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Before You Open a Bank of America Student Account... WATCH THIS! - YouTube
Channel: Smart Money - Personal Finance
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A 2019 survey from LendingTree suggests that.
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87% of college students have
a student checking account,
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of which, 78% are the sole account holder. Only
17% share a joint account with their parents.
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Are you a parent thinking of opening a student
checking account in Bank of America for your
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child? Or perhaps you’re a student getting ready
for college and are thinking about opening a
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student account, but you’re not sure how to do
that? If you fit either of those descriptions,
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then this video is for you.
Whether you are an American
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citizen or have come to America to study
for a few years, opening a Bank of America
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student account is a great idea because it
has a presence near many college campuses.
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However, the process of opening a Bank of America
student account is a bit complicated, and there
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are some things that you need to consider
before opening a student checking account.
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But you don't need to worry because, in this
video, we have covered EVERYTHING in detail.
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So watch this video till the end.
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Things to Consider Before Opening
a Bank of America Student Account
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Type of Account
Advantage Safebalance:
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This account is not a traditional checking
account in the sense that it doesn’t offer
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the ability to write checks. But then again, when
was the last time anyone under 40 wrote a check?
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This account has a $4.95 monthly fee which
can be waived for students under 24 years old.
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This account has no overdraft fees which helps
students not spend more money than they have.
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Bank of America requires a $25
minimum to open this account.
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Service Charges
Before opening an account,
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pay close attention to which services are
free and which will cost you extra money.
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Consider your banking habits and choose an
account that doesn't charge you extra money
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for things you need to do on a regular basis.
As mentioned previously, Bank of America doesn't
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charge a monthly fee to students who are below
25 years old and are enrolled in a high school,
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college, university, or vocational program.
With that said, you’ll need to provide proof
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of enrollment at the time
of opening the bank account.
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Though providing this information will waive your
monthly maintenance fee until you reach 25 years
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of age, you’ll need to pay the $25 minimum
deposit amount for opening the account.
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ATM Access
Generally,
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the bank will charge you money if you make a
withdrawal from another banking institution’s ATM.
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So, before you open an account with Bank
of America, ensure that there is a Bank
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of America ATM or branch near your campus.
Doing this will save you a lot of time and money.
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Bank of America is a very big bank, and they
very likely to have ATMs or branches on or
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near your campus. But it never hurts to check.
Currently, the Bank of America student account
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charges a $2.50 fee for using a non-Bank of
America ATM in the U.S and $5 in other countries.
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So by keeping this in mind, you can potentially
save hundreds of dollars in fees over your
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scholastic career. Furthermore, your debit
check card can also function as an ATM card.
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Perks and Benefits
Usually, banks provide
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various benefits to students in
order to get them to open accounts.
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Banks do this in the hope that once the students
graduate, they will keep their accounts open.
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Banks provide students with perks like no minimum
balance requirement, free checks, a free debit
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card, online banking, and free ATM transactions.
Bank of America routinely offers a $100
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bonus for their student account to members
who qualify. This offer is not guaranteed
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to be available at the time you’re watching
this, so be sure to check with the website.
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In order to qualify, you’ll have to “open
an account through the promotional page,
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and set up and receive two qualifying
direct deposits of $250 or more into
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that account within 90 days of opening.”
This is a great option for students who have
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jobs or are involved in work-study programs
because they’ll get a few extra dollars simply
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for setting up their accounts.
Fraud Liability
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Though it’s become increasingly important in an
era of cyber theft, fraud liability is one thing
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that most people forget to check for while opening
a bank account. The Bank of America student
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account provides you an added protection as your
debit card comes with a $0 liability guarantee.
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Bank of America’s website says. “You’re
not liable for unauthorized transactions
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made using your consumer debit card,
as long as you report them promptly.”
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So in the event that your card gets lost or
stolen, you are not responsible for the fraudulent
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activities and unauthorized purchases.
If this happens, you should contact the
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bank and report to them about theft or loss as
soon as possible. Bank of America also provides
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you with an option to temporarily lock and
unlock your debit card with internet banking.
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This is an excellent feature for you if you think
you have lost your card, but you want to search
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for it before you actually report it to the bank.
Transferring Money and Depositing Checks
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Nowadays, everyone is searching for
convenient ways to manage their bank accounts.
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So the Bank of America allows you the ability
to transfer money and deposit checks remotely.
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If you don't have time to visit the bank
because you’re busy between class and work,
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you can use internet banking to manage
your account without going to the bank.
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You can use internet banking to
check your balance, transfer money,
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set up bill pay, and some other things.
You can download the Bank of America app
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on your smartphone and manage your
account from anywhere you want.
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How to Open a Bank of America Student Account
Opening a Bank of America student account is not
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very difficult. Once you’ve selected the Bank of
America Advantage SafeBalance account all you have
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to do is follow our step by step guide:
Gather Your Documents.
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You will need the following documents to
open a student account in Bank of America:
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Social Security number and date
of birth of all account holders.
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Phone number and email address.
Physical U.S. address (no post office boxes).
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Account information for funding your new account.
If you open your account offline at the branch,
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you will also need two forms of ID which can
be a driver's license, state id, or passport.
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Fill the Application Form
Visit the Bank of America website
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and start filling the account application.
Fill in the required information and also
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attach all the necessary documents to
prevent denial of the application.
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Fund the Account
Last, to complete
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the Bank of America student account creation
process, you simply need to fund your account.
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You can either transfer money from an existing
bank account or pay via cash or debit card.
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Pros and Cons of Bank of America for Students
Pros:
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Access to physical branches.
Available in all 50 states.
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Interest-yielding account.
Free debit card and the option
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to lock/unlock the card if lost or stolen
No charge on incoming domestic wire transfers.
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Offers a $100 bonus offer.
Cons:
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Services fees are quite high.
Conclusion
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Opening an account in the Bank of America
is an excellent choice for most students
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because of two reasons.
There’s no monthly fee,
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and their ATMs and branches are
available near most college campuses.
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I hope this video provides you useful information
that you should know before opening a Bank of
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America Student account.
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