Say Goodbye To Your Free Student Checking Account

Banks love graduation almost as much as parents. You’re finally on your own, able to afford food, rent, and beer, so why shouldn’t the banks—the kind, selfless banks that let you save while you slaved for knowledge—now sink their teeth into your anorexic accounts for a hearty bite of their own? FiLife compiled an excellent list of bank policies so students know how their institution plans to celebrate their impending graduation.

Not all banks remind students that their free accounts are about to blossom into fee-bearing liabilities, complete with minimum balance requirements. After all, you agreed to the conversion back when you signed up during orientation week. Remember?

There are several ways to retain free banking once you lose your coveted student status. Most banks waive account fees if you establish direct deposit (get a job, sir!) or satisfy minimum balance requirements by stashing upwards of $5,000.

If you can’t meet those conditions, return to an age-old tactic: mooch off your parents. Some banks waive fees for former students if their parents do business—think mortgages or other substantial accounts—with the bank.

How to Avoid Student Checking Account Heartbreak [FiLife]
(Photo: DCist)

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