High school students require a lot of money to purchase learning materials and cater for their upkeep while in school. They need laptops, books, textbooks, and uniforms. They also need money to fund their school trips to various places as part of their learning. That calls for the need for a checking account. Most of us are used to bank accounts being only for students, but children can open accounts too. Today I will dwell on the most appropriate high school student checking account.
It is very unsafe to give your child cash to keep in their dormitories and use when in need. Within the students’ population, we have those with extended hands, and your child may lose money and end up in big trouble in the middle of the term. With money in their account, no one will access it whatsoever. They only need to keep their PINs and online banking passwords a secret, and all will be well.
If you are a parent and hearing about students’ accounts for the first time, you might be worried about how your child will spend money. Since they are minors, we know that they may squander the funds or misuse them to buy unwanted things. Banks allow you to manage how your child spends money from their accounts. You can limit the amount your child can spend in a day, week, or month. That way, you can prevent them from misusing money.
Requirements To Open A High School Student Checking Account
Opening a student account is not like opening an ordinary checking account. Apart from the guardian being around to stand in for the account opening, some things should be available during the opening. They include the following.
- Social Security Number (SSN) for the guardian or parent
- An identification document for the parent. It can either be an identity card, a passport, or a driver’s license.
- The parent/ guardians physical address.
- Email address of the guardian or parent.
- The student ID or acceptance letter.
- Passport size photos which are taken in the branch
Apart from presenting the above details, it would help if you also came with the child to the branch.
The Method To Open A Checking Account
You can open a checking account online or at a physical branch. It is even possible to get a free online checking account with no opening deposit. You need an internet-compatible device such as a smartphone or computer when opening online. The internet should be secure as well.
However, when opening a checking account for your minor, most banks and credit unions require you two to visit the institution. However, you need to choose the most appropriate account depending on your personal preferences. There is not much to do as you only need to fill in an application form and attach the photocopies of the required documents.
They include the identification document for the parent/ guardian, student ID, and a document to prove your physical address which can be your utility bill statement for electricity, water, or even internet. After finishing your application, you wait for verification, ranging from a few minutes to several hours.
Factors Need To Check Before Opening A Checking Account
It would help if you were not blind when getting a checking account for your student, as you may enter into a problem by opening an expensive account. The following are factors that you should check.
i) Monthly maintenance fees
High school student checking account can have monthly fees. Others do not even have the fees. If you have to open a checking account with fees, it is better to ensure minimal fees. That way, you will save money.
ii) Opening deposit
Most banks require a minimum deposit during the account opening. The minimum deposit is the lowest amount of money you should have when opening an account. You can also find a checking account with no minimum deposit requirement, and thus you decide what to put in your account. For your information, we also have some second chance checking accounts with no opening deposit.
iii) Annual fees
You can find accounts that charge annual fees too. The fees are usually high, and if possible, you should avoid checking accounts with such fees. We know that these are avenues where banks make money to continue their business, but very high fees can be disadvantageous to the consumers.
iv) Transaction fees
Transaction fees refer to the money deducted when you carry out any transaction. It is good to check transaction fees when purchasing goods and services. Foreign transaction fees are generally high. The lower the transaction fees, the better.
It is always good to get a checking account with rewards. Rewards here refer to miles, cash backs, and points. Since checking accounts come with debit cards, it is easy to get rewards when you use the card to buy goods and services at certain stores. Rewards allow you to save some money when you redeem.
Process That Student Checking Accounts Work
Checking accounts for students has no significant difference from ordinary checking accounts. Therefore, the operations are almost the same. As I said earlier, the accounts come with debit cards to allow you to withdraw money from an ATM.
Also, one can use the card to purchase goods and services online or at physical stores. Again you can withdraw money from a checking account at a branch by presenting your identification document.
In most cases, banks and credit unions usually put spending limits on checking accounts to prevent the misuse of money. You can also limit your child’s expenditure using a mobile app to ensure that they do not overspend.
Since the checking accounts require you to have money in your account, you should always top up the funds when depleted. You can organize an automatic transfer of money from your bank account to the student checking account of your child every month. That way, you ensure that your child has money to spend all the time.
The Appropriate Checking Account For High School Students
The most appropriate checking account that you can open for your child is the one that ensures that one incurs a few expenses. A checking account with no ChexSystems will work very well if your name is in the ChexSystem since you will still get an account for your child.
Again, as a parent, you need a checking account with debit cards with rewards. That way, one can save a lot of money. Moreover, an account that will enable you to regulate your child’s expenditure is excellent. That way, they cannot use money irresponsibly.
Different Checking Accounts For Students
There are various checking accounts that you can open from various financial companies. They include the following:
- Union Bank – Teen Access Checking
- USAA – Youth Spending
- Alliant Credit Union – Free Teen Checking
- Logix Federal Credit Union – Teen Checking
- Chase Bank – Chase high school student checking account
- Bank of America – Core Checking
- Wescom Credit Union – GenEdge Account
A high school student checking account allows them to access funds for their everyday financial needs in their school. The accounts come with debit cards, and you can open them from either banks or credit unions.
When opening a checking account for your kid, you should submit your details such as identification documents, SSN, physical address, email, and phone number. You should also present the student ID or acceptance letter of your child.