Banking for frequent travellers?
 

Well, I've signed on with a company finally, and will begin my job in June.


As usual, I'll be receiving my paycheck every two weeks, along with my per diem checks.


Unfortunately, my job requires a lot of relocating, 18 months on average, sometimes more, sometimes less.


What I'm unsure of, is how this will effect my banking. My checking account is set up in CT right now. Living in PA as it is screws me when it comes to banking, as my bank has no branches in this area. Starting in June, I'll be relocated to Texas, then Louisiana withing 6 months time, and then most likely to the Carolinas shortly thereafter.


Is there an easy means of taking care of the banking situation for frequent travellers? Or am I going to have to be frequently transferring accounts from bank to bank just to deposit my paychecks on a routine basis?

why don't you pick a larger institution that is either nationwide or international?

you can continue to use your current bank as a main one, mailing in your deposits or transferring from the national/international bank. Bank of America, Washington Mutual, Citibank, Wachovia come to mind for domestic nationals, International Bank of America, HSBC, Citibank.

Not sure this is the major issue you think it is. I've been using the same small (4 branches) Credit Union out of Oregon for years. I travel a lot and am currently living in Mexico, have been for nearly six months. I've had no issues. With ATM's, direct deposits and bill pay I've never had any problems.

Thanks for the advice.

I've never moved around this much, so it's the little things that I'm unsure of as what to expect. I hadn't even thought of the ATM's, as any paycheck I've needed to deposit in my lifetime involved walking 8 houses down the street to my local bank. Even things like filing income taxes are new to me, especially since I'll be filing non-resident, part-year resident, and resident taxes simultaneously in a single year.

Haven't done my own taxes in over 20 years so your on your own there. As for picking a bank, make sure they offer on-line access (can't imagine one that doesn't these days) and look closely at fees. IMO, the larger bank the more likely they are to ding you every time you even think about your account. Credit Unions often offer the same or better service at little or no cost.

Lastly, take it from someone who's been there done that and bought the t-shirt, save a percentage of what you make at your new job. If your new company offers a 401k jump in head first with as much as you can. Taking out 5% or even 10% may not even change your final net check. If they don't offer this get a private one. Either way make sure it in at least 4 or 5 separate industries, diversify it. Think Enron.

I wish I'd started saving way before I did. People gave me this same advice, I ignored it and I'm kicking myself to this day. One or two less drinks on a Friday night out or even a few missed Starbucks can add up huge.

My soapbox is put away for the evening.

Best of luck

The advice is appreciated.

I'll be allotting the full 401k share after the first year, 15%, as long as I can calculate it as being feasible. Up to 6%, they will match $.50 what I put into it after one year of employment.

I don't have any student loans to pay off, so the bulk of my non day-to-day expenses will be the car payment, which will be less than $250/mo. The moving around is actually going to keep my "pleasure" expenses to a minimum. I'm not much for going out any more, and my automotive hobby will be put on a hiatus as I will be living in apartments, with no garage or equipment to store it in. I'm pretty frugal to begin with, so hopefully it will pay off. I am keeping my fingers crossed that furnished apartments aren't too hard to come by whenever the moves are made.

That's a great deal and you're a smarter man then I.

Yeah, if I were in your situation, I'd either use a large, national bank like Bank of America, or investigate an online checking account. The online account in your case might be ideal, as they'll either have a network of free ATMs that you can use nationwide or refund your ATM fees up to some varying amount per month. Companies like ING Direct, E-trade, and others have these online checking accounts, and another advantage is that they'll pay out much more interest than any brick-and-mortar bank.

Welder, congrats on diving into what looks to be an exciting (and trying) time in your life. Also way to go with the 401(k).

Consider putting your check in an online checking account (ING) and paying your bills online (They will even write paper checks and send them for you). An APY 2.50% is the current rate (APY) for anything over a dollar in the account. Good luck.

I hadn't even though of strictly online checking. I never knew the interest was so good for them either. Thanks for the suggestions, I will definitely look into them.

The great advantage of the Internet is that you can do most of your banking online and electronically.

I have a brick-and-mortar bank (local credit union) and an electronic bank (ING Direct) that are linked together, so I can move money amongst my accounts as needed. I can access either from anywhere in the world, either via the Internet, or with a debit card. Unfortunately, my job dictates that I go to the actual bank once or twice a week, but if you have a job that allows for electronic deposits, you should be good to go.