If you don't already have a bank account with a home-town bank, and maybe even if you do, you amy quickly decide that you'll need one at a bank near school. Chances are you'll find a bank that's near or on campus will have more convenient and less expensive ATM access, too. How do you go about opening a new account?
To open an account, you will probably need a driver's license, social security card, and a mailing address. The bank will also require that you provide a residential street address. If you do not have a driver's license, a state-issued identification card would most likely work. You will also, of course, need money. Although different banks require different amounts, most require an initial minimum deposit somewhere between $50 and $100.
Depositing cash or using an electronic transfer is often the best method for opening an account. If you are writing a check on another bank account at a different institution or depositing a check made out to you, the new bank may require a waiting period before allowing you to access your funds.
Especially if you are opening a checking account, the bank will also check to see if you owe another bank money or if you had an account closed due to overdraft fees or account mishandling. Many banks report to some type of reporting company, like ChexSystems, when they close a customer's account involuntarily. If you had an account as a minor or prior to starting school, and the account is overdrawn or you still owe the bank money, you need to resolve the issue quickly.
Once you have your paperwork in order, you need to decide on a bank. If you are new in town, you should check with different local banks. Many of them offer special services or incentives to students. Some banks will offer a certain number of free overdraft protections, free checks, or low minimum balances. Remember that you may have to weigh convenience of hours or location (branch and/or ATM) and account costs in your choice of banks and accounts.
If you have odd hours or you simply prefer the comfort of your own laptop, you can also open an account at many banks from the comfort of your home. Simply gather up your license, social security number, and address, and log onto the bank's homepage. Many bank sites have simple prompts for helping you set up an account, although you will need to deposit money by pulling from an existing account at another bank. If you want to open the account with cash or a check, you will have to visit the local branch.
Visiting the local branch to set up an account is probably a good idea anyway. You will get a feel for the customer service the bank offers, while a live person helps you order checks and a debit/ATM card and answers unanticipated questions. More often than not, you will also find the bank has a variety of accounts or incentives that aren't listed the bank's website that might work for you.
Regardless of your situation, having a checking account or a savings account is a positive step to financial independence. For tips on balancing your checkbook once you've opened an account, check out these Steps in Balancing a Checkbook.
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