Bank of America Corporation or simply known to people as the bank of America or BOA is a multinational investment bank based in Charlotte, North Carolina. Bank of America is the second-largest bank in the USA after jp morgan chase and the fourth largest in the world. It is one of the four big banking institutions in America. bank of America name first appeared in 1923 as the bank of America, Los Angeles which was then acquired by the bank of Italy which was based in San Francisco.
Which later took its name and began to be known as the bank of America. Bank of America serves around 10.73% of all banking deposits in America. Bank of America is also the 13th largest company in the world with a $313.5 billion market capitalization. Which also makes it the sixth-largest public American company. Bank of America is many types confused as the federal bank of the USA which it isn’t and isn’t affiliated with the government of united states of America at any point.
Being one the largest company in the world and the second-largest bank in The USA offers many services which include loans, credit cards, investing services, and deposit account. among many types of accounts that are specialized to a certain group of people, student accounts are specially made for the students seeking higher education. Among many other accounts such as.
What is a Student Account?
The bank accounts which are specially made for those in higher education are student account. Not anyone can get the student account. To get the student account one has to be accepted by the bank to enjoy the perks of it.
To be accepted you’ll need a UCAS confirmation letter with an unconditional offer if your offer is conditional then you have to get the A-level results that meet the condition. Or you have to get the letter from the university that you will be attending to confirm your position. if you get all of those documents and fulfill the criteria you can open the student account that allows you to enjoy the full perks of the account before the term starts.
You can get the various perks from the student account then you can get from the normal accounts like a student account holder can get discounts on the products that the students are more likely to use like plane tickets or car rentals and many more.
If you also get a credit card from the same bank you can get additional advantages such as cash backs and discounts on various products. almost all of the bank provides the student account and every bank has its advantages and perks, in this article, we will especially discuss the student account provided by the bank of America.
How to Choose a Bank of America Student Account?
if you are a college student, you may or may not require to write checks regularly as most of the students in college don’t have any big expenses. if you buy some of the supplies from the outside of the campus area then you might have to write checks for certain school supplies or expenses.
You might have the online paying capabilities for the bank of America to pay on your behalf but it is not compulsory that the biller will accept that and at that time you might need the check to complete the transaction.
There are many advantages for the student account holder in the bank of America, you can receive lots of perks that the normal account holder might not receive. If you open the student account in the bank of America then you don’t have to pay the monthly fee if you are under the age of 24 this service might be more useful to the highschool students and undergrad college students.
This service might also be useful to vocational students. To get this service from the bank of America you must provide proof of your enrollment in college or university at the time of opening the account.
Monthly fees taken by the banks such as the bank of America are pretty common among other banks too as the monthly fee will be used to cover the cost of maintaining your account. You have to keep in mind that even if it is possible to avoid the monthly fee by opening the student account in the bank.
You have to pay the opening deposit to open the account at the start.in the case of bank of America you have to pay the $25 as the opening deposit amount, the price to open the account may differ from bank to bank. there are mainly two options from the bank of America for the students checking account.
- Advantage Safe Balance.
- Advantage Plus.
Both types of accounts will give you the monthly fee waiver for students who enroll under the age of 24 and are in college, high school, or vocational education. bank of America being the second largest bank in America gives many perks to the students account holder, but there are some cons about the bank of America too like:
- No monthly fee for the student’s accounts holder
- Automatic saving program
- Atm and mobile banking services.
- Not all college campus has a bank of America office
- Service cost may be high
1. Advantage Safe Balance
Advantage safe balance one of the two options available while choosing the student account in the bank of America. this service is provided by the bank of America so that the student of certain needs will be satisfied. advantage safe balance doesn’t offer the checks to the students and you also cannot overdraw the money from your account which means you cannot draw the money if the money is not available in your account.
So that you don’t have to pay more at the end and also overdraft fees won’t be charged. So if you try to withdraw the amount from your bank account even you don’t have funds then the transaction will be rejected.
2. Advantage Plus
Advantage Plus is the second type of option that is available to choose from while opening a student account in the bank of America. This service is provided by the bank of America so that certain students’ needs will be satisfied. in this account, the students can get the check from the bank, and also if there is no money available in the account you can overdraft the money from your account.
But you have to pay the overdraft fee at the end and also have the repay the amount to the bank that has been overdraft. This is the more traditional method of checking.
Benefits of a Student Account at the Bank of America
Bank of America is the second-largest bank in the united states of America and one of the best banks in America so with its great name comes the great benefits it. while you have to pass certain criteria to get the student account at the bank of America like your age has to be less than 24 and you must have enrolled in the high school, university, or any type of vocational education.
You have to provide proof that you are a student at your university by getting a letter from the university and after all the criteria are fulfilled you are eligible for the students to open an account at the bank of America and after opening an account at the bank of America you are eligible for various perks
One of the perks is that you are eligible for many discounts on your school supplies and other needs such as plane tickets and many more. if you get a credit card at Bank of America then you can get additional perks such as the additional discount on many things and early deals. you also don’t have to pay the additional monthly fee in the bank of America if you get the student account while other banks may charge you that so that is also the advantage of the student account at the bank of America.
Another advantage of opening an account at the bank of America and using its atm card is as the bank of America is one of the largest banks in America its customer are also in high amount so to provide service to those people bank of America or BOA most open various ATM and offices around the country so there is a very high possibility that the atm or office of the bank of America might be present or available at your university or college campus.
The Best Bank Of America Student Account in 2021 Reviews
Bank of America is one of the largest banks of the united states of America more precisely second largest in the country and 13th largest in the world. Being such a big name and such a large customer base the bank of America is the best in many fields and is one the best bank with customer service.
The bank of America is known best for its credit card benefits one of the best credit cards provided by the bank of America is the bank of America® cash reward credit card the advantage of getting this credit card is there is no annual fee unbelievable right. yes, it is one of the coolest and most necessary features of the bank of America credit card. And you also get various deals and cashback with it that getting the credit card at the bank of America will be worth it.
Being such a big bank and with such a great history bank of America is of the most reliable banks in America where you can put your money without being feared. The bank of America also provides insurance to its clients where if your money is being theft then you don’t have to take any responsibility bank will take care of it and you will get all your money.
In the case of credit cards also it is the same if your credit card is lost and somebody took all your money from the account through the card. You don’t have to worry a bit the bank of America will take care of all of it and you don’t have to pay the money that is theft from your card.
Student account has many advantages over the normal account at the bank of America and many other well-known banks. The student account doesn’t charge extra if you used the card of bank of America and you have its credit or debit card. This is not normal as many other banks charge heavily if you used the card in another bank’s atm card and the cost might increase even more if it is a foreign bank. But some banks might provide these services in normal accounts but it is not normal.
Normal accounts or any account have to have a minimum balance in their account while the minimum balance might be more in the normal account in students’ accounts the minimum balance is low in a bank of America and many other banks. Sometimes students might make a mistake while using the credit card and sometimes there might be a delay in payment in credit cards so student-friendly banks such as the bank of America might forgive the students the first few times.
1. Capital One 360 Money Account
Capital one 360 money account is the special account provided by capital one and especially targets teens, tweens, and kids. kids above 8+ can open the capital one 360 money account at the capital one. And in this account can have the parental controls, in this account parents can stay on top of their child’s spending.
If anybody doesn’t have the account in the capital one then they can link the external account to the money account. You can also get a free debit card and have access to the 70,000+ ATMs around the country. And there is no any fees or minimum amount that can be deposited and your child can get the interest in their checking account balance.
2. Bank of America Advantage Banking
Bank of America provides a special saving account with several advantages to students below 24 years of age. There are no monthly maintenance fees to the students below 24 years of age and enrolled in school and you must have proof that you are enrolled in school.
The required opening deposit of the bank of America advantage account is $100, but you can only make six transfers and withdrawals on each monthly statement cycle with no withdrawal amount limit and there can an extra fee for more than 6 withdrawals in each monthly statement cycle.
3. PNC Virtual Wallet Student Account
Pnc virtual wallet student account consists of 3 accounts working together. Your spend account is a non-interest bearing checking account, your reserve account which is an interest-bearing checking account and used for short-term saving goals. And another account is a growth account which is an interest-bearing saving account that earns a good amount of interest and can be used for long-term saving goals.
There is no monthly charge in any of those accounts and the minimum deposit amount in the spend account is $25 and can be free if opened online, and there is no minimum deposit amount in the reserve and growth account.
4. BB&T Student Checking Account
Bb&t student checking account is best for you if you want a basic checking account designed especially for students. In this account, you can get many benefits such as no minimum balance requirement, regular saving account with no maintenance charge, no direct deposit requirement, and many more.
BB&T also provides many advantages in pricing too like no minimum opening deposit, no monthly maintenance fee, no fee online statement but the paper statement can cost some charge.
5. U.S Bank Student Checking Account
US bank student checking account provides many advantages to the students such as no atm transaction fees at us bank ATM and no atm transaction fees at the 4 non-bank atm transactions. You also don’t have to pay any fees for an overdraft protection transfer made from a linked deposit account.
Our bank also provides campus banking and if your school participates then the students can enjoy many perks and advantages that come with it.
Frequently Asked Questions (FAQ)
Answer: No, you have to be a student to open a student account at the bank of America.
Answer: No, there is no monthly charge in the student account at the bank of America.
Answer: The minimum balance of the student account is lower than the normal account.
Answer: He maximum age is 24 to open a student account at the bank of America.
At last, we know that student account can be really useful for the students and they have many advantages that students can enjoy at the bank of America. And after reading the above word the students and their parents might have understood the requirements to open the student account and many of its pros and cons and advantages. So this article might be useful to know most of the things about bank of America student account.