I’m currently working and I’m looking for a second job, but before that happens I need to open a bank account and switch to direct deposit for my current job.
I was wondering if any of you can recommend banks that have good student checking accounts with a low or no monthly fee?
Is there anything else I should be concerned about such as overdraft fee rates or charges for ATM withdrawals from out of network banks?
I’ve been thinking Chase or Citibank.
Most banks waive their fees for students. Bank of America does, too: https://www.bankofamerica.com/student-banking/student-checking-savings-account.go?cm_mmc=DEP-Checking--MSN-PS--Student%20Checking-_-Sitelinks
I would recommend to go with the bank with the highest number of ATMs in your surroundings. As the fees are so steep, I would never use an out-of-network ATM. It is often cheaper to drive a mile to one’s own bank/ATM. Sometimes credit unions have better or no fees for ATM use and have better credit rates for a car purchase, once you are an established customer.
Also, try to open a savings account, so you can “park” an emergency fund there and also use it as overdraft protection. Is has to be linked though.
Good luck!
If you are in school, look for student accounts that allow x number of withdrawals at non-bank owned ATMs. Those type of accounts are prevalent in our area.
Figure out which banks and credit unions have ATMs (where you can get currency) that are convenient to you, then go to their web sites to look what their account terms and fees are. Then choose the one with the lowest cost for your situation.
Sometimes, the best deals are found at smaller local banks or credit unions. But that depends on where you live.
I’ll be an incoming freshman in the fall in another state, so I was looking at what banks are easily accessible on and near the campus. That would be Citibank(not as much as the other two though), Wellsfargo, and Chase.
I just opened a second checking account for my daughter at a bank that has ATMs on her campus. She will keep her local account where we live for her summer job deposits and she can transfer money to the other bank so she has access to cash.
You should see which banks or banks have an arm on campus and then open an account there.
My kids have accounts at our credit union–no fees and ATMs without fees are pretty plentiful since most (all?) credit unions participate in a shared ATM network. We also just discovered theSchwab checking account that has no fees, no minimum, free worldwide ATM withdrawals and no foreign transaction fees (perfect for that study abroad semester!)
http://www.schwab.com/public/schwab/banking_lending/checking_account/
Bank of America does not charge monthly fee if all transactions are done online or ATM and no paper service. Both my D and my nephew have BofA accounts.
You could also look to bank with a company like Fidelity or USAA or Schwab mentioned above that will reimburse any ATM fees charged by other banks, effectively giving you free ATM usage anywhere. You can get a debit card attached to your account that can be used as a charge card or ATM card. No other basic fees for the accounts either.
I highly recommend a credit union. No fees, use of ATMs everywhere, etc. Plus, IME, so much easier to work with than banks.
Credit unions only have in town ATMs. Big banks have ATMs nationwide.
@coolweather, Credit Unions are part of the Co-Op Network. I’ve used ATMs for free all over the country.
@ClaremontMom It depends on the CU. Also small banks have inconvenience to.
ClaremontMom, do your kids go to one of the 5Cs or do you just live there(I’m going off your username, forgive me if I’m wrong)? Is that where they have their accounts?
I’ll think about going through a Credit Union, it seems useful, especially considering how they deal with ATM fees.
I live well over an hour away from my nearest credit union branch and yet I have 5 ATMs within walking distance that I can use without a fee. I don’t know of any credit union that doesn’t have fee free ATM usage all over the country.
^ Can you deposit checks at out of town CU ATMs?
I love my credit union…but I pay a fee to use ATMs almost everywhere I go. And yes, I have a significant balance in my accounts. I pay no fees at all to the credit union, but I never use my credit union card at an ATM. I get cash back when I shop.
Our kids chose to open a CU account that had a physical presence on their campus. For convenience, my name was added as a co-owner on their checking accounts, so I could do business on their behalf as well. It was great for them and me.
We have also opened a checking account at Schwab for them. They are reimbursed for any ATM fees, anywhere in the world.
So are Credit Union accounts and checking accounts separate?
A credit union is sort of like another kind of bank. You open a credit union account, and you can have checking, savings, credit cards, ATM cards, get car loans, etc…just like most banks.