One of the first tasks many college students need is setting up a bank account at a company like Texas Bay Credit Union. Whether you are setting up your first ever account or converting a childhood account for your adult needs, knowing how to best manage is important. The following information can help you get off on the right foot when it comes to your new banking services.
Pick the Right Type of Account
At the most basic level, you need savings and checking accounts. Most banks and credit unions will offer several different options. For most students, a free basic checking or student checking account is the best option. These accounts tend to have no fees nor minimum balance requirements. The savings account options that are paired with these also have low minimum balance requirements, which is typically better suited to a student budget. You may even be able to find an account that offers student benefits, such as good grade interest rate boosts.
Keep a Record
With online banking websites and apps, paperless billing, and automatic deposits, it can be easy to forget about your account. It's vital that you continue to keep a ledger to track transactions. Unexpected charges or overlooking the need for a deposit could put your account in the red, which will result in returned payments and overdraft fees. Write down each transaction and monitor the account regularly so that no unexpected transactions or bank errors affect you negatively.
Automation can save you time while also preventing human error. When it comes to deposits, setting up your paychecks or student aid payments to come directly to your account may mean that you get your money faster. As for bills, automating the payments means you will never have a late payment. Just keep in mind that you still need to monitor your account, even if everything is automated. Check your transactions at regular intervals, such as once a week, and verify them against the record you maintain. This way, you catch errors before they can hurt your balance.
Most banking service apps now let you set a variety of alerts to help you better manage your account. You can set an alert to let you know each time a transaction over a certain amount occurs, for example, which helps you catch fraud early. Another common alert option is a balance alert. This alert can be set to send you a text if your balance falls below a predetermined amount. These alerts will help you become better and more attentive when managing your first student account.
Contact a banking service near you to learn more.