Find out whether Bank of America checking account options for students have the fee policies and features to compete with other student checking options.
Both of these checking accounts will waive the monthly fee for students under 24 who are enrolled in high school, college or vocational programs.
We're going to take a look at the different features available to help decide on a checking account that will be crucial to your finances during the school year.
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SafeBalance does not offer checks and you cannot overdraw your account (i.e., spend more money than your account balance). So, overdraft fees won't be charged. Additionally, to prevent overdrafts, transactions will be rejected if you don't have enough funds.
For example, you may need to write a check to pay for off-campus housing. You may need to write a check for certain school supplies or expenses.
You have online bill pay capabilities to have Bank of America send a payment on your behalf. But, will the biller accept it?
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Be mindful of the fact that while it is possible to avoid the monthly maintenance fee, there’s an opening deposit required to get the account.
Since Bank of America is a nationwide financial institution, you shouldn’t have a problem locating an ATM or branch when away from home.
Being able to access a Bank of America ATM no matter your location can save you hundreds in out-of-network ATM fees over the years.
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There’s a $2.50 fee for using a non-Bank of America ATM in the U.S, and a $5 fee for using a non-Bank of America ATM outside the country.
Your debit card will have either a Visa or MasterCard logo. So you can use the card wherever Visa and MasterCard are accepted.
As added protection, your debit card also comes with a zero liability guarantee. If your debit card becomes lost or stolen, you’re not responsible for unauthorized purchases or fraudulent activity.
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Even so, make sure you report theft or loss as soon as possible. There’s also an option to temporarily lock and unlock your debit card via online or mobile banking.
This is an excellent feature if you misplaced your debit card, but want to search for it before reporting it lost or stolen.
Nowadays, managing a bank account is all about convenience. In all likelihood, you don’t have time to visit a bank between class and work.
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Sign up for online banking and track your account from any location. Check your account balance 24 hours a day, seven days a week, transfer funds between accounts, set up bill pay, or send secure messages.
If you split the dinner bill with a friend and need to send them cash for your part, you only need their email address or mobile number to send what you owe.
For example, if you have insufficient funds in your account to cover a purchase, the bank may charge a $35 overdraft fee.
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To protect yourself from overdraft fees, opt into overdraft protection service and link a Bank of America savings account with your checking account.
If you don’t have enough in checking to cover a transaction, money from your savings will transfer into your checking to avoid an overdraft.
Be aware that while there’s no fee for a debit card, there is a $5 fee to replace an ATM or debit card. You’ll pay $15 for a rush delivery.
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Some checking accounts nickel and dime accountholders, whereas others offer a multitude of freebies. These might include no monthly maintenance fees, free out-of-network ATM usage, and free checks.
As you look for a checking account, the main features to compare are the minimum deposit to open an account, the monthly maintenance fee, and bonus features that make the account unique (rewards program, savings programs, etc.).
This account is an excellent choice for all students, but particularly those who attend an out-of-state college, given how Bank of America is a nationwide bank.
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The account is also built for students who have limited cash. They’re able to get started with a low opening deposit and no monthly maintenance fee.
As a bonus, the Keep the Change program can put savings on autopilot, and help students develop good savings habits at an earlier age.
As you become older and explore other checking options, look into getting an account that earns interest. These accounts are a bonus if you’ll maintain a large balance in your checking account.
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Bank of America also has an interest checking account option. Before opening an account here, compare this checking account with interest checking accounts offered by online banks.
Valencia Higuera is based in Virginia and she covers budgeting, credit cards, and student loan debt, with expertise in frugal living, general banking, and mortgages. She is a self-proclaimed personal finance junkie. Valencia has contributed to publications and outlets including MSN, The Huffington Post, CBS News, Investopedia, and more. Education: B.A. in English from Old Dominion University.
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Has partnered with CardRatings for our coverage of credit card products. and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.MENTOR and Bank of America believe that potential is equally distributed but opportunity is not – particularly, for under-resourced and historically marginalized youth. Bank of America invests in nonprofits to provide opportunities to young people that infuse meaningful relationships and resources into their work experiences. This work adds up – since 2010, Bank of America has funded 20, 000 jobs for youth. However, the bank recognizes that a job is not enough to change the trajectory of a young person’s life. They also need a caring adult who can provide support, advocacy, and exposure to broader networks in order to realize their potential. And that’s where the power of comes in.
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In 2021, Bank of America convened a coalition of marquee team partners within sports—including MLB and NFL teams as well as the Bank of America Chicago Marathon and Bank of America ROVAL 400—to partner with MENTOR and help young adults access local mentorship opportunities. The focus is to give young people – who may be eager to work but lack the network to build a career path – the connections to help them to overcome the challenges that have kept meaningful employment out of their reach. This effort aligns with Bank of America’s longstanding commitment to advance racial equality and economic opportunity. And it’s made a difference in the lives of young people like Joseph Merchain, a college student who grew up in South LA and is now serving the community he grew up in.
Recognizing the importance of at all stages of a career journey, Bank of America has also focused on throughout its workforce programs. We promote employee’s career paths through many professional development and engagement practices, and partner with a range of nonprofits to build a pipeline of career-ready individuals
Public private partnership is critical to helping advance opportunities for young people and other vulnerable populations and is the secret sauce to creating long-term impact.
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We’re proud to partner with MENTOR and nonprofits across the country – and as the presenting sponsor of the National Summit, we look forward to welcoming you to the 2022 National Summit.
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