Opening a Bank Account for Your College Student? Here’s What’s Important.

Going to college is a big step in a young adult’s life. They finally get their first taste of ‘freedom’ and being on their own while getting the opportunity to meet new friends in a new place, which are all very exciting things. However, without a solid banking relationship, it can be a challenge adjusting to life away from home.

Whether you’re sending yours off to college for the first time or helping them pack after a summer back home, here are a few tips you should consider when selecting a bank account for your college student:

  1. Limited Fees/Low Minimum Opening Balance

Monthly fees for just having a bank account can really be a burden, especially to a college student with little funds. It’s important to make sure the checking account you select has limited monthly fees. Additionally, a low minimum opening and daily balance is important because let’s face it, that graduation money won’t last too long.

  1. Online Banking/Direct Deposit

Proper financial management is very important as the transition into adulthood is made, and your student’s first bank account is a great starting point. It’s likely they will get some sort of job to have additional funds, so setting them up with an account that has direct deposit enabled will allow them to begin to save for the future. Proper use of online banking is also important, as this can help prevent overdrafts on the account. Some online banking programs will allow transfers from external bank accounts, giving parents peace of mind knowing they can send money in case of emergency.

  1. Excellent Customer Service

No matter how hard we try to prevent them, things come up that require extra funds (broken down car, last-minute spring break, etc.). Therefore, it’s important to have a caring, compassionate bank customer service team at your disposal–a team who will help you get your college student the money they need when they need it. That’s why customer service quality should also be at the top of your list when selecting a bank for your student.

Here at Lineage Bank, we understand how important this moment is in the parents’ lives as well. It’s never easy sending your child off to college, but with the right banking tools in place, it can help bring you some peace of mind. If you need help building a banking relationship for your young adult, give us a call today at (629) 248-9085. We look forward to assisting your family!

The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide education about the financial industry. The views reflected in the commentary are subject to change at any time without notice.