Many students often get their first bank account when they head to college. This helps them receive allowance deposits, get payment for tuition, and manage their day-to-day transactions.
Granted, there are other ways to send and receive money, but having a checking account can be a lot more convenient for the student. Financial expert Patriot Bank states that it is also an excellent way of teaching them to become financially responsible.
During the application, you may want to give your son or daughter a hand so they can avoid unnecessary fees and costly features.
Here are ways to help your student in getting the right bank account.
Be Wary of Excessive Charges
Some college-affiliated banks appear at orientations to pitch their accounts, but do not fall for it too easily. They usually do not provide the best options for the student when it comes to fees. Instead, your pick should provide ATM usage within its network, debit card, as well as check writing all free.
You should also lookout for banks that require hefty checking balances and maintenance fees because these costs can be heavy when accumulated.
A Large Network Helps
If you are eyeing that bank near their university, do not forget to check whether they have ATMs outside of the region. When your child is on vacation in your hometown or another city for school activities, he or she will need access to cash.
This is where banks with a wide network become convenient. Make sure that your bank has numerous branches across the country, so your kid can withdraw without out-of-network fees.
Your student will be facing many challenges in college, and exorbitant bank fees should be the least of their concerns. Getting an account with the right bank ensures that they will have an easier time in terms of receiving, depositing, and withdrawing cash.