AJ Drexel Bank and finances for incoming students

Zackdudde · 08-10-2009, 12:02 AM

just a tip... if you were going to open an account with AJ Drexel Bank... don't do it. I actually never had a bank account here but I know a few people who do or did and it's a mess. Just because it has "AJ Drexel" in the name doesn't make it better than any other bank. There are also no branches in Philadelphia, let alone if you go outside the city. i've heard from many people its a terrible experience. I recommend TD Bank (formerly Commerce)- the customer service is great and they have a bunch of branches all over university city, or any other similar bank with a free account. Also a lot of banks have promotions if you open a checking account where you get some free money (I've seen promotions for anywhere between $25 and $125 in the past), I'd recommend asking the service person whether or not you think there is a promotion.

If you are an incoming student and for some reason you don't have your own checking account then I strongly recommend getting one along with the free check/atm card that goes with it. And I'm not talking about an account that's a joint account with your parents. If you are 18 you should open your own checking account. I know someone who had issues because his account was tied to his parents back home and he had to go home over the weekends to his local bank whenever he wanted cash or something.

As for using credit cards, it's ok to initially get, hold, and use a credit card, but only to establish credit. Link your credit card to your newly established checking account with autopay so you are never late on a payment. I wouldn't trust the mail coming into any of the residence halls. If all this credit card stuff sounds too complicated for now, you should just stick with the check/debit/atm card from your checking account.

Let me know if you have any other questions regarding any of this stuff.

sonssecty · 08-10-2009, 10:52 PM

My son has accounts with AJ Drexel Bank and there are no problems. What's really nice is that when you use the ATM's at Drexel with your AJ Drexel Bank ATM card, you do not incur any type of service fees!

Zackdudde · 08-10-2009, 11:37 PM

What's not nice with AJ Drexel Bank is when you go 5 blocks outside campus and you find every ATM charges you a ATM fee and just to get your ATM fees reimbursed is a complicated procedure. There are no atm fees at all with TD bank and a few other banks (eg: you do not need to put in for a reimbursement) Most Drexel students go all over the city and outside the city especially on co-op.

For example, straight from the AJ Drexel Bank website:
"How can I be reimbursed if I incur a surcharge from an ATM?
We will credit your account up to $10 per month in rebates* for other banks’ ATM surcharge fees. All you have to do is write your name and account number on the original ATM receipt and mail it to us, “Attention Deposit Operations,” within 60 days from the transaction date. We’ll add up the receipts and put the money back into your account."

sonssecty · 08-11-2009, 03:16 PM

Your point is well taken. The A.J. Drexel Bank is convenient and economical ONLY for getting cash while you are on the campus. It is "nice" that they are willing to reimburse up to $10.00 per month for surcharges at outside machines, but I agree with you that it is "not nice" making you jump through hoops to get it!