Before choosing the right bank, you must realize that they are a business that gains money off of your money.  Every bank has a fee of some sort, so be sure to ask in advance what the fees are.  Here are some basic banking questions:

• What are all of the costs for opening up an account?
• Is there a bank, or ATM near you?
• What accounts types are available and fees for each one.

It is important to make sure you source the banks in your area for the right one.  Asking the locals (if you are an out-of-state student) for the best bank will be the most helpful resource.  Never settle out of laziness.  Check out the banks below to see if they might fit your personal needs.

 

Fifth Third Bank  Customers can access accounts, check balances and make transfers online.

Wells Fargo Online Banking  The online banking entry point for Wells Fargo.

Citibank Online  Online banking for CitiBank customers.

Commerce Bank Online  Provides customers with online access to financial services.

Egg - Prudential Banking  UK-based Internet bank gives customers online access to their accounts.

TD Canada Trust  Features EasyWeb Internet banking. Includes investing, insurance, banking, and small business.

Huntington Bank  Online banking, investments, and, insurance.

Bank of Montreal  Offers customers access to accounts through the Internet.

NatWest Online Banking  UK service offering balances, statements, transfers, bill payments, third party payments and standing orders.

First Internet Bank of Indiana  Offers real-time online banking services to customers in Indiana, as well as checking, savings, and lending services

Once you have found the right bank, selecting the best account for your needs is something you will have to figure out on your own.  Each account offers its own plus and minuses.  Most students have a Savings and Checking account and keep most of the money in the interest account to earn money.  Take a closer look at the more popular options:

• Savings Account
• Checking Account
• Money Market Accounts
• Credit Card

You should always be aware of how much money you have in your bank account.  Now that you have finally moved out of home sweet home, you must also take on the typical responsibilities than come with this new frontier... budgeting .  An important part of budgeting is keeping track of your bank accounts, balancing the check book and making sure you have enough money to pay your expenses.

Balancing your checkbook and knowing your savings account balance are essential when budgeting and planning for future expenses.  Every time you write a check, make sure you write down the amount spent and then balance your check book.  

Many people treat a checking account like a credit card and find that they end up overdrawing.  Try to avoid this at all costs as overdrawing brings penalty fees and your credit rating loses integrity.  Although this doesn't sound important now, you will see the effects when asking for a loan or credit card later on in life.

The ATM is truly one of the greatest inventions since fuzzy dice.  When choosing a bank, it is important to find one with many ATM's, preferably near you, and that does not charge a fee for deposits or withdrawals.  

Withdrawing:

Memorize your pin number as it takes forever to get back if you forget it.  Also, avoid writing it on the back of your card, in your wallet, on your hand, or anywhere people could see it.  

Never withdraw alone at night.

I have heard more stories about people getting robbed at night when using the ATM.  Save yourself a headache by waiting until morning, or take a friend or two with you.

Deposits:

Some people prefer face to face transactions with a live teller inside.  But if you miss banking hours, don't be apprehensive about depositing money into an ATM.  It is always good to deposit money into the bank as soon as possible to avoid losing the check/money and to also begin earning interest as soon as possible.  Follow the instructions on the ATM screen. Written below are the general depositing instructions :

1. Insert Card and type in pin number

2. Press Deposit

3. Find the appropriate account

4. Inserting Envelope

   1. Insert money into Envelope

   2. If depositing a check, endorse with signature

   3. Write the appropriate account number (savings, credit, etc.) on envelope, although many ATM's will now automatically do this for you

5. Insert envelope when prompted

6. Keep receipt for your records!

7. Remember to retrieve your card

8. Balance check book if applicable

Lost Card:

If you lose your card, call the bank immediately.  There is generally a 24-hour help-line which you can call.  Make sure you cancel the card and order a new one in order to avoid anyone from abusing your lost card.

If the ATM has "swallowed" your card, don't panic.  The card is not going anywhere, and if the bank is closed, it will open.  Just bring some ID and be prepared to answer a basic question to prove who you are.

The Credit Card is the greatest and worst item ever invented.  We have all heard about people overcharging their card and paying for it later with high interest rates and a bad credit rating.  Upon arriving at College, you will be bombarded by Credit Card companies wanting you to join.  Be careful!  Some credit cards offer horrible rates and suck innocent students into their web of endless payments of exorbitant interest rates.

What is a credit card?

It is a tool which will allow you to charge something online or in person with no cash upfront, and then pay approx. 30 days later.  

This is where people get caught.  They charge much more than what they have in their account and end up getting eaten alive by interest and late fees.  If you are going to open a credit card account, here are some hot tips and items to remember:

1. What are the credit card rates - shop around

2. What are the penalties?

3. Only charge if you have to, and if you have the money to pay it off when the bill arrives!

4. Pay immediately when you receive the bill... important!

5. Don't get overexcited with your new power

A credit card is a powerful tool if used properly.  It is reserved for mature adults who have enough self control to avoid over spending.  If you believe you are not ready for a credit card, wait.  

If you end up overcharging and ruining your credit rating , it will be very difficult to take out a loan for a future purchase.

Many people simply get credit cards to establish a good credit rating by paying their bills on time.  If you would like to take out a large loan on a house or car, then take this option if you are capable of paying on time without overcharging.  

Have fun, but be careful!