Before you know it, graduation season has arrived. Now you’re no doubt preparing for the next steps in life.
Just one of the many things to consider if you’re going away for college is how you will manage your money while you’re in school.
Cornerstone Bank has been in Kansas City for over 17 years. In that time, our children, and our customers’ children, have grown up and gone away to school year after year.
We’ve got some tips for college students who are seeking advice on banking while they’re away.
Best banks for students in Kansas City
What are your financial needs? Will you need to transfer money back and forth between multiple accounts (such as your parents’)? Will you need a credit card to cover expenses like books and gas? Or a debit card to receive any direct deposits?
These are all things to keep in mind when searching for the best bank for students in Kansas City.
Additional things to keep in mind during your search include:
Debit & Credit Flexibility
Does the bank require a minimum amount in your checking, savings, or credit account? If it does, will it charge you a fee for dipping below that amount? If so, you may want to ask if they reduce or eliminate requirements or fees for students.
Checks & Remote Deposit Capabilities
With your new student banking, will you be able to deposit checks remotely if you are not located near a physical branch? Will you need to write checks? While most people believe checks to be a thing of the past, the security of a checkbook can actually largely benefit college students who are making payments on loans or other large expenses!
Co-Branded Accounts
Be cautious of co-branding and their hidden costs. Many financial institutions desire to partner with a college or university to deliver a campus-sponsored account to students. These school-branded accounts may not offer the best terms, as financial institutions often pay these schools a hefty amount for an exclusive relationship opportunity. In effort to recoup that cost, many campus banks market unnecessary and costly features to students. Even with new rules instituted in 2015 (in efforts to protect students), the Consumer Financial Protection Bureau reported 1.3 million college students paid more than $27 million in fees during the 2016-2017 academic year.
CardValet®
Does the bank offer CardValet®? This program has the perfect features for both parents and students. CardValet® offers fraud protection with real-time alerts of spending. It can also limit transactions to specific locations and/or geographic areas. Should a card be stolen or misplaced, it can be turned “off” so no purchases or withdrawals can be made. Best of all, this can be done directly from a smartphone. You can also control spending with set limits by merchant type, including “gas station,” “grocery stores,” or “retail.”
You may also control a card’s use by set parameters to your mobile device. For example, if you and your mobile device leave an area, yet your card is left behind, it will not allow any purchases on that card to go through.
Learn more.
Cornerstone Bank would love to sit down and be your resource for all things “student banking in Kansas City.” Visit us anytime to learn more about how to manage your money in college, spend wisely, and set up your accounts for long-term success.