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