When students receive an acceptance letter from their dream university, the very first thing they do is compile a list of everything they need, including all relevant paperwork. Opening a bank account for an overseas student is one of the most significant parts of the studying abroad journey that greatly worries them. Students must have an international student account since it helps them manage their finances. We will walk you through every step of setting up a Bank of America Student Account – Age, Minimum Balance, Requirements & Benefits. Continue reading to know more about it.
|Bank of America Advantage SafeBalance Banking
|Minimum maintenance fee
|$0 for eligible students under 24
|Minimum amount to open
|$25 (INR 2067) for Advantage SafeBalance
$100 ( INR 8271) for Advantage Plus
|Annual Percentage Yield
|Free ATM Network
|ATM withdrawal fees are $2.50 (INR 206.30) domestically and $5.00 (INR 412.60) abroad.
|Advantage SafeBalance costs nothing, however, Advantage Plus costs $35 (INR 2888) for each overdraft of more than $1 (INR 82.52).
|Mobile Check Deposit
|Rounding up debit card purchases and depositing the difference into your savings account
About Bank of America Student Account
Opening a bank account might be the first action you take in managing your own finances, just like it is for many college students. Even if you had a checking or savings account in high school, you might be thinking about switching banks when you enter college. As an excellent option for you, you might think about opening a Bank of America student account.
Any student under the age of 25 who has a general checking account through Bank of America’s Advantage Banking programme is exempt from paying a monthly maintenance charge (including those enrolled in high school, university, and vocational programs). A minimum deposit of $25 or $100 is needed for Advantage SafeBalance or Advantage Plus accounts, respectively. Although checkless, the Advantage SafeBalance account has overdraft insurance.
Now that you have understood what a Bank of America international student account is all about, let’s understand the difference between Bank of America’s Benefit Advantage Plus vs. SafeBalance.
Although students can avoid monthly maintenance fees with the Advantage SafeBalance and Advantage Plus accounts, there are important distinctions between the accounts:
|Bank of America Advantage Plus
|Bank of America Advantage SafeBalance
|The Advantage Plus Banking account from Bank of America is a standard checking account.
In order to make purchases and use ATMs, students can utilise a debit card associated with the account. Students will be assessed an overdraft fee if they overdraw their accounts—that is if they take out or spend more money than is now in their accounts.
It is crucial to remember that students may be able to activate overdraft protection for this account, but they must confirm the other requirements.
|While checks are not included in the Bank of America Advantage SafeBalance Banking account, you do receive a debit card. With this account, students will never be charged an overdraft fee because the bank won’t accept purchases or withdrawals that are greater than their balance.
Students will simply get the refusal payment if they don’t have enough money in their account to handle the transaction.
Eligibility for Bank of America International Student Account
- Students must be under 24 years old,
- Enrolled in high school/vocational program/ college or university.
- Maintain a permanent address in the US
- Social Security number
How to Open a Bank of America International Student Account?
Once students have accepted an unconditional or “confirmed conditional” offer, they are eligible to open an account. Opening a student account is comparable to opening a standard bank account, with the exception that it calls for a little bit of extra identification—specifically, evidence of enrollment in the university. If you apply in person or online, be prepared to give some or all of the following details:
- A valid student identification card
- All academic transcripts
- letter of acceptance to college
- A government-issued ID (such as a driver’s license or passport) and a Social Security number are necessary as with any account.
Benefits to Open Bank of America International Student Account
With Bank of America SafeBalance Banking, checking account holders can count on the below perks:
- With BankAmeriDeals, students can earn cashback; offers are only valid at participating retailers and eateries. Each deal requires prior activation in order to be utilized.
- Students have access to more than 16,000 fee-free Bank of America ATMs so they may withdraw cash or make deposits while on the go.
- access to the online banking assistance ERICA.
- Students can conveniently deposit checks using the BoA mobile banking app by taking a photo of them, avoiding the need to visit an ATM or bank.
- If your card is taken, lost, or misplaced, you can lock and unlock it to block the majority of new transactions. Transactions like autopay, returns, credits, and some others might still be handled.
The minimal beginning deposit for the Bank of America Advantage SafeBalance Banking account is $25 (INR 2063) and there is a $4.95 (INR 408.48) maintenance fee per month. By fulfilling one of these criteria each statement cycle, account users can avoid the $4.95 (INR 408.48) monthly fee:
- Being a Preferred Rewards customer (needs qualifying Bank of America deposit accounts and/or Merrill investment accounts to have a minimum aggregate average daily balance of $20,000 (INR 16.50 Lakh) over the last three months)
- Be enrolled in a high school, college, university, or vocational programme, and be under 24 years old.
Ans. A checking account is a sort of bank account that enables simple deposits and withdrawals of cash for everyday use.
Ans. When a student account reaches a predetermined milestone, such as graduation or a certain age of the student or the account, banks typically automatically convert it into a normal account. To keep the student’s bank account open, the bank may demand proof of continuing enrollment if the student takes longer than four years to graduate.
Ans. The $25 minimum balance required by BofA for its SafeBalance and $100 for its Advantage Plus student-friendly bank accounts
Worried about your finances while studying abroad? Get in touch with our team of experts at Fly Finance.