Area banks offer students specialized accounts, services
by Melissa Lee, reporter

    Students thinking about taking control of their finances now can take action since Tarrant County has many banks from which to choose, but not all banks offer the same services.

   With school tuition rising and financial pressures increasing, students say managing their finances can be difficult. Some banks around TCC campuses provide discounts, loans and many other student services.
Stacey Koen, a TCC student, was told by her parents last semester she was on her own.

   For the last four years, Koen’s parents paid her tuition and rent but could not afford to help out any longer.

   Koen took on a huge financial responsibility. She not only had to pay for school, she had to cover her living expenses and car payment.

   This was the first time in her life that Koen had to become financially independent.

   “The first month I took over all my bills, I racked up $200 in overdraft fees,” she said.

   Many students find themselves in debt the first year of college. Credit card companies begin courting students their senior year in high school, filling their mailboxes with credit applications and approval letters.

   Most students apply for a credit card not realizing how easy it is to charge more than they can afford.

   The average debt of a college student is $20,000. Most of the debt occurs because students manage money irresponsibly, financial analysts say.

   Bank of America is one of many banks that offer special services for students. It provides unlimited checking and low-cost accounts for students who prefer to bank through ATMs, online or by phone.

   Bank of America’s student checking has no maintenance fee during the summer months.

   “Bank of America has really helped me this semester. I do all my banking online. I can look at my account 24 hours a day,” Koen said.

   Bank of America’s Web site is fast and easy. It has great resources for students and their financial needs.

   Koen has set up her account so she can pay her bills online. She does not have to worry about mailing checks or buying stamps. It costs her only $5 a month and is hassle-free, Koen said.

   Bank of America branches are very easy to find with locations all over Tarrant County. They are even located in a number of Albertsons grocery stores.

   Many TCC students find monthly maintenance fees and minimum balances break their bank accounts. Wells Fargo uses free checking to appeal students.

   Jennifer Handy, a TCC sophomore, started her checking account at the beginning of high school.

   Her parents wanted her to learn how to write checks and balance her checkbook before she went off to college. Her parents also wanted to show her how to manage her money at an early age so that when Handy was on her own, she would not have the financial stress most college students face.

   “All of my friends use Wells Fargo; it is the best bank in town. I manage all my student loans through them and have already received two scholarships this year,” she said.

   Wells Fargo has many advantages for its student bankers. It does not require a minimum balance or monthly service fee. The bank provides unlimited check writing and overdraft protection with its student credit card, which offers travel incentives, unlike many other banks.

   “I have planned my education so I don’t have to work during the school year. I have summer jobs. My loans and scholarships provide me with enough money to live comfortably during the semester,” she said.

   Furthermore, Wells Fargo’s Web site is detailed and designed to help different kinds of college students, Hardy said.

   Wells Fargo demonstrates step by step how to apply for a student loan and financial aid. The site gives links to scholarships and student internships. It also offers programs for graduate students.

   Washington Mutual has grown over the years. This bank is known for its “truly free” checking. It does not charge for canceled checks, and there is not a monthly maintenance fee. Washington Mutual offers parents information about saving for their child’s education, but there are not many tips for students who are struggling already.

   Not all Tarrant County banks offer student services, however.

   Bank One, another major bank in this area, does not offer student checking or student credit. However, it has a great Web site for parents who are planning their children’s education.

   This Web site has graphs and other tools that show an overall picture of how much money the parents will be spending.

   Although some banks appear to have special student services, their services are more hassle than they are worth.

   Texas National Bank offers a special savings account for young Texans. However, $50 must remain in the account at all times. It the account falls below $50, the bank charges $3. This particular account allows only three withdrawals a month.

   With a little research, students should be able to find a bank that fits their financial need.