| A bank serves as a financial | | | | submit certain important documents, for |
| institution, providing complex financial | | | | opening a bank account. They are as |
| services, right from the maintenance of | | | | follows: |
| deposits to extending credit. A little | | | | - Your social security number |
| guidance and initiative help students to | | | | - A photo ID, like a driver's license, |
| improve their personal credit record. | | | | passport or student ID |
| Banking offers the convenience of not | | | | - Proof of address |
| having to handle large sums of money, | | | | - Your signature on a card or form that |
| thereby minimizing the chances of theft. | | | | is maintained by the bank |
| Moreover, most of the financial | | | | Essential banking services for students |
| institutions enable you to earn interest | | | | are as follows: |
| on your money deposited in a particular | | | | There are student and graduate accounts, |
| account. | | | | with a number of attractive fringe |
| There are a number of bank accounts and | | | | benefits, designed especially for |
| financial plans that are specifically | | | | students. Students struggling to excel |
| designed for students. Today, students | | | | in their chosen fields usually cannot |
| handle allowances that take care of all | | | | afford to pay back the money they |
| their financial requirements and if | | | | borrow, within the expected time frame. |
| judiciously saved, could save them from | | | | Banks offer them the facility of special |
| debt in the future too. It is essential | | | | accounts, designed to increase their |
| for students to select the right bank. | | | | loyalty to the financial institution in |
| Tips to select the right bank for | | | | good time. |
| students: | | | | Some of the essential considerations to |
| The following tips would help students | | | | be made, before opting for banking |
| in selecting the best bank for | | | | services are: |
| themselves: | | | | - Student accounts: A student account |
| - Services offered: It is essential to | | | | offers advantages like vouchers and |
| opt for a bank that meets your specific | | | | discounts on branded articles and |
| requirements and serves you efficiently. | | | | department stores. |
| - Convenience: Before selecting a bank, | | | | - Overdrafts: Overdrafts enable you to |
| you should check the location, working | | | | pay your university fees without |
| hours and your accessibility. | | | | carrying liquid money. Therefore, it is |
| - Insured federally: Always look for a | | | | essential to pick an account with an |
| bank that is insured. The Federal | | | | interest- free overdraft limit. |
| Deposit Insurance Corporation or FDCI | | | | - Overall package: Though, the overdraft |
| insures most banks. It indicates that | | | | limit is necessary, you need to study |
| even if the bank goes bankrupt, you | | | | the overall bank account package |
| would get your money back, up to | | | | offered. You need to check the fees and |
| $100,000. | | | | charges applicable for certain services. |
| - Bank fees: There are bank fees | | | | - Support: Before opening a student's |
| associated with the bank accounts. They | | | | account, you need to ensure that your |
| charge fees on dropping below the | | | | account provides you with dedicated |
| minimum balance, overdraft protection, | | | | support at time of crisis. |
| issue of checks and many more. | | | | You should select a banking service only |
| Requirements in setting up your banking | | | | after conducting substantial research |
| services: | | | | and analyzing the banks credentials. |
| Financial institutions require you to | | | | |