Starting a first bank account is an important part of growing up. Whether it is to handle money from a summer job or to have local banking when going away to college, such accounts often last longer than originally anticipated. The US Consumer Finance Protection Bureau has some tips for setting up that first bank account.
The article has three key points for those students setting up a bank account for college:
- Choose an account as soon as possible.
- Avoid paying unexpected fees, as “free” or “easy” accounts often are neither when looking at the fine print.
- Sign up for direct deposits as soon as possible, as this can speed up financial aid money coming to you.
The article also covers the key factors to compare when choosing a bank account, explains overdraft fees and how to avoid them, and accessing financial aid with a bank account. Check out the full article for additional information on setting up that first bank account.
Photo is copyright 2003 by Jacob Edward under Creative Commons license.