
   
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