I want to save up for a car, apartment and daycare for when I decide to have kids… in like 5 years… anyways, can I withdrawal money from my savings just like my checking if I need to?? If I overdraw from my checking account, will they just transfer money from my savings account and not charge me a fee for it? Also, how can I get a credit card?? Nobody ever approves me… I make about 1,700 per month and I’m 22 years old. Thanks for your help! =)
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Yes you can w/d money from savings. There is a limit of 6 transfers out of the savings account from anywhere except at an ATM or at a branch in a statement cycle though, so be careful or else you get hit with a fee. If you haven’t already done so, you can open a savings account at your nearest branch and they will tell you this as well. There is an overdraft protection that will transfer the funds from savings to checking provided the money is there. Depending on where you are at in the country depends on the fee amount, but it is around $10 per day. So you can overdraft more than once in a day and only get one fee. If there aren’t any funds in the savings though your item might either get rejected or returned and you’ll be charged an NSF fee which is much steeper. As for the credit card, you have a couple of options, one is trying for a regular credit card… of which wamu would be able to take care of that. If you aren’t/can’t get approved, then wamu again has a secured card. It’s a little less glamorous and has an annual fee unlike the unsecured card, but it’ll save you a ton of money in the long run if you can use it to build your credit. I would be happy to answer any other questions you may have about wamu, or I would suggest going to your nearest branch and sitting down with a personal financial representative and they will be able to answer you questions in better detail than I can here. Good luck.
first off yes you can withdraw from a savings account, just fill out a withdrawal slip and have id and make sure you have available funds so you dont overdraw and get charged fees.
secondly you can set your savings account as the overdraft protection account for your checking so that if you do overdraw, which i suggest you avoid by setting up an alert where you get emailed if you go below a certain amount so that you can transfer, but even if you do overdraw, if its set up as the overdraft protection you wont be charged a fee so long as you still have the funds left in the savings to cover it
a credit card, im not sure since you say they wont approve you but i say keep trying for it if you really want one, but by any chance are you still a student cause you can get them on campus, just make sure not to charge too much, keep track of it, and make sure you can pay it off, just like when you use a debit card.
First, you can withdraw from savings just like a checking account.You cannot overdraw without them charing you a fee. last.. establish good credit and check your credit report once a year.After one year, try appliying for a credit card, but watch what the interest rates are. keep a list of what you buy on credit for the credit card application and make sure you pay in a timely fashion.. that’s important..
you can withdraw money from most savings accounts and most banks have checking accounts where if you don’t have enough money to cover your check, they will cover them with money from the savings account. They will, however, charge you an overdraft charge. I don’t know your credit history, but I am retired and make much less than $1700.00 each month and I am inundated with credit card offers and have been approved with most of the ones I apply for. You should be able to get approved with someplace like Capitol One. That’s how I got started a couple of years ago, after I had to file bankruptcy. Your first card will probably have a small limit but if you buy with it an pay it off every month or so, they will increase your limit periodically.