Congratulations on successfully passing your high school years. You are already a grown-up in terms of legislation, and your student loan lender thinks so. Being able to manage finances is now your absolute imperative. You need a working checking account.
The most likely place where you can be scammed is your local bank. These old-fashioned institutions absolutely love charging you maintenance fees for just having your money stored. This is highway robbery in business attire. Think of digital banks such as Ally or Discover, instead.
Any online bank is not going to ask you to pay monthly. They provide huge ATM networks to guarantee access to your money. In addition, Discover provides cashback for all your debit card purchases. This is a pure profit for something you need to buy anyway.
Having a cool mobile app is a must in any case. You need to be able to deposit your checks from the comfort of your home. The transaction alerts prevent you from overdrafting on tacos. The app reminding you of the times of 2005 is not what you need.
B. While overdraft protection looks nice on paper, it is in reality a debt trap. Decline it to avoid paying an additional fee of $35. Taking money is the quickest way to financial troubles. Though feeling embarrassed at the counter is embarrassing, it is completely free of charge.
The parental control features look ridiculous, however, they are there to prove your responsibility. Some checking accounts such as Copper and Greenlight have this feature. It can be helpful to gain access to a credit card account.
Credit unions can be an excellent choice for a checking account. They tend to provide better conditions than banks since they care about their members more than about the money. They have lower fees and higher interest rates. However, the drawback can be the rather clumsy technology.
You may want to think of an account providing you interest on your money though it will be rather minimalistic. This habit will teach you to earn money on money. Your savings will be perceived as investments by you.
Avoid the account requiring maintaining a certain minimum balance to avoid being charged. Since you are a new graduate, you do not have a stable salary. Your balance will fluctuate significantly from one paycheck to the other one. You should not be penalized for that.
In fact, your choice is not eternal. In case the bank decides to take you for a ride, you can always switch to another bank. Vote with your feet and with your wallet. Simplify your finances now to make your life easier in the future.