2008 Woodie Awards
Choosing the right bank as a college student
Christina McLaughlin
Issue date: 4/19/05 Section: Features
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For students, managing finances at college is often key to staying well-fed and for some drunk. Now that you are college student living on your own with your own money, it is time to start thinking about banking. Many decisions need to be made, such as which bank to use, what type of account to open and if you need a credit card. First, you need just one account.
Juggling many accounts could prove disastrous when money starts running out and the debts start piling up. Banks attempt to attract student customers because students normally stay with the bank that they opened their first account with. Thatʼs the reason why they offer novel gifts when you open a new student account. So, prior to placing your money with one of the banks, check which of the factors on the checklist are most important to you: · ATM on campus · Branch on campus · Cash card · Credit card · Telephone banking · Internet banking · Free overdraft · Insurance services · Saturday opening Most banks offer free student checking accounts that often have no monthly fees and do not require you to keep a minimum balance. Also, with this checking account, banks will sometimes offer you a premium saving account with no monthly service fee. You will be entitled to unlimited check writing and will be given a debit card.
Another thing to keep in mind is if the bank has online banking. This can make checking your account a lot easier since you are probably on the Internet all the time anyway. Also, find out whether or not the bank offers free overdraft protection. When the balance of your account is in the negative, a bank charges you about $30. Since you are a college student your account may fall in the red from time to time, and you would hate to have to lose $30.
The debit card a bank provides you with takes money right out of your checking or savings account. It is the same as writing a check. If you feel this is not enough, you can consider a credit card. Depending on how disciplined you are, credit cards can be useful for emergencies and big purchases. However, if you are weak-willed when it comes to financial matters, then cut them up.
Juggling many accounts could prove disastrous when money starts running out and the debts start piling up. Banks attempt to attract student customers because students normally stay with the bank that they opened their first account with. Thatʼs the reason why they offer novel gifts when you open a new student account. So, prior to placing your money with one of the banks, check which of the factors on the checklist are most important to you: · ATM on campus · Branch on campus · Cash card · Credit card · Telephone banking · Internet banking · Free overdraft · Insurance services · Saturday opening Most banks offer free student checking accounts that often have no monthly fees and do not require you to keep a minimum balance. Also, with this checking account, banks will sometimes offer you a premium saving account with no monthly service fee. You will be entitled to unlimited check writing and will be given a debit card.
Another thing to keep in mind is if the bank has online banking. This can make checking your account a lot easier since you are probably on the Internet all the time anyway. Also, find out whether or not the bank offers free overdraft protection. When the balance of your account is in the negative, a bank charges you about $30. Since you are a college student your account may fall in the red from time to time, and you would hate to have to lose $30.
The debit card a bank provides you with takes money right out of your checking or savings account. It is the same as writing a check. If you feel this is not enough, you can consider a credit card. Depending on how disciplined you are, credit cards can be useful for emergencies and big purchases. However, if you are weak-willed when it comes to financial matters, then cut them up.
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