College presents many opportunities to step up to the plate and start taking on more responsibility. Just like making it to class on time and taking care of your dorm room, managing your money properly is your responsibility once you get to college.A student bank account is very similar to a regular bank account. However, there are features of the account that are exclusive to students. Student bank accounts typically have less strict fund requirements and minimal, or even zero, maintenance fees. Banks understand that students are just getting started, financially-speaking. In hopes of making them life-long customers, banks allow more flexibility with their student bank account holders.With a student bank account, students can open with very little, to no, money deposited. They also don’t rack up fees for overdrafts or lack of monthly direct deposits.They also aren’t punished as severely for instances in which they overdraft on accounts. Fees are either minimal or nonexistent for student bank accounts. Banks may also waive ATM withdrawal fees for students who need to pull cash out from ATMs managed by other banks or third parties. Finally, in order to entice students to open bank accounts, institutions may offer student rewards and incentives, like $100 for opening a checking account or a certain percentage back on specific purchases.
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