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Beware Checking Account Fees When You Graduate
personal finance

Beware Checking Account Fees When You Graduate

Kristin Wong, Gawker Media

Photo by actaylorjr

Money issues get real for most students when they graduate. Between making sure your student loan payments are applied correctly to keeping up with a heap of new expenses, you learn to be financially vigilant. Another money issue to watch out for? Checking account fees.

You don't have to be a college student to score a free checking account, but they're usually more widely available for students. When I was in college, for example, I signed up for a student account with Bank of America. Shortly after I graduated, however, they rolled me over to a regular checking account that had a minimum balance of $1,500. I did not have $1,500, which meant each month, I paid a fee just to keep this account open. (I'm not the only one, either. A Reddit thread reminded me of this.) Some accounts will waive the fee if you have a direct deposit, but it's still something you want to be aware of.

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Luckily I caught the swap fairly quickly, but if you're newly graduated with a million other tasks on your mind, it's an easy thing to miss. You can look into the terms of your student checking account online to see what kind of account it transitions into after you graduate. We've also l isted several banks that offer free checking in case you want to switch . Credit unions might be a good option for free checking, too . Whatever you choose, it's something to watch out for as you near graduation.

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