Student Banking / ATM

You should set up accounts (checking and savings) at a bank local to your college.  Your accounts should be at the same bank that owns the on-campus ATM so you won’t be charged a service fee for using the on-campus ATM.  Also, sign up for online banking (see below).

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It is important to learn the basics of banking and to create smart financial habits that will last a lifetime.

While attending college, there are different financial tools available to help you effectively manage your money, learn the value of financial responsibility and begin to build a financial future.  These include:

• Checking accounts
• ATM Cards / Debit Cards
• Savings accounts
• Online Banking
• Bank Statements

Checking Account
A checking account is the most important type of bank account to have in college.  It gives you a place to keep your money and still have easy access to it.  It also helps you keep track of how much money you have and how much you're spending.  Typically, money in your checking account is secure and insured by the Federal Insurance Deposit Corporation (FDIC).

The features to look for in a checking account for college students include:

1. No minimum balance requirement
2. Free checking (no monthly service fees)
3. Free checks
4. Free check guarantee card or ATM Card / Debit Card
5. Free online banking services
6. Overdraft protection
7. Personal alerts (e-mail, text, and voice) regarding account activity
8. Methods for your parents to deposit money into your account free of charge.

To set up a checking account, go into any bank branch and fill out required paperwork or login to the bank’s website and submit all required information online.  Once your account is approved, you can deposit money into that account by visiting any branch of your bank or by using your ATM Card.  If you sign up for online banking, money can be transferred into your checking account from your savings account or from one of your parents’ accounts.  You can take money out of your checking account (up to your available balance) by writing a check, withdrawing money from an ATM, using a Debit Card, or by submitting a withdrawal slip at any bank branch during normal business hours.

ATM Cards and Debit Cards
ATM Cards / Debit Cards are convenient, safe, and serve as both an ATM Card and a plastic check. 

With your ATM Card, you can withdraw cash 24/7 from on-campus ATM or any other ATM. 

Your Debit Card can be used to pay for everyday purchases, but without the hassle of writing checks.  The money for your purchases is taken directly from your checking account.

If you appreciate your parents’ help, you may want to get an extra ATM Card for their use.  With the extra ATM Card, parents can deposit money directly into your account from an ATM in their home town.

Ideally, your ATM Card / Debit Card will also be a credit card.  An all-in-one ATM / Debit / Credit card will be invaluable to you during your college years.

Savings Account
A savings account is important because it allows your money to gain interest while being held at the bank.  Savings accounts are designed to hold “extra” money you don’t have to spend immediately.  Money in a savings account can be withdrawn 24/7 using your ATM Card or by submitting a withdrawal slip at a bank during normal business hours. 

Online Banking
This is a convenient and secure way of tracking your accounts and conducting business.  Online banking is almost as easy as surfing the web.  When you set up your bank account, sign up for online banking so you can check you account balance and verify recent transactions 24/7.  You can easily keep track of account activity anytime, anywhere you have internet access.  You can transfer money between accounts, make payments, and make sure you do not overdraw your checking account.

Banking online will allow you to receive e-mail or wireless alerts when your daily transactions exceed a certain amount or when a payment is due.   

You need to learn to use online banking; it will give you financial skills that will take you well beyond college.

Banking Statements
You may want to consider having your monthly bank statements sent home so your parents can review them and, if necessary, advise you if you’re not spending wisely.  Guidance from your parents will be good preparation for your independent post-college years and for future financial success.