Like other students, beginning a bank checking account may be the first faltering step you’re taking during the controlling yours profit. Even although you got a monitoring otherwise checking account whilst in highschool, you will be given switching financial institutions in the college. erica branch for the or close the school university, or at least you read nutrients on the BofA and inquire in the event the that particular financial is an excellent choice for you.
This article will provide the information you should know before opening a student account at the one of the largest financial institutions throughout the You.S., Financial away from America. Subject areas safeguarded are:
- Qualifications standards to own opening a good BofA college student savings account
- The essential difference between the 2 style of BofA student checking accounts and the ways to choose which is perfect for your
- The huge benefits and you may cons away from beginning a financial off The united states student savings account
- What you need to know about BofA checking provider charge
- All you have to discover lowest balance
- How exactly to decide if a BofA family savings is the correct one for you
Lender out-of The united states have two types of examining account suitable for very students: the fresh new BofA Advantage SafeBalance Banking family savings in addition to Advantage Also Financial bank account. Regardless if BofA doesn’t especially make reference to either ones just like the “college student accounts,” they’re going to waive its month-to-month service charge for students that around twenty-four yrs old and you can enrolled in high-school, a professional system, otherwise school.
It’s easy to discover possibly of those the newest profile. You just need to establish their Personal Defense matter, offer at least opening deposit out-of $one hundred for the Virtue In addition to otherwise $twenty five towards Virtue SafeBalance account, and keep a long-term address regarding You.S.
Lender off The united states Virtue SafeBalance versus. Virtue In addition to
Since the Advantage SafeBalance and you will Virtue Also accounts promote a monthly maintenance percentage waiver for college students, you’ll find high differences between the brand new accounts:
- Virtue Along with: The Bank of America Advantage Plus Banking account is a traditional checking account. You can purchase paper checks to write on the account, as well as use a debit card with the account to use for purchases and at ATMs. If you overdraw the account – take out or spend more money than you have in your account at the time – you will be charged an overdraft fee. Note that you might be able to set up overdraft protection for this account, but that would entail setting up a savings account or making some other arrangement with the bank – like a line of credit – that likely won’t be an option if you are a student.
- Advantage Saerica Advantage SafeBalance Bank-account doesn’t give monitors, however you do get a great debit credit to utilize. You’ll never be billed a keen overdraft commission using this account since the financial institution wouldn’t honor instructions otherwise distributions over the balance. Without having adequate cash in your account to cover your order, they will simply refuse percentage.
Benefits and drawbacks of Lender out-of The united states Checking Account
As is your situation with all financial alternatives, you can find particular pros and cons to each. Eventually, which type of account you choose relies upon your specific points and needs.
Next parts record a few of the positives and negatives associated into the Lender regarding America checking levels in order to create a sound payday loans Munster choice.
Positives off Lender off America Checking
- Part accessibility: Bank of America has 4,300 branches spread out over 37 states and Washington, D.C. If you go to school in one of those states, you should easily be able to find a bank branch on or close to campus.