TAMU > Finance > SBS > Debt Management> Checking Accounts
Checking Accounts
Do Students Need a Local Checking Account?
It is highly recommended that all students have a local checking account. A checking account will allow you to:
- Manage your money
- Pay registration fees on time and avoid penalties and/or cancellation
- Have an ATM (automated teller machine) card or a checking card that will allow you to make purchases or get cash without having to write checks
- Have your pay automatically deposited to your account if you are a student worker at Texas A&M
Great Deals!
Wells Fargo offers checking accounts to Aggies, which may include no monthly service fees, as well as ways to waive them. Please contact Wells Fargo at 979-268-3238 or visit their Service Center Office at the GSC, Suite 2801 to learn more.Wells Fargo Bank, N.A., Member FDIC.
Learn how checking accounts work!
Regardless of the financial institution you choose, if you have never had a checking account, it is important to learn how they work before you begin writing checks. Your bank will be happy to help you with this-so just ask them at the time you open your account.
A checking account is an important tool in managing your money. An essential part of managing your checking account is balancing it every month to avoid problems. Best of all, it's easy. Click on "Balancing Your Checkbook" above for help with this task.
Things to be aware of when using checking accounts:
topIf you deposit cash, you should be able to write checks immediately.
There may be a delay of several days before your bank lets you write checks against funds you deposit to your account, if the deposit is in the form of a check. For instance, personal checks from other individuals may not be credited to your account until the bank is sure it has been paid by the individual’s bank.
If you have written checks in the few days prior to withdrawing funds from an ATM machine, the balance shown on the withdrawal receipt may be for more than you actually have to spend. You should keep a record in your checkbook of all checks, withdrawals, and deposits so that you know exactly how much money you have in your account.
Insufficient funds checks are expensive. Not only will you pay "bad check" fees at the merchant location, but you will also be charged a fee at your bank. That can add up to more than $50 per check in penalties. To avoid bad checks and penalties, keep accurate records of your checks, withdrawals and deposits and reconcile your check monthly. If it is determined that you intentionally write checks when you do not have money in the bank, or if you fail to clear a bad check, it can also lead to criminal charges. Once a check is written or a debit transaction made, just because it doesn't come out of your bank in two days doesn't mean you can spend the money.