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What Is A College Checking Account?

Starting and knowing how to become financially responsible at an early age is a good way to jumpstart your financial future. That is why a number of students get a College Checking Account even before they actually have any business or personal use for it. For most parents, this is a great way to start their kids to be more accountable in their money. Think of it this way, with a college checking account, you would have access to a smaller maintaining balance or sometimes none (compared to when you apply for a checking account after college), as well as an easier way for you open one. Also, if you are currently working or is starting your own business while in college, this could be a great leverage for you.

Be careful though, not all college checking accounts are the same even if they seem to be. Some of them have hidden fees that can do more harm than good, so you need to learn about them before you jump right ahead with opening an account with the first bank who offered you. Look for those that are genuinely free and at most, have an online or has an electronic checking access. This would be more convenient for you, being a college student and all. Outside of college, you will be asked for a direct deposit before you can open an account and with a much higher monthly standing balance. Having a college checking account would be a good choice.

The important fact in handling your money (in college and more so, outside when you start working) is to be responsible enough. It is not about staying within your means, you can always expand them if you choose to. It is about knowing and understanding that college checking accounts, or even cash, are just ways for you to keep your money for good use. Having a checking account does not mean you can irresponsibly use them to spend in anything you think. A withdrawal should never over exceed your deposits, especially if the expense is not even important or beneficial to you as a whole. Use your college checking account to build assets, not make it your own financial liability.

Here is a tip so you would be able to maximize you college checking account:

Your debit card (or your credit card) is not cash. It may seem that way, but it is not. The amount of money that you can use, or your debit allotment, must only be a percentage of what you can actually use. Whenever you can, use cash. Your college checking account is not limitless. Otherwise, it would be an early start for you to be in debt for the rest of your life. Do not be under the spell like most people. It is easier for a person to manage and balance their money transactions if you can see them in cash rather than just swiping your debit card or just issuing a check from your college checking account. You could be like most people who believes they still have some money left and then realized that they have all used up their savings for things that they do not really need. Balance your college checking account regularly; a habit you would be thankful for later on in life.