College life is full of new experiences and a first taste of independence for many. With this newfound freedom also comes the challenge of managing your finances on your own. As a student, every dollar counts, and a free checking account can be a crucial tool in helping you save money and manage your finances effectively. Check out our tips for choosing the checking account that’s right for you.
Look for a Checking Account With No Minimum Balance
Find a credit union or bank that offers checking with no minimum balances and no monthly maintenance fees. This way, you won’t have to stress about your balance getting low and having to pull money from your savings.
Take Advantage of Shared Branching
Some financial institutions are part of shared branching networks, allowing you to withdraw money from a variety of ATMs without paying out-of-network ATM fees. For example, Service Credit Union is part of the Allpoint, CO-OP and Dolphin Debit networks, which allows members access to nearly 85,00 surcharge-free ATMS worldwide.
Additionally, Service Credit Union members with direct deposit can also take advantage of ATM surcharge and foreign transaction fee rebates.
Protect Yourself From Overdraft Fees
Look for a bank or credit union that allows you to protect yourself from overdraft fees. With Share Transfer Overdraft Protection from Service Credit Union, for example, you can avoid unnecessary fees from insufficient funds and protect your credit rating.* You can also opt into Courtesy Pay, which will allow debit and ATM transactions to overdraft on your account.**
I Have a Savings Account. Do I Still Need a Checking Account?
Think of a checking account as your daily financial operations center. This account helps you pay bills, manage your finances and is essentially the starting point where you divide and conquer your finances. On the other hand, savings accounts are your finance operations center for the future. A savings account allows you to set aside money for things such as vacations, holiday expenses, and retirement. It also allows you to prepare for unforeseen expenses such as car problems or medical emergencies. Therefore, it’s a good idea to have both a savings and a checking account.
When selecting a checking account for college students, consider factors such as the availability of ATMs, mobile banking features, and any additional perks. At Service Credit Union, our free checking account offers all these benefits and more. We understand the unique financial needs of students and are committed to helping you succeed financially.
For more financial tips and advice, check out our Saving Tips for Students and learn how you can make the most of your college experience.
*With your authorization, Share Transfer Overdraft Protection (S.T.O.P.) allows us to transfer money from a share account or multiple share accounts to cover any overdrafts in your checking account . Transfers will be made in $100 increments.
**A $19 overdraft fee will be assessed per presentment for the Dividend Checking account and Everyday Checking account. Courtesy pay is only permitted on one Checking account per membership. The checking account will not become eligible for Courtesy Pay until 30 days after the initial deposit to the checking account. Member must opt in to include everyday debit card transaction in Courtesy Pay. Fiduciary accounts including Trust, Estate and Escrow accounts are not eligible for Courtesy Pay. Everyday debit card and ATM transaction that are less than or equal to $15 will not be charged a fee even if the result is an overdraft. If the one time everyday debit card or ATM transaction that results in an overdraft is $15.01 or more, the $19 fee will be assessed, if you opt in. A fee may be imposed for covering overdrafts created by check, in-person withdrawal, Automated Clearing House (ACH) debits including International Bill Pay transactions, or by other electronic means. You may be charged a fee each time a transaction is presented for payment, even if the same transaction is presented for payment multiple times. You have 33 days to pay your negative balance before you will be considered no longer in good standing with Service Credit Union. Whether your overdrafts will be paid is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing or you have too many overdrafts. Overdraft transfers and fees are activated based on your available balance, which may be less than your current balance, depending on pending charges, holds and pledges on your account. Additional restrictions may apply.
