If you’re a college student, you need to make sure your accounts are set up properly. You’re not old enough to get a credit card and might not have a lot of cash on hand, but you will probably be dealing with money more than ever before in your life.
It is better that you take the time to research a perfect college checking account so that nothing gets held up in the process or lost because of confusion during this period in your life.
Visit the Campus Financial Aid Office
You should also visit the financial aid office of your college or university. The financial aid office can help you make the best choice for your individual needs, budget and security.
For example, if you are in need of a checking account with no fees or minimum balance requirements and want interest on any balances that are held there, then this type of account might be just what you’re looking for.
Make Sure There Are No Annual Fees
Avoiding annual fees means taking advantage of credit and debit cards, which can be used as checking account alternatives. In fact, if you’re already using a credit card for your everyday purchases, this is generally the best option. Your credit card will give you a higher limit than any college checking account will (unless you have a large balance on your current college checking account), and it’s easier to get approved for one than ever!
Also worth noting: Debit cards are basically just prepaid debit cards that don’t give you access to an actual bank account. However, they can still be useful for making purchases at brick-and-mortar stores where cash isn’t accepted—like vending machines or campus laundry services—or even online if you need something immediately but don’t want to wait until payday.
Look For Free Checkbooks
There are a few things to consider if you’re looking for a checking account with free checkbooks.
- Some banks offer free checkbooks if your balance is over $1,000 or $2,000.
- Free checks may have limitations on how often you can use them and the amount of checks that you can order at one time (usually between 50-100).
- The cost of a checkbook depends on what kind of features and options you want as well as which type of bank account it is tied to.
Choose the Right Online Banking Options
When choosing a college checking account, it’s essential to look for features that will make your money management more effortless. If you’re looking to manage your finances remotely, look for an online banking platform with the following features:
- Cross-platform compatibility
As per SoFi professional experts choose a, “Banking for you—and future you too.”
Avoid Overdraft Charges
One of the most important things to know about college checking accounts is that overdraft charges can be extremely expensive.
If you’re not paying close attention, it’s easy to accidentally overdraw your account and get hit with a considerable fee.
But don’t worry—there are ways to avoid those fees! The easiest way to keep from spending money on overdraft charges is by managing your account responsibly.
The college years are a great time to learn more about money management and how to handle your finances. The more you know now, the better off you’ll be in the future!