I’m pulling up my New York roots and moving to Mississippi for college - I leave a week from tomorrow. One of the things I have to do once I get down there is, of course, set up a bank account.
Now, my college, wonderful organization that it is, provided each student with a big fat folder full of information about the school and its surrounding town, including brochures from several area banks: BancorpSouth, M&F Bank, and NBC (Nat’l Bank of Commerce). Each of these banks seems to have the exact same requirements and perks for student checking accounts: free unlimited checking, ATM card, no monthly fee or maintenance charge, etc. The only differences seem to be in the amount of the minimum opening deposit - NCS wants only $25, M&F asks for $100, and BancorpSouth says it has no minimum balance and doesn’t mention the opening deposit at all. Note that I have over $500 in my bank account up here, so I don’t care what the minimum opening deposit is, I’m sure I can cover it.
What other criteria are there for me to use to pick my bank? I’m leaning towards Bancorp just because they’ll print me 200 free checks. I’ve never shopped around for a bank before, so I have no idea what I’m supposed to be looking for. Help?
From my own personal experience, I would avoid anything with the name ‘bank’ and start looking for credit unions. Most checking account programs from banks geared toward college students seem to be geared to sound great at first. Then they slowly add fees and restrictions, assuming college students will not know enough to notice or drop them. Credit unions have less of the bank’s attitude that it you don’t have 10,000 dollars, you arn’t worth respecting so they they’ll go ahead a screw you for what they can get.
The problem with credit unions is that they have restricted membership, but usually not to restricted. Usually you can get into one from a job, or from a family member who’s in one.( I saw a credit union once that would accept membership from anybody who had a Sam’s Club card. :))
I would find out which has the most branches there. When we moved last year, I found a bank right up the road from the house in a huge converted mansion. It looked great, rates were super and the people were very friendly.
I found out later, that they only have two branches in the entire state, and they are both within 1/2 mile of home. Many ATM’s will not take their card. The debit card doesn’t work in 90% of all debit card compatible stores. I had to have the bank contact my work to set up direct deposit because it wasn’t in any of the bank listings. And on any given day, I will get a different account balance check between the ATM, a teller, and the main office.
A friendly staff that knows your name when you go in is very nice, but convenience no matter what part of town/state you are in is much nicer. I’ll be switching to BofA very soon, just because it is nice to know that no matter where I am, my stuff is going to work.
I’d also look at how accessible your money would be when you go home to visit. When I was in the service, there would be issues with incompatible ATMs because the regional networks weren’t the same and I had to ask the bank to wire the money to my parents’ account.
I’ll second Turbo Dog’s suggestion of finding out which bank has the most branches (or the most convenient branches to where you will be most of the time). Also, find out which bank owns the majority of the ATMs on campus/in the area. More convenience/less fees for you :).
Depending on where in Mississippi you’re going, I like Amsouth Bank.
I started banking with them in Nashville as First American. First American bought out Deposit Guaranty in Mississippi, and then Amsouth bought First American.
I have $10 a month in fees, waived when I have over $1000 in the account, and I get free checks and use of the check card.
I know they have some sort of student checking, but I don’t know the details at all.