Student checking accounts are designed specifically for young borrowers who are still in school. They include the same features as a traditional checking account but may include extra protections for young consumers still learning to be financially independent. While these accounts typically have an age limit, the exact ages that qualify for a student account vary from bank to bank. If you have any questions, don’t hesitate to reach out to a bank representative, either in person (at a local branch) or by using the bank’s online chat hr services for small business feature (if available) or customer service phone line. With an interest-bearing checking account or high-yield checking account, you earn interest on the money in the account—just as you would in a savings account. Unlike a savings account, however, you’ll be able to write checks and use your debit card to make purchases and pay bills.

Checking accounts keep your money safe and accessible, and they make it easy to automate your money management. Now that the meaning of a checking account is more clear, you can decide whether this is the right place to stash your cash. You may be asked to enter information such as your name, address and debit card number along with its expiration date and the three-digit code on the back of your card. Checking accounts play an integral role in many aspects of life, whether it’s receiving your paycheck or transferring money to someone else. The first series, on the left, is a nine-digit number that identifies your bank and is commonly called the ABA or routing number.

Low-Balance Checking Accounts

These deposit accounts give consumers a place to deposit their money, make transfers, write checks, pay bills, and do other routine banking transactions. Banks typically request personal and financial information including your name, social security number, and a driver’s license or other government-issued ID. Once your application for a checking account is approved, you can begin depositing and withdrawing funds as needed. my home is in foreclosure and i have a $100,000 gain! A traditional checking account is a basic checking account available to most consumers. It typically has a very low interest rate and is designed for short-term spending and money management.

Couples can open joint checking accounts to manage their joint finances and expenses. Review the latest statement from your old bank to ensure you haven’t missed transferring any automated payments from the old account to the new one. Also, update your employer’s payroll manager with your new account information to ensure your direct payroll deposit goes to the correct account. Depending on the bank, you may be required to deposit money to open your account, which can be done by cash, check or online transfer. If you are not a trustee or a trust beneficiary, this type of checking account likely won’t be on your radar. In any type of trust account, a trustee controls the account assets for the benefit of another person or group.

With the routing number and your account number, the bank that accepts your check will know how to process the check (which bank and, specifically, which account, to draw from). The last series of numbers is the check number, which corresponds to the number in the top right corner of the check. Balancing your checkbook regularly helps ensure you know how much money is in your account, which can keep you from overdrawing your account. You can track your transactions in your checkbook ledger, with a spreadsheet, or using an app (such as Mint). Generally, you’ll need to provide documentation to prove your identity, Social Security number, and address.

Bill Pay

Using a checking account debit card for purchases can be safer than carrying around large amounts of cash, which can help protect your money should your wallet become lost or stolen. After you’ve chosen a checking account, it’s relatively simple to open. You’ll need to provide personal information, such as your name, address and birthday, plus your social security number.

A trust must be established before a trust checking account can be opened. A second chance account is usually designed to help you avoid overdrawing your account. After a period of meeting the bank’s expectations, you may even be able to transition to a traditional account with better terms. PNC Bank’s Virtual Wallet® combines checking and savings accounts, offering a range of benefits such as savings goals, spending categories, and a calendar to track your spending and paydays. It also comes with Low Cash Mode®, giving you added control with features such as intelligent alerts, payment control, and extra time to fund your overdrawn account.

Trust Checking

1. For example, you must maintain a high balance or make many debit card transactions monthly.
2. They include the same features as a traditional checking account but may include extra protections for young consumers still learning to be financially independent.
3. It also comes with Low Cash Mode®, giving you added control with features such as intelligent alerts, payment control, and extra time to fund your overdrawn account.

You may be required to set up a direct deposit and/or complete a money management class. Basic features like check writing are included, but you may be limited to a certain number of transactions each month. Large banks offer these accounts to provide banking services to the broad public–and some states require banks to offer them. Most basic checking account activities—such as making deposits, making withdrawals, and writing checks—don’t affect your credit score.

If you do find a checking account that pays interest, it will usually offer lower rates than a savings account. Sometimes known as “lifeline accounts,” these accounts are designed for customers who can only maintain a small balance but still want access to banking services. However, the bank might limit the number of checks you can write or require paperless statements. Whatever your financial situation, there’s a checking account for you—as long as you don’t have a history of fraud and meet basic account-opening requirements such as proof of identity.

Add Overdraft Protection

High school student accounts typically require parent involvement as a co-owner or co-applicant, while those for college students do not. Premium checking accounts offer benefits beyond what you get with a standard account. Perks vary by bank and can include interest payments, waived fees (e.g., free notary services and free money orders), free financial advice, and discounts on the bank’s other financial products. At some banks, you can earn reward points when you make purchases, which can be redeemed for eligible products and services.

Debit Cards

In general, online banks offer perks like lower fees, better interest rates, convenience, and free ATM access to a typically large network of ATMs. However, online banks don’t offer in-person assistance, which means you’ll have to sort through a touchtone phone menu to reach a real person. If you have money you don’t intend to spend right away, consider a savings account. Those typically pay a higher rate of interest, but may place limits on monthly withdrawals, do not offer check writing, and may not have a debit card (although you may receive an ATM card). Checking accounts are typically used to make frequent deposits and withdrawals and to cover everyday expenses. Meanwhile, a savings account holds money for medium- and long-term needs.

The trustee is often a family member, attorney, or accountant who has accepted responsibility for managing the account. You may be able to avoid overdrawing your account by setting up account alerts, regularly monitoring your account balance, and setting up overdraft protection. While there may be small differences from one financial institution to the next, generally, you’ll follow these steps.

With so many different types of checking accounts available, it pays to evaluate your options and choose an account that’s likely to meet your needs. Designed with young adults in mind, a student checking account typically has lower or no monthly fees or minimum account balance requirements. Many also offer benefits such as ATM fee reimbursements and mobile banking. Debit cards provide a convenient way to shop, as they’re accepted similarly to credit cards. Debit cards draw from the funds in your bank account, but you can also use the cards to withdraw cash at an ATM. Many banks offer zero-liability fraud protection to help guard against identity theft if your debit card is lost or stolen.