Qualifications Requirements for Bank out-of The usa College student Checking Levels

Like many pupils, opening a bank account will be the 1st step you take within the managing your personal finances. Even although you had a checking otherwise checking account whilst in twelfth grade, you’re offered modifying financial institutions in the college or university. erica department towards otherwise close their college university, or perhaps you’ve read good stuff about BofA and you may ask yourself in the event that that particular bank is a good one for you.

This short article deliver the recommendations you must know before beginning students membership on one of the biggest finance companies regarding the U.S., Lender regarding The usa. Information shielded is:

• Qualification criteria to have opening a BofA pupil checking account
• The essential difference between the two type of BofA scholar examining accounts and the ways to decide which is the best for you
• The pros and you may drawbacks regarding starting a financial off The united states pupil bank account
• All you have to understand BofA examining services charge
• All you have to discover lowest balance
• Tips decide if a great BofA checking account is the correct choice for you

Bank away from The united states enjoys 2 kinds of checking levels suitable for really pupils: new BofA Advantage SafeBalance Banking bank account and Advantage As well as Banking checking account. Although BofA doesn’t particularly reference both ones because the “student account,” they’ll waive their month-to-month services costs for students who will be under twenty four yrs . old and you may signed up for senior school, a vocational program, otherwise college or university.

You can unlock often of them the latest account. You only need to expose your Societal Safeguards amount, give at least beginning put out-of $one hundred towards the Virtue Together with or $twenty five into Virtue SafeBalance membership, and keep a permanent address on U.S.

Lender out-of The usa Advantage SafeBalance against. Virtue As well as

Given that Virtue SafeBalance and you will Virtue Along with levels promote a monthly repairs payment waiver for students, you will find extreme differences when considering brand new account:

• Advantage Plus: The Bank of America Advantage Plus Banking account is a traditional checking account. You can purchase paper checks to write on the account, as well as use a debit card with the account to use for purchases and at ATMs. If you overdraw the account – take out or spend title loans Sharon TN more money than you have in your account at the time – you will be charged an overdraft fee. Note that you might be able to set up overdraft protection for this account, but that would entail setting up a savings account or making some other arrangement with the bank – like a line of credit – that likely won’t be an option if you are a student.
• Virtue Saerica Virtue SafeBalance Bank-account does not promote checks, however do get a great debit card to utilize. You’ll not be charged an overdraft percentage with this specific account due to the fact the financial institution wouldn’t award sales otherwise distributions over your own harmony. If you don’t have sufficient cash in your account to fund the order, they will simply refuse commission.

Pros and cons of Bank regarding America Examining Membership

As it is the actual situation with all of banking solutions, discover particular positives and negatives to each. Fundamentally, which kind of account you select depends upon your particular facts and needs.

The following areas record some of the advantages and disadvantages related to the Bank off America examining account so you’re able to make a sound decision.

Pros out of Lender of America Checking

• Part access to: Bank of America has 4,300 branches spread out over 37 states and Washington, D.C. If you go to school in one of those states, you should easily be able to find a bank branch on or close to campus.