Get Your Personal Finances In Order For College
Students leaving for college this fall need to do more than secure money to pay college tuition and fees; they also need to organize their personal finances in preparation for living away from home.
Get Your Money Organized For College
Students leaving for college this fall need to do more than secure money to pay college tuition and fees; they also need to organize their personal finances in preparation for living away from home. Students and parents – NOW is the time to set up accounts for banking at college. Below are some valuable banking tips for college-bound students.
1. A checking account is the most important bank account to have in college. Once your account is approved, you can deposit or withdraw money from your 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 branch of your bank during normal business hours.
Set up a checking account (and optional savings account?) at a bank with branches local to your college campus. Go to any branch of that bank and fill out required paperwork or login to the bank’s website and submit all required information online. Both students and parents should be on the account(s) so parents can deposit money directly into the account. Both students and parents should have ATM cards with PIN numbers.
Features your student account should have include the following:
- No minimum balance requirement
- Free checking (no monthly service fees)
- Free checks
- Free check guarantee card or ATM Card / Debit Card
- Free online banking services
- Overdraft protection
2. Ideally, your checking account should be with the same bank that owns the on-campus ATM; students should call their college and ask which bank owns the on-campus machine. An ATM Card should be obtained from this bank so you won’t be charged a $1.00 or $2.00 service fee for using the ATM during the next four years at college.
3. Students should sign up for online banking so money can be transferred into their checking account from their savings account or from one of their parents’ accounts.
Don’t wait until the last day before leaving for college to take care of student banking needs. It’s much too important.
For more information on preparing to move to college this fall, visit MyCollegeCalendar.org.
