Bank of America

Off to college: Students should set up their finances now, before they leave

Getting basic accounts with debit cards and online banking will make buying books and dorm supplies easier

CHARLOTTE, N.C. - Students who are about to go to college for the first time should set up their finances before they leave so they'll be ready to buy books, dorm supplies and sweatshirts right away when they arrive on campus.

Students should set up the basics to handle their finances: a checking account with a check card and online banking, as well as a savings account.

Here are some tips to consider when setting up student finances:

• Find a bank with national reach. Students want to be able to do their banking at home, school and when they travel.

   

• Consider linking student accounts with parent accounts. Parents can keep an eye on the student's spending, or easily transfer money when necessary.

   

• Get a check card. Find a card that is widely accepted and that offers programs to help protect against fraud.

   

• Sign up for online banking. Students should be able to check their balances, receive and pay bills, view statements and transfer money between accounts online anywhere and anytime they have Internet access -- all for free.

   

• Start building credit. Qualifying students can start building a solid credit history by getting a credit card and paying off the balance every month. Students should look for cards that are safe, convenient and free. Students also should discuss with their parents whether a co-signed card is necessary.

"Going to college is a big step that offers many new responsibilities for young adults, and it's important they start learning now how to handle their finances," said Tamara Kingston of Bank of America Student Banking. "Helping students prepare before they leave for school can give them a solid start to a responsible and successful financial future."

For more information about financial products and online tools for students and parents, go to www.bankofamerica.com/studentbanking.

About Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving 33 million consumer relationships with 5,700 retail banking offices, more than 16,000 ATMs and award-winning online banking with more than ten million active users. Bank of America is the #1 Small Business Administration lender in the United States. The company serves clients in 150 countries and has relationships with 96 percent of the U.S. Fortune 500 companies and 82 percent of the Global Fortune 500. Bank of America Corporation stock (ticker: BAC) is listed on the New York Stock Exchange.

August 18, 2004