Whether you’re just starting college or have been hitting the books for a few years, if you don’t have a checking account, it’s a good idea to set one up. Checking accounts make it easy to handle your personal finances, including check deposits, bill payments and making online purchases. It’s also safer to carry around a debit card instead of cash — if the former gets stolen, you can immediately shut down the card to prevent further losses.
Having a checking account also makes it easier to track your spending since you can view your account balance and all of your transactions and debit card purchases online or on your monthly statement. If you decide you’d still like some cash in your pocket, it’s easy to withdraw money from your account at any time with an ATM machine or by getting cash back during purchases.
Since college students often have very different financial habits and concerns than adults who have entered the workforce, many banks offer checking accounts designed for college students. The Chase College Checking account is just one example. In this article, we cover six things you need to know if you’re considering opening a student checking account through Chase bank.
Chase College Checking is for college students who are 17 to 24 years old. (Note that if you are still in high school, you can instead opt for a Chase High School Checking account, which you can convert to a college checking account once you matriculate.)
The basic eligibility requirements for a Chase College Checking account are as follows:
If you’re unsure whether the documents you have can be used as proof of identification or student status, contact your local Chase branch and ask for clarification. There are no credit score requirements. When you open your account, you will be given an account number information, a visa debit card and a pin number.
Like all banking options, there are pros and cons that may make more or less of a difference depending on your situation, needs and so on. For example, you’ll want to consider if there are any monthly fees, overdraft fees and ATM fees that might apply when using a non-Chase ATM, minimum deposit requirements and more.
The following outlines some specific pros and cons of a new Chase College Checking account, which you can use to compare Chase’s offering with other banks.
Aside from being a checking account designed with college students in mind, Chase College Checking includes the following additional benefits and perks:
Because there are two sides to every coin, there are some negatives to consider when considering a Chase College Checking account, including the following:
In banking, service fees or account fees are fees charged to your bank account to cover services offered by the bank. For example, you might be charged a service fee for using an ATM, transferring money or setting up an account. Some banks also charge monthly service fees, sometimes called maintenance fees, that might be waived if certain conditions are met.
While Chase College Checking charges no fees on a monthly basis for up to five years while you’re in school, after graduation, your account will convert to a Chase Total Checking account, and a monthly maintenance fee of $6 applies. However, this fee can be waived for each month that the following conditions are met:
While there are no monthly service fees while you’re in college, you might be charged fees at non-Chase ATMs, or for money orders or cashier’s checks. You will also be charged an Insufficient Funds Fee of $34 each time you overdraw your account, unless you set up overdraft protection with a linked Chase Savings account.
Some banks require that you maintain a minimum balance in your checking account to keep the account and avoid additional fees. There are many reasons a bank might require a minimum balance.
For example, requiring minimum balances on accounts ensures the bank has a certain amount of cash at its disposal, which allows it to fund withdrawals, lend money and meet certain financial regulations. The bank may also invest this money to add to its profit margin. When minimum balances are not maintained, banks can also profit from the fees charged.
The good news about Chase College Checking accounts are that they have no minimum balance requirements. This makes them perfect for students who may have limited financial resources while attending school.
New customers who open a Chase College Checking account may qualify for a $100 signup bonus. That’s free money you don’t have to pay back. There are some stipulations, however.
To qualify for the bonus, you must complete 10 qualifying transactions within 60 days of account opening. Qualifying transactions include the following:
This offer is only good until 7/14/2021, so if you’re reading this after that date, check the Chase College Checking website to see if any new offers are available.
Only you can decide if you’d like to become a Chase customer. You may want to take some time comparing different college checking accounts before making a final decision, but many college students choose Chase College Checking because Chase is a well-known and trusted banking institution, their accounts have no monthly fees or minimum balance requirements, and they are convenient and easy to use.
CollegeFinance.com offers many resources for students regarding financial topics, student loans, financing and more. Check out the saving for college page for information on organizing and optimizing your finances before you get to college and the financial aid page to learn about how to pay for college expenses.