A free student checking account is a great way for students to gain understanding to the financial journey that is ahead of them. Any student can tell you that they are living on a shoe string budget, every dollar counts and they for sure do not need to be laying out even ten dollars a month. Those ten dollars can mean the difference between eating a burger and eating another bowl of noodles.
Banks are savy when it comes to drumming up business. They know that a student is a good risk, they want to get their business while they are in school with the hopes that when they graduate they will stay with the bank and be wealthy enough to make substantial deposit.
What Is Free?
Most folks when they think of free they think of no cost, which is a reasonable way to think of things. Banks think about free a little differently. A free student checking account may mean that you are not paying monthly fees for the account but that there are some hidden fees that you may be responsible for.
Of course even the hidden fees are disclosed, but they may not be advertised. For example your free account may only be free for a certain number of transactions, once you have reached the limit than there may be some fees that kick in. Usually those fees can range from $1 per transaction to $3 per transaction. These types of fees can add up quickly so you have to be sure to fully understand what it is that you are getting into.
Another hidden fee may be linked to how many inquiries you make into your account. Once the limit is reached for the month you may find that you are paying up to $1 per inquiry. This too can get expensive.
Click here to learn more about student checking accounts and to compare checking accounts
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