Selecting the Right Bank for You
The independence that comes with opening up your own bank account can transform your life. Or maybe you already have an account but want more control and convenience. Here are some tips for picking a bank that really works for you.
- Go local and open a checking account near campus – If you’re far from home and your bank branch, or you don’t have an account at all, it’s a good idea to connect with a bank near campus. It will be much more convenient to talk to customer service representatives about problems or question, and you may save on those costly out-of-network ATM fees.
- Ask about ATM locations – The more convenient affiliated ATMS are, the better. No trudging several blocks to find a machine that doesn’t charge you additional fees. Why pay extra for the privilege of withdrawing your own money?
- Ask about debit/check cards – Most banks provide this service free of charge, but not all do it automatically.
- Ask about joint accounts – Your family might be willing to be co-signers on your account, meaning shared responsibility. Discuss this option with your family.
- Ask about student plans – Many banks might have special programs and advice devoted to college students and their banking needs.
- Check their fees – Do they provide overdraft protection? If so, what are the interest rates (see above about cautions)? What are their fees for bounced checks? Is there a minimum balance, and if so, what’s the fee if you dip below it? How many free transactions are allowed each month? Opt for accounts that have no minimum balances and low or no fees for checking.
- What other accounts and services does the bank offer? – If you’re working, you might be in a position to save money by opening a savings account or a CD. Banks are also in a position to offer loans for a car or electronic equipment. Remember that you will have to already establish a good credit record.
- Does your college have a credit union? – These non-profit banks are created for university staff and students. Because profits go to the school, credit unions often offer lower fees for services and other benefits.
- Ask other students – Get tips from students about their level of satisfaction with their bank and how to get the most out of their experience.