What is the difference between Wamu, Bank of America, and Wells Fargo?

Question

i'm opening a bank account. i'm 16. i don't know which bank of open my account in. please give me the differences and similarities.

Answer 1

Hi, congratulations on taking the first step to maintaining your own finances... very mature!

Each bank has its pros and its cons of course, as with any institution. Washington Mutual offers virtually free everything regarding their accounts. This includes no monthly maintanience fees, free checks, free official checks and so on. They offer many "freebies." My only concern is that Wamu has been negatively portrayed as a "possible" future bank failure. I am going to asume that you do not have over 100,000 dollars to put in your checking account, so this may not affect you, however, it may be wise to avoid this institution all together. (Can you see why they may offer so many freebies?? They are eager to get more people in their banks!)

On the other hand, according to Bankrate.com and other financial websites, large financial institutions, such as BofA and Wells are least likely to experience a bank failure. So as for these banks, they both offer "Student" banking options. They are both free to students. The greatest difference is that Wells requires a minimum of 100 dollars to open whereas BofA only requires 25. Wells also offers a free student savings with the checking. At BofA, your student account will only be "free" until your 18th birthday or if you maintain a $300 balance. Both banks offer free Visa checkcards, online BillPay, Mobile banking, and student credit card (once you are 18) options.

In the end, I would recommend chosing a bank that is close to home, so that you can avoid ATM fees (all banks charge to use another bank's card at their ATM and usually your bank will charge you too), and so that you can easily manage your accounts and be able to speak with someone in person should you need to.

If you want to take some additional time, visit each of the banks websites to get more information. But hey I bet that's why you came here ;)

Good Luck and let me know which bank you decide to go with!!

**********Correction**************

I was speaking of the Student savings account; yes the CampusEdge CHECKING account is free for 5 years, however the student SAVINGS account is only free until age 18 unless you maintain a minimum balance of 300 dollars. Sorry for any confusion!

Answer 2

get a teen checking account at WF, your parents are on it too but at least you get a debit card and you can track your spending online.  your parents can set your limits so its a great way to get started. you cant overdraw your account more than 50 bucks so if you make a mistake its easy to fix, just be carefull buying gas because those charges that really overdraw your account.  good luck and be careful using your acc ount

Answer 3

I would just like to make a correction to "imisshim's" response.  She stated that your Bank of America account is only free until you are 18.  That is incorrect.  Your Campusedge checking account would be free for 5 years.  With no maintenance fees and no minimum balance requirement.  You can also do a free savings account and free online banking.  Plus the debit card is free.

Answer 4

~~I think all three are sound banks. My son likes Wamu because they have good rates and choices for students. I like BofA because they have locations everywhere, which makes it easy to access my accounts wherever I am. I don't particular like many of the policies Wells Fargo bank hasm and my brother had a terrible time with his mortgage there. I know some people who like them though. So you need to decide what is important for you to have, check each banks charges for those services, and you will get your answer on which one works best for you.~~