Prepare for the End of Free Student Checking Accounts

A recent story on the Filife blog shares a lesson you’re going to want to keep in mind about checking fees. According to the blog writer, banking relationships can be on shaky ground: once you’re assumed to have graduated, they may change your student checking account to one with fees.

Don’t let this be you.

The article goes further to talk about the requirements of several banking institutions in the United States. In a nutshell, here’s the lowdown:

Bank of America: Your initial account is a CampusEdge account. It is then converted to a MyAccess Checking Account and your monthly fees are waived for the first 12 months. If you meet a minimum deposit amount, that fee is waived entirely.

Chase: You’ll be notified before graduation about the transition to a $6/month checking account unless you have direct deposit.

Citibank: After you graduate, you’ll be required to pay $9.50 per account unless all your Citibank accounts are a minimum of $6,000.

The rest of the story is at the Filife blog.