At the time of opening your account you will need to fund it with cash, a check or a money order.
Upon opening your account you will be given temporary checks and deposit slips. An ATM or https://worldpaydayloans.com/payday-loans-ok/temple/ check card will be sent to your home. With most banks your card is activated with its first use at an ATM machine at which point you will create a PIN number. Your online account should be available the same day, so you should become familiar with the tools for managing it.
Read the Fine Print
With your checking and savings accounts you will be given an agreement that includes the details of your account. Be sure to review it carefully and don’t be afraid to ask for clarification. Look for the following:
- A complete list of account fees and how they are applied
- A description of ATM fees and information on how to find locations with free access
- Details of your debit card, including applicable fees and any restrictions in its use
- Details on check writing, including how many you can write each month and any minimum balance requirements
- Who to contact if your ATM or debit card is lost, stolen, or if you suspect fraud with your account
- How and when you can contact customer service for any questions or issues you might have
- Description of online banking, including how to access a list of services and fees
A note about identity theft and fraud: One of the fastest growing methods for stealing your identity is ATM theft via skimming and just plain old looking over your shoulder. When using your ATM card, be sure to look for any unusual devices attached to the ATM machine. Try to use familiar machines, but if you use a foreign machine (one not affiliated with your bank), make sure it has only one slot for scanning your card and that it doesn’t look like it has been attached over the front cover of the ATM. Never give your PIN number to anyone,but If you must keep a copy of your PIN number, make sure it is securely locked away. You should review your account online frequently to check for any unusual transactions or errors.
Student Checking Account Reviews
Although not an exhaustive list of student checking accounts, the following reviews include some of the more popular offerings found at some of the larger banks.
Wells Fargo Every Day Checking
Wells Fargo is one of the largest banking institutions in the country, which addresses the key issue of locations. There are Wells Fargo branch locations in most college towns and their ATMs are found on many campuses. The Wells Fargo account is a solid account with average to above average fees. The minimum deposit is lower than the national average by about $25. The big negative is the high minimum balance requirement of $1,500 for avoiding the monthly fee. However, its $5 monthly fee is lower than most.
The monthly fee can also be waived if the account receives at least $500 in total direct deposits or 10 debit card purchases or payments. The fee is also waived if the account is linked to a Wells Fargo Campus ATM or Campus Debit Card.
In terms of its other fees, the Wells Fargo account ranks slightly above average in most categories. You will pay $2.50 for ATM withdrawals outside of the bank’s system. That’s above the national average of about $1.75. The overdraft fee of $25 is above average as is the fee for insufficient funds and returned items.