Deprecated: Assigning the return value of new by reference is deprecated in /home/debtbeater/www/www/wp-includes/cache.php on line 36

Deprecated: Assigning the return value of new by reference is deprecated in /home/debtbeater/www/www/wp-includes/query.php on line 21

Deprecated: Assigning the return value of new by reference is deprecated in /home/debtbeater/www/www/wp-includes/theme.php on line 507

Warning: session_start() [function.session-start]: Cannot send session cookie - headers already sent by (output started at /home/debtbeater/www/www/wp-includes/cache.php:36) in /home/debtbeater/www/www/wp-content/plugins/contactforms/cforms.php on line 61

Warning: session_start() [function.session-start]: Cannot send session cache limiter - headers already sent (output started at /home/debtbeater/www/www/wp-includes/cache.php:36) in /home/debtbeater/www/www/wp-content/plugins/contactforms/cforms.php on line 61
Analyzing My Bank Account List - Switching Local Account for $50 Bonus | Debtbeater

Analyzing My Bank Account List - Switching Local Account for $50 Bonus

April 10th, 2008

I recently got an offer in the mail from Wells Fargo for a free $50 bonus for opening a checking account with them.  Normally, I don’t even read all the ads I get in my mailbox because there’s so much fine print that it’s hardly worth the effort to follow through with any of them.  This one, however just hit me at the right time.  I’m fed up with my current local bank and was just looking for an excuse to switch.


Account Review

Bank Account
Photo by thinkpanama

I have a number of accounts with USAA Federal Savings Bank.  This is my primary bank that I’ve used for just about everything from insurance to credit cards since I was in college.  With a military requirement to get membership, I’ve just yet to see a comparison in quality of service and value combined.  I use this for direct deposit for our jobs.  This bank is based out of Texas though, with no local branches.

I have a secondary account with USAA that I use for all web income and PayPal transactions.  I keep this account pretty low for the most part, and it’s the only account I’ll hook up to any outside organizations.  I never let any company have direct ties to my primary checking account because I want to be in complete control of my money.

I also have a local bank account wherever I live as well.  This account I use to hold my emergency fund, and I cash/deposit checks here as well.  I can transfer whatever balance I have over my $2000 emergency fund to my USAA account that I use to pay bills via the bank website very easily.

Then I have the ING account, which I primarily opened for the $25 bonus.  Though I’ll also start using it for saving toward big-ticket items once I have my debts lowered.

Any other accounts I have will be short term at best.  I’ve closed all of my unused accounts to simplify my life.

So, here’s my bank accounts:

  1. USAA - Primary Checking:  Both jobs direct deposits, used to pay bills
  2. USAA - Secondary Checking:  Web income sources linked here, PayPal, etc.
  3. Local account - Checking:  Keep emergency fund here, cash checks, etc.
  4. ING account - Savings:  Free bonus, referral income, sub-accounts for saving toward goals.


Why I’m Fed Up With My Current Local Account


I’m sick to death of the little $1/month fee for just using a check card.  I hate the fact that if I go below $0 for a day, the "overdraft protection" system they have still charges me $25 for every single transaction that happens during that day no matter the amount.  (so if I write a $100 check, and have four $1 debits for whatever reason in a single day, when my account balance is $90…they’ll take the $100 first, triggering a $25 charge followed by four MORE $25 charges for the little dollar transactions.

Bank Fees
Photo by Double Down

I have to fight them tooth and nail to take the charges off when this happens even though my deposit was SUPPOSED to be there already.  (They keep pending deposits a number of days before they let you actually use the funds.)  I get them to take off the monthly check card fees, but every year they start SHOWING BACK UP!

Enough already!  *pulls hair*


The Wells Fargo Deal

The deal is pretty basic.  If I open an account with at least $100, I’ll get $50 added to my account after 30-45 days.  It’s only for a basic checking account, and it can’t be used for any existing accounts.  Only one per household…and that’s the gist of it.

No monthly/annual fees.  There’s Wells Fargo ATMs EVERYWHERE in this country that I know of.  I don’t plan on using this for much more than cashing checks and housing my emergency fund anyhow.  So why not?


The deal is only good until April 15th, so I’m gonna just do it this week.  Once that’s done I’ll transition all of my money over to the new account and finally be done with the local bank.

I’m ready for the frustrations to end!

Anyone else have the urge to move accounts?  What put you over the edge and made you want to switch?

Don't forget you can subscribe to the RSS feed or via email using the options in the 'Subscribe' section of the sidebar.

Related Posts:

8 Responses to “Analyzing My Bank Account List - Switching Local Account for $50 Bonus”

  1. Lulugal11 Says:

    I used to think there were Wells Fargos everywhere too…until I moved to elbow of the woods Texas. There is no Wells Fargo I was forced to open a local account so I could get easy access to money without fees.

    I live in an apartment and need quarters for laundry so this account has less than $20 in it. I just use it to get money for laundry. I also use it for the odd time when someone gives me cash (gasp!) or a check to deposit..then as soon as it clears I transfer the money to ING.

    (thanks for stopping by my blog earlier!)

    I also track my spending and income daily and report it on my blog. I don’t have any children my stuff is less than yours. All the best with the debt reduction.

  2. Sherry Says:

    Wells Fargo will also post all your debits first before they will post a deposit. Which results in overdraft fees.

  3. mutuelle Says:

    Merci pour ce post intéressant. si vous continuer ainsi je vais devenir un lecteur fidéle

  4. Shu Ramsier Says:

    You should definitely check out the $50 no deposit bonus being offered at our brand new Bet Phoenix Casino. Only available now at: Bet Phoenix. Good luck!

  5. Jamie Chatley Says:

    Correct!Cheap swtor credits

  6. MCSA required exams Says:

    There are actually lots of particulars like that to take into consideration. That is a nice level to convey up. I provide the ideas above as normal inspiration however clearly there are questions like the one you bring up where crucial factor will probably be working in sincere good faith. I don?t know if best practices have emerged round issues like that, however I am certain that your job is clearly identified as a good game. Both girls and boys really feel the affect of only a second’s pleasure, for the remainder of their lives.

  7. click here Says:

    Hi, I just hopped over to your site via StumbleUpon. Not somthing I would normally read, but I enjoyed your views none the less. Thank you for making something worth browsing.

  8. outlet Says:

    I must point out my admiration for your kind-heartedness giving support to individuals that really want guidance on this one content. Your very own dedication to passing the message around ended up being pretty invaluable and have in most cases encouraged folks much like me to realize their ambitions. Your entire warm and helpful tips and hints entails a great deal a person like me and additionally to my office workers. With thanks; from all of us.

Leave a Reply