<p>Hey should I get a checking account for college? My dad says I need one, but I’m not so sure. I’m kinda afraid of interest and all the debt people get into</p>
<p>Checking account. Don’t get it confused with a credit card.</p>
<p>Credit card you are spending CREDIT while checking account (debit card) is spending money you already have. You use your checking account to pay off your credit.</p>
<p>So lets say you put in 500$ into your checking account. As long as you keep track of your spending and not go over 500$, you will be fine. Just think of a debit card/checking account as a gift card that you can use on almost anything. If you go overboard, the fees are substantial buy you just need to be responsible.</p>
<p>I dont think there is any interest for checking accounts because you are spending money you already have.</p>
<p>Getting a checking account is very handy. All you need is your card and it is much safer than carrying cash in your pockets. You can use it to buy things online, such as books. Also, if your low on cash, you can take money out of your checking account through ATMs.</p>
<p>Look for a credit union on your campus. Usually better rates/terms and will often have a debit machine on campus. Other than that I would call ahead of arriving there and ask someone at the Student Center what ATM machines are on campus (Chase, B of A, Citibank) and choose a bank that offers convenience right on campus. You most definately need a checking account, welcome to the world of grown ups.</p>
<p>oh thank you for such a detailed response. Can I build my credit with a debit card or only credit card? Also what do I do if I either lose or get my debit card stolen?</p>
<p>You need a credit for credit duh lol jk. Although you dont get credit if you bank with the bank long enough after 6 month period they offer credit cards. Well that is my bank US Bank. You also need an account for the fafsa money to be deposited</p>