Student Bank Accounts

Most of the college or university financial transactions are processed through student accounts.  Banks  are usually willing to offer students a specific  bank  account, called a student  bank  account. The student savings account is offered exclusively to college and university students. A student checking account is available to all full-time students who are at least eighteen years old.

Specifically tailored for students, student  bank  accounts are generally used to manage billing and payment of student tuition, on-campus housing, and other campus charges. They are offered to students from freshmen to seniors and beyond. Most of the financial aid and scholarship money is directly credited to student  bank  accounts.

Almost all of the major  banks  offer student  bank  accounts with a wide range of services and facilities. Certain financial institutions offer incentives and gift vouchers when students open their accounts. Just like normal current accounts, the facilities offered by student  bank  accounts often vary enormously from  bank  to  bank . With student  bank  accounts, one can view the account transactions by date or by term. Unlike other  bank  accounts, student  bank  accounts do not pay interest.

One of the major advantages of student  bank  accounts is that they provide instant access to funds. Moreover, they offer credit cards and interest-free overdraft facilities, but the amount of overdraft varies from  bank  to  bank . Besides, they provide flexibility wherever possible in order to help students meet their financial obligations. Before opening a student  bank  account, one must be aware of the services offered by a  bank . To open a student  bank  account, a student must provide personal details along with a reference from his parents or college principal.

There are several factors to be taken into account while opening a student  bank  account. Proximity of the  bank  to the campus is of importance as it facilitates greater access. If there is no branch nearby, then Internet  banking  facilities and telephone  banking  are the best alternatives. Overdraft rates and charges on authorized overdrafts are the other factors to be considered when opening a student  bank  account.

Source by Damian Sofsian

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Student Bank Accounts