Being a student is a special time in your life: so special, in fact, that it deserves its own checking account.
If, like many other students or soon-to-be students, you’re looking for a checking account, you might well be tempted by the one offered by BB&T. Here’s the lowdown on what it is, and how it works.
Firstly, though, just a quick note: BB&T has been in the news recently, thanks to its huge merger with SunTrust to create Truist.¹ But, as things stand, student checking accounts are still available under the BB&T banner.²
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To open one of BB&T’s student accounts, you can simply head on over to their website and follow the instructions. You’ll need to provide some information about yourself, that we’ll tell you about below.
Alternatively, you can go into a branch near you, or call them on 800-BANK-BBT.²
Do remember that BB&T only operates in certain states: Alabama, Florida, Georgia, Indiana, Kentucky, Maryland, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, and Washington D.C.³ Elsewhere, you’ll be out of luck.
Before you rush to open the account, though, let’s take a look at what it offers.
Here are some of the best features that come with a BB&T student checking account, designed to appeal to students.²
- There’s no minimum balance requirement or opening deposit, and no direct deposit requirement.
- You don’t have to pay a monthly maintenance fee.
- You can receive one incoming wire transfer per month – domestic or international – for no fee.
- It comes with a debit card, which you have the option to personalize if you want to.
That fee-free wire transfer might be super useful if your plan is to receive regular payments. Bear in mind that there may still be some charge, though, in the form of a marked-up international exchange rate. If you’re receiving money from abroad, it’s always worth checking what exchange rate is going to be used.
The account doesn’t pay interest.⁴
To get this student account, you need to be 23 or younger. When you hit 24 – or when you graduate, if that happens later – the account will become a BB&T Back to Basics account.² The minimum age is 13; at least one applicant for the account needs to be of legal age.⁵
You’ll also need to give BB&T the following:
- Your Social Security Number
- Some government ID
- Your date of birth and address
- An opening deposit – there’s no minimum, but you do need to put some money in.
BB&T will do a credit check when you apply – you’ll need to give them permission for this.⁵
Here are some of the key fees that you’ll face with a BB&T student account. Bear in mind that some fees may vary slightly by state.
They’re correct at the time of writing, but may change in the future.⁴
|BB&T checking account fee||Amount||Notes|
|Statements||Online: free; on paper: $3 per statement cycle|
|BB&T ATM use||$0|
|Other ATM use||2 free (or 4 in IN, KY, OH) per statement cycle, then $3 (or $2.50 in NJ, PA)|
|Overdraft/returned item fee||$36 (max 6 per day)||Paid each time a transaction is made for which you don’t have enough money, whether BB&T pays or declines|
|Negative account balance fee||$36||Paid if you stay overdrawn for a week|
|Overdraft transfer fee||$12.50 per transfer (1 fee limit per day)||If you go overdrawn and have linked accounts, money can be automatically transferred from those accounts to your checking account|
|Domestic incoming wire transfer||1 free per month, then $15||The free wire transfer can be either domestic or international|
Of course, you’ll never have to pay any of those overdraft fees if you make sure you always have money in your account – it really pays to take care.
Even if it seems like a long way off, it’s worth thinking about what happens once you turn 24 – or, if you’re older, whenever you graduate (so long as you’ve notified BB&T that you’re still a student). As mentioned earlier, your student account will then convert into a more standard sort of account, with its own set of fees. You should consider whether those fees, as well as the ones above, are likely to suit you and your particular banking needs.
All in all, the BB&T student checking account may well check a lot of boxes for you, offering a convenient option for students, with fairly few costs.
One feature might stand out in particular: it’s certainly useful that it lets you receive one incoming wire transfer per month for no fee. However, if you’ll often be receiving (or sending) more than just that one transfer – especially if it’s international – then the wiring fees can still mount up fast.
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Good luck finding the student account that’s best for you. Get it right, and you’ll be able to properly enjoy your time as a student, without worrying constantly about bank fees.
- BB&T - introducing Truist
- Student Checking Account | Banking
- Find ATMs and Banking Centers | Bank Locations
- Student Banking At a Glance
- BB&T Account Opening
All sources checked 17 Jan 2020
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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