If you are one of the 50.1 million students attending a public elementary or secondary school or one of the 20.2 million students attending a college or university, you are eligible for opening a student checking account. A student checking account basically offers the same features as a regular checking account – just with added benefits. To open a student checking account, you'll need to provide proof of enrollment. International students can also apply by showing their student ID. If you haven't already, here are 3 amazing advantages that you can reap by simply opening a student checking account.
Waived Fees
Banks make a killing every year from a variety of fees. In fact, you can expect your local branch to make at least $1 million each and every year. The most common fees include overdraft fees, which represents approximately 60% of the fees charged and collected by the banks, ATM fees and monthly fees. Overdrafts fees are charges for when you basically take out a small loan with your bank when your account has insufficient funds.
You'll see that these numbers add up pretty quickly, and over the span of a year, you might actually be paying a significant chunk of your own hard-earned money to put money in the bank and to take money out. With a student checking account, the banks will waive basically all of these fees while you're still learning the ropes on how to manage your finances. In short, it's worth getting a student checking account because you'll save a lot of money over the years.
Unlimited Transactions
Unfortunately, most regular checking accounts have a limit on how many transactions can be performed each month. If you require more transactions, you'll also end up paying another fee per transaction. With a student checking account, you are no longer limited by these restrictions because you have unlimited transactions at your disposal. You can withdraw or transfer your money as many times as you'd like without having to worry about any charges or repercussions.
Free Financial Consultations and Additional Resources
If you're not sure how to handle your finances, like save money or set up a budget, you'll also want to get a student checking account because you'll be able to receive free financial consultation and additional resources from the bank. Your bank will likely be able to offer you numerous tools to get you started from learning the ropes on how interests work, the types of investments that you should make based on your risk level and how to set up a feasible and practical budget.
Although all clients can set up an appointment with a financial advisor at the bank for free, students receive additional resources that are tailored to their needs. There are also special investment accounts or saving accounts that are designed specifically for those with a student checking account. Learning how to save, invest and set up a budget will be much easier with all of the different courses and workshops that are offered.
Conclusion
If you are a student, take advantage of this time to open up a student checking account, and you'll learn about finances relatively quickly with all of the resources that the bank will make available to you. If you currently have a regular checking account instead of a student checking account, simply bring proof of enrollment to your local branch and get a teller or a financial advisor to transfer your account. You'll be glad you did thanks to all of the amazing benefits you'll start to reap. Those who are going off to college or university will need to send proof of enrollment to keep the student checking accounts that were opened during their adolescent years.
For more information on student checking accounts, head on over to a banking site like https://www.titansbanking.com/.
Share28 August 2015
One thing I have always been good with is money. Even in high school, I always had a savings from my allowance and from working for the neighbors. I created this blog to help other young people understand the importance of financial responsibility even at a young age. If we start our adult lives knowing about financial responsibility, we can make it further in our lives before we suffer from the devastation of financial mistakes that can take years and years to pay back. Hopefully, what you learn here will help you avoid those financial mistakes and maybe help you recover from the ones you've already made.