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If you’re a college student, opening a student checking account at a local credit union is a must.
A student checking account can provide valuable tools to help manage your money, specifically tailored to a college student’s financial situation.
However, opening a new account can be intimidating, especially if you’ve never done it before.
One of the most intimidating aspects of opening a new student checking account? Figuring out if you can meet the student checking minimum deposit requirement.
In this article, we’ll help you determine the minimum student checking account deposit needed for a MIDFLORIDA Credit Union Free Checking Account. Even better, we’ll help you figure out the steps you need to take to open a new account.
Start your application with MIDFLORIDA Credit Union.
What is a student checking account?
Before we can talk about student checking minimum deposit requirements, though, there’s a bigger question to answer. What exactly is a student checking account?
In many ways, a student checking account is like a regular one.
You can use it to:
- Write paper checks
- Transfer money to and from other checking and savings accounts
- Make payments with a debit card
How student checking accounts differ from other checking accounts
However, student checking accounts differ from regular checking accounts like MIDFLORIDA's Free Checking in beneficial ways.
Most notably, student checking accounts have lower fees. Some credit unions may even waive student fees entirely.
For instance, the MIDFLORIDA Absolutely Free Student Checking account does not charge certain fees , such as:
- A monthly maintenance fee
- ATM fees at MIDFLORIDA and Publix ATMs
- Debit card transaction fees
- Online bill pay fees
The absence of these fees let college students keep more money in their pockets, which they can use toward college expenses or their savings.
Even better, a MIDFLORIDA Absolutely Free Student Checking account has no minimum balance requirement.
You can take advantage of these features by opening a MIDFLORIDA Regular Savings Account and keeping most of your money in it. That way, your money can earn some interest since funds for college students are typically tight.
You can even use the MIDFLORIDA mobile app to transfer cash from your Regular Savings account to your Absolutely Free Student Checking account on an as-needed basis.
How to open a student checking account
Opening a new bank account can be intimidating, especially if you’ve never done it before. Fortunately, it’s pretty easy.
In order to open a new account, you just need a few pieces of information.
Minimum deposit
If you want to open a student checking account, you’ll have to have enough money to satisfy the student checking minimum deposit requirement.
The minimum deposit requirement differs between credit unions and banks. However, it’s usually lower than the minimum deposit for other checking accounts.
At MIDFLORIDA, for instance, you only need $25 to open an Absolutely Free Student Checking account.
Student checking minimum deposit requirements vary among financial institutions. Some might have a lower minimum deposit requirement, but they might also have higher fees to compensate.
Personal information
In addition to a minimum deposit, you’ll also need to provide proof of who you are.
Government-issued ID
The main way you’ll prove your identity is with a valid U.S. state government-issued ID that includes a photograph of you. Some examples of this are:
- U.S. State/Territory issued Driver’s License
- U.S. issued Passport (secondary ID only)
- Military ID
- U.S. State/Territory issued Identification Card
- U.S. issued Resident Alien Card
Valid physical address
You’ll also need to verify your physical address by providing one of the following documents:
- Bank statements
- Utility bills
- Credit card statements
- Lease agreements
- Mortgage agreements
Other personal information
You’ll also need some other pieces of information, such as your:
- Birthdate
- Social security number
- Phone number
A co-signer
While MIDFLORIDA only requires a joint owner for members under 15 years old to open an Absolutely Free Student Checking account, some credit unions and banks might have different requirements for their student checking accounts.
A co-signer is usually a parent or guardian. They’ll assume partial responsibility for the account.
The co-signer will be responsible if you rack up debts you can’t pay back, such as:
- Overdraft fees
- Monthly fees
- Returned check fees
This might sound scary, but as long as you use your student checking account responsibly, you (and your co-signer!) won’t have to worry.
Open a student checking account at MIDFLORIDA
If you’re going off to college, a student checking account is an excellent way to help manage your finances.
They usually have less fees than regular checking accounts. That means you get to keep more of your money.
Student checking accounts also have lower minimum deposit requirements than other checking accounts. This makes opening an account easier.
Students can open a MIDFLORIDA Absolutely Free Student Checking account either by going online or by visiting a MIDFLORIDA branch today. Plus, if you meet all the conditions with your new account, you’ll also get a $50 bonus! 1.1
Even better, if you’re a new MIDFLORIDA member and open a standard Free Checking account, you can get a $200 bonus if you meet the conditions. 1.2
No matter what account you get, though, you’ll receive the same service that the big banks offer, only with the personal touch that so many lack.
Start your account application with MIDFLORIDA.
1.1 Offer valid as of October 1, 2024, and may be canceled at any time without notice. MIDFLORIDA Credit Union membership and eligibility requirements apply. See associate for details regarding terms and fees. The Absolutely Free Student Checking account is designed for individual MIDFLORIDA members 10-20 years old. $25 minimum opening deposit required. Depending on age and services requested, identification requirements vary and the account may require a parent or guardian’s signature. To qualify for the $50 incentive, you must open a new Absolutely Free Student Checking account, accept and open online banking, eStatement and a debit card; and complete five debit card purchase transactions which must post within one calendar month (to be completed within the first 60 days of account opening). No dividends are paid on Absolutely Free Student Checking. Annual Percentage Yield is 0.00%. Limit one incentive per Social Security number. Past checking account holders and previous recipients of checking account incentives are ineligible. The incentive will be deposited to new Absolutely Free Student Checking account on the 61st day after the qualifications have been met, and will be reported to the IRS.
1.2 Offer valid as of October 1, 2024, and may be canceled at any time without notice. MIDFLORIDA Credit Union membership and eligibility requirements apply. See associate for details regarding fees and terms. To qualify for the $200 incentive, you must open a new Free Checking account with direct deposit ($500 cumulative which must post within 60 days of account opening; cash transfer app deposits do not qualify); accept and open online banking, eStatement, and a debit card; and complete 5 debit card purchase transactions which must post in one calendar month (to be completed within the first 60 days of account opening). No dividends are paid on Free Checking. Annual Percentage Yield is 0.00%. Limit one incentive per Social Security number. Past checking account holders and previous recipients of checking account incentives are ineligible. The incentive will be deposited to new Free Checking account after the qualifications have been met, and will be reported to the IRS. Minimum to open Free Checking is $50.
