Many young adults enter the “real world” lacking the proper knowledge in financial literacy. The following information will assist with setting up and understanding the features and benefits of student checking accounts more clearly.

What Can a Checking Account do for You?

A checking account offers easy accessibility to your money anytime, anywhere and it also helps keep your cash secure – often times through use of a debit card. A debit card is a card that grants you electronic access to the money in your account, which is often referred to as a check card. You may also receive checks to make purchases or pay bills from your checking account. This makes it easier to spend and receive money without carrying cash. Checking accounts are also important for building credit, which you will need to make major purchases such as a car or a house in the future.

A great checking account option for students is Student Checking. The perks of Student Checking accounts vary among financial institutions, but many include free checks, free ATM usage, and better loan rates.

Preparation

Before opening a checking account, make sure you are prepared. Here are a few tips to remember when you begin the process:

• Get all of your personal documents together. You will have to prove that you are who you say you are, to open an account. Make sure you have the proper identification such as a driver’s license, photo I.D. card, and Social Security card.
• Know what services your credit union or financial institution offers. Does the institution provide online banking and bill pay? What fees (if any) does the account charge?
• Look for branch and ATM locations. When choosing a financial institution, it’s a good idea to check for locations near your home, job, or school. It’s also a good idea to consider the locations and availability of their ATMs.
• Be able to identify fraud. Many Americans have been exposed to financial scams as of late, and even more are unable to identify classic red flags. Common fraud attempts include propositions for “educational” investment meetings, or being offered money in exchange for paying a fee or making an initial deposit. Use common sense and be cautious around offers that seem too good to be true.

First Financial offers Student Checking to students who live, work, worship, or attend school in Monmouth or Ocean County, ages 14-23.*

The account includes the following features and benefits:

• A free first box of checks and an allowance of the first mistake being free+
• Free phone transfers to the account by parents
• No per-check charges
• No minimum balance requirements
• No monthly service charge for having the account
• A Debit Card issued instantly in one of our Monmouth or Ocean County      branches.
• Free Online Banking with Bill Pay++
• Unlimited in-branch transactions

Remember that it is important to establish yourself financially as a student. After your schooling is finished, you will begin your search for a career. Understanding your account and personal finance can only help you when you begin this independent stage of life, and First Financial is here to help you every step of the way!

*A $5 deposit in a base savings account is required for credit union membership prior to opening any other account. All personal memberships are part of the Rewards First program and a $5 per month non-participation fee is charged to the base savings account for memberships not meeting the minimum requirements of the program. Click here to view full Rewards First program details. Accounts for children age 13 and under are excluded from this program.

 What the symbols mean:
+ Call or visit a branch to request refund of the first fee incurred. We must receive request within 90 days of date fee is charged in order to be eligible for refund. The eligible fees are NSF, Overdraft, and Courtesy Pay fees.
++ Bill Pay is free as long as 3 bills are paid through Bill Pay each month, otherwise a $6 monthly fee applies. 

Article Resources:

http://www.lifescript.com/life/money/save/5_things_to_know_before_opening_a_checking_account.aspx

http://www.foxbusiness.com/personal-finance/2013/10/28/5-financial-traps-awaiting-young-adults/

http://www.bankrate.com/finance/checking/chapter-1-checking-account-types.aspx

http://www.foxbusiness.com/personal-finance/2012/01/11/skinny-on-checking-accounts-for-teens/

http://money.msn.com/saving-money-tips/post–pick-a-checking-account-to-fit-your-student

http://www.bankrate.com/finance/savings/5-tips-for-opening-a-teen-checking-account-2.aspx