00:03It may not be on the minds of young people to set up bank accounts, but it is important,
00:07and the industry does cut a few breaks to students to meet their new banking needs.
00:11A checking account for students can be crucial for setting up a way to get their financial aid,
00:16and it can also teach some responsibility. Most banks can cost you a fee of up to $15 a month
00:21if
00:21you don't meet certain criteria, but CNBC Select says there are programs available at most major
00:27banks that waive those fees or requirements for students. And the outlet says it's important
00:31when looking where to set up that first account to find a bank or credit union that caters to students
00:36by offering no monthly maintenance fees and one that allows for a low initial deposit,
00:41especially if the account is for a college student, who will likely be away from home.
00:45Forbes says it's important that the bank have a great app and also a wide-ranging ATM network.
00:50But just because it's a student account, that doesn't mean it shouldn't have some of the
00:54essentials of a traditional account, as CNBC Select says make sure the account is insured by the NCUA or FDIC.
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