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The Essential Guide to Student Checking Accounts

Heading off to college marks an exciting new chapter. As you embrace independence, strategically managing your finances will be critical for success. Opening a student checking account can empower you to manage your money wisely.

Why Open a Student Checking Account?
A checking account in your name allows you to manage income and expenses independently. You’ll have the flexibility to budget for textbooks, dorm supplies, or social activities without relying on your parents. Taking control now builds vital real-world money management skills.

Benefits of Student Checking Accounts
Checking accounts for students comes with advantages exclusive to young adults pursuing college studies or vocational school courses. Some of these benefits include:

1. Avoid Monthly Maintenance Fees
   Typical checking accounts charge $10-$15 monthly. Student checking accounts waive these fees if you meet essential eligibility criteria, saving you money every month.
2. Eliminate Cash Withdrawal Fees
   Many student checking accounts have access to surcharge-free ATMs, or refund ATM fees up to a set monthly limit. This allows more ATM access for quick cash when needed without incurring charges.
3. Access Mobile and Online Banking
   You can check balances, transfer funds, pay bills, and more conveniently on your phone or laptop. Modern mobile and digital banking help you monitor your finances quickly.
4. Receive Direct Deposits
   Having your checking account means you have a place to deposit financial aid, work paychecks, and other income directly and securely.
5. Build Financial History
   A student checking account in your name establishes financial independence and history separate from your parents as you enter adulthood.

What Happens After Graduation?
Some checking accounts for students convert to standard checking after you reach a certain age or graduate. Others continue providing student account benefits as long as you meet eligibility criteria. Be sure to check policies, so you know what to expect post-graduation.

Choose the Right Student Checking Account
When comparing options, look for accounts partnered with your university that offer extra campus discounts and access. Also, confirm features like no monthly fees, mobile banking tools, and reimbursements for ATM withdrawal fees. Finding the proper account now creates positive money management for college and beyond.

Choosing the correct checking account early empowers students to bank independently and build money management habits. Contact us at Energy One Federal Credit Union today to open a student checking account with all the digital tools, resources, and perks covered to set you up for success. We also help clients with financial planning and investing to reach their goals.