Student Checking Accounts
Opening and managing a checking account is an important student money management
lesson. For many college students, having a checking account is a new experience.
Learning how to balance and manage a checking account is a great way to develop
basic money management skills.
Many banks offer free checking accounts for students. As soon as you get your student
ID card, you will be able to apply for one of these accounts. When you are researching
your options, look for a student account that is truly free. The best accounts require
small opening balances, do not charge for printed checks, do not charge a monthly
maintenance fee and do not accumulate fees for debit or card transactions. Be careful
of "hidden costs" or offers that sound too good to be true.
Questions to Ask When Opening a Student Checking Account
- Does the account include overdraft protection?
- How much money is required to open the account?
- Is there a monthly fee?
- Is there a transaction fee for debit card transactions?
- Is there a charge for withdrawing money from an ATM machine?
- What is the fee, if any, for checks?
- Will I have 24/7 access to telephone banking?
- Will I have access to online banking? Is there a fee?
- Will I receive statements via mail or electronically?