I'm going to college in a few months and planning on getting a job what kind of bank account should I open?
I’m planning on getting a part time job somewhere near my college campus. What kind of bank account should I get? A checking account? A charge account? What’s the difference? Any primer/advice for someone who’s knew to personal finance accounts is greatly appreciated. Thank you guys!
Ask for a student checking account. Almost all banks offer a free checking account specifically designed for students.
Write this down. Make sure the account has no minimum balance requirements and no monthly maintenance charges. Many banks will offer a free checking account, but require you to use online bill pay or set-up direct deposit, so make certain the account is truly free, no stipulations attached.
As a Branch Manager, most students run into trouble with overdrawing their accounts, which result in large amounts of overdraft charges. So, until you gain more experience balancing a checkbook, ask the new accounts representative about overdraft protection.
Best of luck!
Checking account to start. Do yourself a big favor right now: read the book "Personal Finance For Dummies." Its a great reference for someone in your shoes.
Get a checking account with no monthly service fees. Wamu has one, I think B of A has one for college students called Campus Edge. Other banks such as Wells Fargo have no fee checking accounts if you set up direct deposit.
Get a debit card to make paying for stuff easy and you won’t have to carry around cash. Also, use the check register to keep track of how much money you have! And check your activity online every day or so! Overdrawing your account is expensive!!