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