What to look for in
student bank accounts Second in a five-part
series about college life and money By Michelle
Samaad • Bankrate.com
College Advisers and consumer credit
counselors suggest looking beyond the free T-shirt before opening
a checking account. Bank and credit union Web sites are a good start.
Below are some points to consider
when shopping for the best student banking deal in your area.
Tips for finding a good student bank account
1. Compare fees being offered during
orientation or the first week of school with those offered
during the rest of the year.
2. Ask questions: What's the likelihood that
fees will go up? Any news of an impending merger or acquisition?
3. Depending on where the college is located,
the same bank may offer different fees and incentives. For
example, NationsBank on Washington University's campus in
St. Louis is offering one free incoming wire service during
the fall semester. NationsBank in Florida is not.
4. Watch out for additional charges for services
such as face-to-face teller transactions, or even for withdrawal
and deposit slips.
5. Inquire about the number of times you can
check your checking account balance over the phone before
a fee is imposed.
6. With a debit card, find out if there is
a limit on the amount of point-of-sale (POS) purchases per
month.
7. With an automated teller machine card:
Find out if, and how much, you will be charged for using an
ATM at another financial center.
8. Ask if overdraft protection is part of
the package.
9. Consider credit unions or smaller community
banks for your basic checking needs.
