The summer after graduating from high school is a time full of transition. From the decision to apply for a bank account to transitioning to online banking for the move to campus, there are many financial details that need to be worked out. As high school students transition into college students, there are more changes that need to be made than moving clothing and school supplies. In fact, many parents decide that a move to college is an opportunity to make sure that their children understand how to balance a check book and understand how to responsibly use a credit card.
An application for a bank account is not complicated, but it is important to make sure that you find the right kind of account. Some accounts require the customer to maintain a pretty significant balance in order to avoid a monthly fee. Other accounts are free if you also open a savings account. All of these things, however, are a challenge to some people so it is important to make sure that students are well prepared for all that is involved in the this process.
Finding the Right Checking Account Helps College Students Successfully Monitor Their Finances While They Are in College
Today’s banking industry is more and more reliant on technology and this means that customers can make sure that they are able to constantly know the balance of their accounts. In fact, mobile banking services enable customers to digitally deposit checks, as well as translate money. Consider some of these facts and figures about the online banking industry and the impact that it has on the nation’s economy:
- Community banks account for 99.5% of all banks in America. In addition, in more than 600 counties, which is equal to one out of five, community banks are the only physical banking locations available.
- Community banks hold more than $4.9 trillion in assets and $3.3 trillion in loans to consumers, the agricultural industry, and small business owners, according to data from the Independent Community Bankers of America.
- When you decide to apply for a bank account it is important to take this decision seriously. Unfortunately, not only are Millennials deeper in debt than previous generations, but the average salary of a millennial today is 20% lower than the average salary baby boomers had at the same age, so it is important to make sure that you do not fall into this trap.
- 70% of consumers have at least one credit card, according to the most recent Federal Reserve data. That means about 174 million Americans have at least one credit card.
- Reports vary, but experts believe the first true debit card hit the market in 1966 and was issued by the Bank of Delaware.
The decision to apply for a bank account is the decision to make sure that you have control over your finances. With the help of the latest digital technology, you are able to track your accounts any time of the day or night.