Beware of Checking Account Fees After Graduation
Money problems become a reality for most students when they graduate. Meanwhile, to make sure your student loan payments are being used correctly to deal with a bunch of new expenses, you are learning to be financially vigilant. Another monetary issue to look out for? Checking the commission for the account.
You don’t need to be a college student to get a free checking account, but they are usually more accessible to students. For example, when I was in college, I registered a student account with Bank of America. However, shortly after graduation, I was transferred to a regular checking account with a minimum balance of $ 1,500. I didn’t have $ 1,500, which meant I was paying a commission every month just to keep this account open. (I’m not the only one either. I was reminded of this on a Reddit thread .) Some accounts will waive commission if you have a direct deposit, but you still want to know about it.
Luckily, I jumped at the exchange pretty quickly, but if you’ve just graduated and have a million other tasks in mind, it’s easy to miss. You can review your student’s online account terms to see which account they switch to after graduation. We’ve also listed several banks that offer a free check in case you want to switch to a different service . Credit unions can also be a good option for a free check . Whichever you choose is something to look out for before prom.