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One of the best subjects students can master while attending college is personal finance. For many students, it may be the first time they will have to balance a checkbook, cope with a credit card or stretch a budget.
To handle their finances, say experts, students need a checking account with a check card and online banking, as well as a savings account.
Here are some tips to consider when setting up student finances:
• Students should find a bank with national reach. That way students can do their their banking at home, school and when they travel.
• Parents may want to consider linking student accounts with their own, so they can keep an eye on the student's spending, or easily transfer money when necessary.
• Students may want to get a check card that is widely accepted and that offers programs to help protect against fraud.
• By signing up for online banking, students can check their balances, receive and pay bills, view statements and transfer money between accounts online anywhere and anytime they have Internet access-all for free.
• Qualifying students can start building a solid credit history by getting a credit card and paying off the balance every month. Students should look for cards that are safe, convenient and free. Students also should discuss with their parents whether a cosigned card is necessary.
Helping students prepare before they leave for school can give them a solid start to a responsible and successful financial future.
For more information about financial products and online tools for students and parents, go to www.bankofamerica.com/bankatcollege.
Bank of America is one of the world's largest financial institutions, serving individual consumers, small businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services.
College can be a good time to start building a solid credit history, if you get a card and make payments on time.
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