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Clients of US Bank have access to plenty of products that fit any sort of need. If that need happens to be setting up a student checking account for your teenager, then US Bank has you covered.
Many parents need to find a way to educate their teenager on the ins and outs of personal banking, but they lack a lower risk product to help them accomplish that task during school. The student checking account is meant to solve that issue. The US Bank Student Checking Account is a simple, easy way to set up your child with a bank account.
After a quick online application, your teenager can have a US Bank student checking account within minutes which can be filled out via mobile device or computer. There are plenty of standard benefits of such an account.
The instant access of online banking is one of the first and foremost benefits of a US Bank account. Your teenager can access his or her bank information at the click of a button from their mobile device or computer. This mobile app also makes it easy to deposit checks via mobile deposit. If in need of cash, your teen can simply access one of the thousands of US Bank ATMs or branch locations across the nation. Just like any competitive student checking account, US Bank makes it easy to manage funds.
What would a bank account be without its associated fees? There are standard fees with the US Bank Student Checking Account, but a couple of these fees are conveniently waived. In order to start an account for your teenage student, you must put in an initial deposit of $25 which is a standard requirement.
A not so common aspect of the US Bank student account is the absence of a monthly service fee. You and your account member do not need to worry about this fee at any point. There is no need to worry about a withdrawal fee when accessing one of the many US Bank ATMs. When accessing a non-US Bank ATM, the first four transactions are not charged a fee, but afterwards, a $2.50 fee is applicable (discounting the ATM-owner fee). If you have overdraft protection, then a US Bank-covered transaction warrants a $36 fee for every item over $5. Covered items less than $5 are not charged a fee. Without overdraft protection enabled, then transactions are simply declined instead of covered.
The US Bank Student Checking Account is fairly comparable product to its main competitors including TD Bank, Chase, and Wells Fargo. It offers all of the modern and standard conveniences to its account members. On top of this, it has an above average rate and fee package. The lack of a monthly fee is a key example of this. All in all, it is a good way to get your kid into personal banking. It lets your teenager learn how to access and manage their funds. It won’t destroy your wallet if your teen proves incapable of managing their funds. Overall, that is exactly what you, as a parent, needs from a student checking account.
Author: Jeff Gitlen