April 4 , 2006
NEWSManaging funds needs to be priority
One of the most significant things to learn after high school is to learning to manage personal finances. Unfortunately, this is not usually taught in a college class. Whether they live with mom and dad or on their own, many students work part-time and full-time jobs while they are enrolled in college. But when that paycheck comes, they don’t know what to do with their money?
“I don’t know, I spend most of my money on food and gas… and my girlfriend,” said MCC student Mike Olsen.
It’s helpful for students to know about the different banking options that are available. Some banks offer special accounts designed just for college students.
Wells Fargo provides a package for students, which includes a checking account with overdraft protection and no monthly service fee. Also included are a savings account, and a Gold Check Card that you can earn points with through their rewards program.
For each dollar you spend, you earn a point which can be added together and used towards getting gift cards, movie tickets, and even airline tickets.
With Wells Fargo, students are also offered a College Visa Card which features low introductory rates and no annual card fee.
“The College Visa Card is an easy way for students to establish credit history early on,” said Korina Lopez, a personal banker at Wells Fargo.
According to Lopez, the minimal amount of credit is convenient for college students who usually don’t have the ability to pay off huge loans, but still wish to build good credit.
Both Bank of America and Chase offer the same type of student Visa Card with no annual fees.
Bank of America also offers the CampusEdge Checking account which includes the same free check card and Bill Pay as Wells Fargo, but with a Total Security Protection package.
The student banking programs at Bank of America and Chase are available on five-year limits while the Wells Fargo program is available as long as you can show proof of college enrollment.
All these banks provide free online banking to students, which allow the customer to access account balances, pay bills, and make transfers, while avoiding any unpleasant ATM fees.
The best location for students to bank at seems to be on the Internet.
“Students love the free online banking feature. It makes things so convenient.” said Sara Vara, a banker at Bank of America.
“Also when a student refers someone to open an account with us, we deposit 10 dollars for a student account and 25 dollars for a regular account.”