Student Banking Services

The banking service has, by far, surpass our imagination. Like, everyone today, especially in the U.S has somehow made use of the banking service directly or indirectly. That’s why today we’ll be looking at these banking services, with focus mainly on the average American student. Thus we will look at bank accounts most likely used by college students, have a glance on the five fees that you need to know and avoid, and then provide you with four benefits of banking service to students

When you were a little bit younger, and you had to buy something, you probably did it with cash. But from the looks of things, using money isn’t always the safest or most practical way to purchase something and as your spending habits mature, you will likely have or will turn to other forms of payment. This is probably where your banking relationship begins.

Checking Account

Most of us start with a checking account. With the majority of American workers receiving their paycheck in the form of direct deposit to a checking account, this account is the main ingredient in your commercial kitchen. The account is likely tied to a debit and ATM card used for everyday expenses and monthly bills.  However, because the money in that account doesn’t usually stay in the bank very long, these accounts generally gain very little interest.

Savings Account

Savings accounts, on the other hand, typically earns you a higher interest rate because there are fewer transactions and the money generally stays in the account longer. This, it is a good rule of thumb to transfer a little money from your checking into your savings every month if you can afford it. The development of a rainy-day “cushion” is a big step in building financial security. The account is secure, earns interest, and hopefully, an emergency never arises.

Certificate of Deposit

The final account you might need in college or soon after is a certificate of deposit – also known as a CD. A CD’s interest rate is usually higher than a regular savings account interest rate. In exchange, you agree not to take out the money for a set number of months. The longer the timeframe, the higher the interest rate you’ll earn. The money still belongs to you, and you can take it out sooner if needed, but there’s generally a fee involved.

Speaking of fees, here are five costs that you need to be aware of when considering your banking relationship.

Banking Fees

1. NSF Fee

Also known as non-sufficient funds fee or overdraft fee. This effect takes effect when you withdraw more money from your account than you have in there.

2. ATM Fee

This fee is for the convenience of using an ATM to get cash. Also, you could be charged twice on the same transaction if you use another bank’s ATM.

3. Check Order Fee

This fee only comes to play when you want to order paper checks

4. Monthly Account Fees

Some banks charge a fee if you don’t keep a minimum balance or meet other requirements. Check with your bank to learn how to avoid this fee.

5. Online Bill Pay Fee

A fee for the convenience of paying bills online. Avoid these fees, and your banking relationship can bear interest and be fruitful.

Benefits of Banking to Students


The most significant advantage of keeping your money in the bank is that it’s FDIC insured, which means your money is safe up to the FDIC limit.

Debit acceptance

Your debit card is likely accepted at most of the places you shop. That buying power is a great convenience.


With interest, the bank gets to pay you money as an incentive to keep your money in the bank.

Access to cash

With ATMs, it’s easy to get some money quickly. And that’s not all as there are so many benefits if you properly handle your accounts.

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