Bank Details

Two main types of bank accounts you should know about: the checking account and the savings account.

• Checking account: To be used on a day to day basis and manage your daily expenses and for paying any bills
• Savings account: Is used for longer-term deposits and allows you to gain interest on your savings

The Quick Run Through

ATM charges

• In the US, banks will often charge you if you take money from another bank’s ATM.

Cash bonuses

• Monthly bonuses with certain restrictions, such as having to deposit a certain amount in the bank account each month.

Overdraft protection

• Occurs when you spend more money than you have in your student bank account
  • Your bank may decline your payment and possibly charge you a insufficient funds (NSF) fee.
• Overdraft protection will stop this from happening by allowing your transactions to go through, even if you don’t have the money in at the moment.
• Bank may offer several options:
  • Linking an eligible savings account which automatically transfers money over from a savings account to cover the amount
  • Linking a credit card
  • Overdraft line of credit (a line of credit for overdrafts based on your creditworthiness)
  • Overdraft coverage for one-time transactions
• This often comes with extra fees!

Monthly service fees

• Fees that banks charge on a monthly basis to maintain your bank account
• Usually between US$6 and $50 per month, depending on the bank and the type of account you open
• Can easily be avoided
  • Waived as a benefit of student bank accounts
  • Voided by having a regular monthly deposit
  • Keeping a certain amount of money in your bank account

Online Accounts

Zelle