Lessons on Banking

An important step to take if you haven’t already done so is selecting a bank. Be sure to do research when deciding where you want to bank. Here are some things to consider:

• ATMS:
  • Are there ATMs that are available near campus, near your home, and other places you might go?
• Fees:
  • Many banks have free checking accounts for college students.
• Online Services
  • Does the bank offer an easy online solution for managing your account?
• Customer Service
  • Is there someone you can reach when you need help?
• Debit card service:
  • A debit card offers the convenience of a credit card, but the money is deducted from your checking account.

Once you select the checking account you feel is right for you, it is a good idea to open a savings account as well. Frequently, savings accounts require you to go to the ATM to take out money and may penalize you if you take out too much. However, the benefit is that money in a savings account collects interest.

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