Banking

Local credit unions can be a good first stop as a banking option for you. Many offer low-cost features which are considered ideal for students. Financial aid and other income will likely be deposited into your bank account. You should be encouraged to use the "pay yourself first" method when creating your budgets. To pay yourself first means simply this: Before paying bills, buying groceries, or spending money on anything else, set aside a portion of your income to save. Doing so (easily accomplished via an automatic transfer from a bank account) is an important step toward creating financial security and personal wealth.

Ready to choose a financial institution to bank with? Here are some questions to ask:

• Is the institution insured? (Banks should be insured by the Federal Deposit Insurance Corporation; credit unions should be insured the National Credit Union Association.)
• Does the institution charge monthly fees?
• Is a minimum balance or regular direct deposit required to avoid monthly fees?
• Are users charged for using out-of-network ATMs?
• Does the institution charge overdraft fees? Does it offer overdraft protection?
• Are users charged fees for debit card use or online bill pay?
• Is the institution easily accessible and open during hours convenient to the student?