Financial Tools for College
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There are important features to consider when choosing a student checking
account:
1. Does the bank offer a student checking account? Typically, banks that have
a student checking account offer special features that meet the unique financial
needs of a student.
2. Does the checking account have no minimum balance and no monthly service
fee?
3. Does the checking account provide free Internet banking, free internet
bill pay and free online statements?
4. Does the checking account offer the student their first box of checks for
free?
5. Does the checking account provide free ATM transactions at foreign ATMs
(ATM machines outside of the student’s bank network) to help students while
travelling abroad, home for the holidays or for spring break?
6. Does the account offer special rewards, just for using their check card?
7. Does the bank have a strong branch office network? Many students feel more
comfortable with one-on-one customer service to answer questions or to talk
about banking options after they graduate. Choose a bank that has branch office
coverage in the state in which you live as well as the state in which the
college is located.
8. Does the bank offer 24-hour customer service, 365 days a year?
For more information, visit usbank.com/studentbanking.
Plastic Cards – Controlling Spending
College students need money for many things in their busy lives -- books,
gas, clothes, travel and emergencies. A reloadable, prepaid card is the perfect
tool. For example, the prepaid Visa Buxx card has benefits for both students and
parents. It's safer than cash, plus there's no risk of debt because students can
only access the funds preloaded to the card. Also it is a great tool to help
students develop positive financial skills they'll use throughout their life.
Parents load the card, track purchases and balance information online and can
even set up an automatic allowance schedule. Your student can use the card
everywhere Visa debit cards are accepted, including online and at the ATM. The
U.S. Bank Visa Buxx Card is available at any U.S. Bank branch or online at
usbank.com/buxxcard1.
Shopping for everyday needs will probably be a new experience for college
students. Finding a conservative, low-cost credit card may now prove to be a
necessity. Watch out for low introductory rates that often increase soon after
the cards are used. Instead find cards with reasonable interest rates and low
maximum balances and spending limits. Even more helpful, encourage your student
to pay off their balance monthly, and incur no interest charges. Newer cards now
allow students to earn rewards for all purchases. The U.S. Bank College Rewards
Visa Card allows students to manage their own finances, while earning points
towards free entertainment and merchandise -- as they can earn one point for
every net purchase dollar charged -- with points good for CDs, media rentals,
movie tickets, electronics, restaurant certificates and much more. Online access
is also important in order to view account balances, and manage and redeem
reward points. For more information, check out usbank.com/collegevisa.
Given students’ unique needs while in college, it is critical to assist
them in making good financial decisions before they set foot on campus.
Courtesy of ARA Content
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