Selecting The Right Bank Accounts and Services As A Student

As an enrolled student, you should be on the lookout for different banks that offer discounted fees for their services. Discounted fees will permit you to keep more money in your pocket while obtain the same level of services as a regular client. A prime example is banks that offer specific accounts and services to students for the years that are spent in school.

With the various banks that a student can choose from, it is important to understand the basic accounts and services which will influence the selection of the financial institution that you will place your money in for the semesters to come.

Here are 8 financial services and related fees that banks specifically promote to studentbankstudents before every semester.

1. Monthly Bank Account Fees

All banks will offer students the ability to open an account where there are not any fees charged for basic banking services. Services may include: cheques, withdrawals (including automated banking machines), transfers, pre-authorized payments, bill payments and debit purchases. These are usually known as “unlimited debit transactions”. Check with your respective bank to see what specific fees are exempted in their offer to students.

2. Monthly Recordkeeping Fees

To maintain an accurate record of your bank account, banks may charge fees for specific recordkeeping services. Banks will assign a fee to provide paper statements, cheque images returns and passbook updates. Fees can range from $1.50 to $2.50 per month for each service. If you are already and a good manager of money and tracking your deposits and withdrawals, you may not have to use the recordkeeping services offered by your bank.

3. Online & Mobile Banking

Via a smartphone, tablet or laptop computer, banks should offer students the ability to bank online. Using these tools, it will allow you to conduct transactions at your own convenience. For example, the majority of the main banks in Canada offer you the option of making a deposit by just asking a picture of your cheque with your mobile phone. Access to online and mobile banking is free.

4. Rewards Programs

To encourage client loyalty, some banks will prompt students to enroll in rewards programs. By participating in such programs, you can eligible for discounts for anything from movies to music downloads. If such rewards programs interest you, be sure to read the fine print on the details on the offer and ask questions to your local branch manager.

5. Savings Programs

For students that have trouble saving on a regular basis, banks will assist in establishing automatic withdraw-deposit transactions. This can be very helpful when you are planning your future years in university when the cost of tuition and books are most likely to rise.

6. Access To Credit Cards

Although using credit cards maybe costly in the hands of students who may be tempted impulse shop, some banks offer to access credit cards with customized budget alerts to better manage money and promote wise spending. It is important to note that some banks will grant credit cards with a “no income” requirement which may be dangerous for students who may not have enough funds to pay credit charges when they are due. As a result, it is your responsibility to use the credit card for the purposes of your education and not your wardrobe or social life.

7. Access To A Line of Credit

To ensure that you have a sufficient amount of funds to pay your tuition, banks will offer students a line of credit to use to cover costs. A line of credit is a source of money from a bank or a level of government that must be paid back with interest. Eligible students can access this type of financing with some conditions and restrictions. Speak to a representative at your bank for more information on obtaining a line of credit for tuition purposes.

8. Loan Programs

When students are not able to obtain a bursary or a loan from the government for tuition and books, banks have loan programs which should be considered as an alternative. Depending on your needs, you can get a loan which best fit your financial status. If one bank does not offer what you are looking for, visit another bank. Do not be afraid to negotiate the best deal possible.

If you are student and in need of financial services while attending school, it is

it is recommended that you conduct research regarding what each bank offers and how you can benefit from different accounts and services for your academic future.

recommended that you conduct research regarding what each bank offers and how you can benefit from different accounts and services for your academic future.

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