- Money & Banking
When opening a bank account, you have several options: most people open both a savings account and a checking account.
- Savings Accounts: money earns interest based on the bank’s percentage rate. Banks generally allow you to have a certain number of transactions (deposits and withdrawals), after which a small fee is charged.
- Checking Accounts: money in this type of account generally does not earn interest, but it usually allows you more access to your money. Many checking accounts allow an unlimited number of transactions each month.
If you wish to open only one type of account, it is more helpful to have a checking account. You not only don’t need to carry cash around, but you can also pay any bill sent to you through the mail. Never send cash through the mail!
When you open an account, the banks normally require a minimum deposit. They also require some pieces of identification. Make sure that you pay attention to all the details that the Bank Representative tells you. The Representative will talk about specific information for each type of account, like the number of checks you can write without paying a fee, the regulations for withdrawing money from the Automated Teller Machines (ATMs), the different penalty charges for going below a minimum balance, etc.
Banks also normally provide you with a regular monthly “bank statement” summarizing all your transactions during that month so you can keep track of your account. You should reconcile the statement with your checkbook each month to identify any discrepancies. Make sure you keep the monthly statements for future reference.
If you will be receiving money regularly from abroad, you may find it more convenient to have an account in one of the national banks located in Valparaiso.
Many students choose to open accounts with Chase Bank, which has multiple locations in Valparaiso, thus making them quite convenient for on and off-campus students.
101 Easy Lincolnway