Are you finding it difficult to open a student account in Bank of America? Having a bank account is a necessity for every school, college, and university student. A bank account is the best way to manage one’s money. However, if you are facing difficulties in opening a bank account, you have come to the right place.
In this article, you can comprehend how bank accounts work in Bank of America, and also learn the steps to open one. Thus, keep reading this article to know everything about student accounts in Bank of America.
Types Of Student Bank Accounts Available In Bank of America
It might come as a surprise to you, but there are several types of student bank accounts that you can open in Bank of America. Here is the list of all those types of bank accounts that Bank of America recommends to students.
1. Advantage Banking
Bank of America Advantage Banking is a checking account. Checking accounts gives you the power to deposit and withdraw funds from the account on demand, ideally through a check or debit card.
There are three types of Advantage Banking checking accounts available for students in Bank of America. The monthly fee is waived in each of these accounts if the student is under 24 years. Moreover, you can also enjoy various other benefits like mobile banking, domestic payment features, etc.
- The first type of Advantage Banking account is the Bank of America Advantage Safebalance Banking. This account is the best way to start a student account. You can open an account for $25, and students under 25 years have to pay a $0 monthly fee.
- Bank of America Advantage Plus Banking is the second type of account under Advantage Banking. With Advantage Plus, you get the option to buy checks. Also, you can get a monthly fee waiver by having a qualifying direct deposit of $250, maintaining a $1500 daily balance, or enrolling in preferred rewards.
- Thirdly, students can also opt for Bank of America Advantage Relationship Banking. But, it requires a combined balance of $10,000 to get a monthly fee waiver. Thus, students are advised to select one of the first two advantage banking accounts.
2. Savings Account
Probably the most popular type of bank account in the world, a savings account may not be great for everyone. But, for students, a savings account is the ideal bank account in Bank of America. Students can avail monthly fee waiver if they are under 24 years and are enrolled in a school, college, or university. Under 24 years students who are enrolled in a vocational program can also apply for the fee waiver.
Facilities That Bank of America Offers To Student Account Holders
Bank of America is very benevolent towards their student customers. There are several facilities that students can enjoy after opening an account in the bank. Some of those facilities are:
1. Credit Cards for Students
Bank of America also offers several credit card options for students. You can go for the Travel Rewards Card, the Cash Rewards Card, or the BankAmericard. Each card comes with its perks and features. Thus, after looking at each one of the card’s perks, features, and fees, you can select the one that sustains your need.
Students with a Bank of America Advantage Plus Banking account can have the benefit of an overdraft facility. With this facility, the bank will cover the cost of transactions if you are short of funds. The bank performs the task for a very minimal fee. You can also go for the Overdraft Protection service if you want to link your student account to another account, as a safety measure for low balance.
3. Wire payments
Bank of America also allows wire payments. A fee, however, will be charged every time a domestic or international wire payment is received or sent from your Bank of America student account.
How To Open A Student Checking Account In Bank Of America?
Opening a student account in Bank of America is an effortless process. You just need to follow some simple steps to open a student account. The steps are as follows:
1. Prepare all necessary documents
Documents play a vital role while opening a bank account. If you have all the necessary documents, opening a bank account should be a cakewalk for you. Here are some important documents that you must have while opening an account.
- Two forms of identification- such as a passport and a driver’s license.
- Official ID that highlights your address
- Written proof of you being enrolled in a school, college, or university.
- Government forms that authenticate your domestic study records.
2. Use online mode or go to a local branch
You can open a student account online in some bank branches if you have a Social Security Number (SSN). But, mostly, the bank website lets you schedule an appointment at a local branch. If you don’t have an SSN, you can still open a student account with an Individual taxpayer identification number or passport number.
3. Open an account
Lastly, visit the bank branch and provide all the necessary details to the bank employee. They will guide you through the written process, and you can finally have a student account in Bank of America.
Getting a student account is the best way to save money, and there is no other bank better than Bank of America for this purpose. However, even though it is a secure bank, you need to do your research first to make sure that your new account is free from any risks. And, with enough knowledge, you can easily ensure optimal management of your money with the help of a faultless student account.