Why choose Student Checking?

Student Checking provides an uncomplicated account experience focused on accessibility and learning. It removes many barriers that new account owners face by offering reduced or waived fees, easy mobile access, and educational resources tailored to young adults. The account balances modern digital convenience with personal service from local bankers who can help answer questions and guide long-term financial planning.

Main features

• No monthly maintenance fee for eligible student-aged account holders, helping you keep more of what you earn.
• Free debit card with tap-to-pay and EMV chip protection for safe and convenient everyday purchases.
• Mobile banking app for 24/7 account access, mobile deposits, balance alerts, and secure transfers.
• Online bill pay to schedule and manage recurring payments from anywhere.
• Direct deposit friendly—receive paychecks and refunds quickly and securely.
• Access to ATMs locally and through our ATM network—withdraw cash when you need it with minimal fees.
• Overdraft protection options to avoid unexpected declined transactions, with clear, student-oriented limits and notifications.
• Parental or guardian joint account options available for students who want shared oversight during school years.

Benefits for students

The Student Checking account is tailored to the rhythms of campus life and early careers. Key benefits include:

• Budgeting made simple: Categorized transaction histories and customizable alerts make it easier to track spending and stick to a budget.
• Building banking history: Establish a relationship with Merchants Bank and build a positive banking record that can support future credit and lending opportunities.
• Financial education: Access to workshops, online guides, and in-branch assistance focused on saving, responsible credit use, and financial planning.
• Freedom and responsibility: Empowerment to manage daily finances independently while maintaining optional parental oversight for peace of mind.

Security and protection

Student Checking includes modern security features to protect your money and identity. The debit card is chip-enabled and supports contactless payments. Online and mobile banking are secured with multi-factor authentication and automatic sign-out. Fraud monitoring and account alerts help detect unusual activity early. If your card is lost or stolen, card controls in the mobile app let you lock it instantly.

How to open an account

Opening a Student Checking account is straightforward. Typically, you’ll need to provide basic identification, proof of student status or age eligibility, and a small initial deposit if required. Applications can be completed in person at a branch or through the bank’s account opening service. If you are under 18, a parent or guardian may need to join the account as a joint owner or co-signer. Bank representatives are available to explain requirements and recommend any complementary accounts or services.

Eligibility and terms

Student Checking is generally available to enrolled students and young adults within a set age range. Specific eligibility details, terms, and any fee waivers are provided at account opening. The account is structured to support temporary fee exemptions during the student’s enrollment period and to transition gracefully to other checking or savings options after graduation.

Digital tools that help you stay on track

Manage money from anywhere with a full suite of digital tools:

• Mobile deposit: Snap a photo of a check to deposit without visiting a branch.
• Instant transfers: Move money between accounts or send funds to friends and family quickly and securely.
• Alerts and notifications: Set balance, budget, and transaction alerts to avoid surprises.
• Spending categories: Visualize where your money goes by month and tailor habits accordingly.

Common questions

Is there a minimum balance requirement?

Many student checking accounts are designed with low or no minimum balance requirements to accommodate typical student budgets. Specific requirements depend on the account terms provided when opening.

Are there fees for using out-of-network ATMs?

Out-of-network ATM fees may apply. The bank strives to provide access to a broad ATM network and discloses applicable fees at account opening. Fee-free ATM options and surcharge reimbursement policies may be available for eligible accounts.

Can I link Student Checking to a savings account?

Yes. Linking checking to a savings account supports automatic transfers, helps when planning for goals, and can be used for overdraft protection if needed.

Transition and growth

As your financial needs evolve, Merchants Bank makes it easy to transition from a Student Checking account to a standard checking product, savings plan, or credit-building solution. Bank staff can help evaluate your needs at graduation or when life changes, recommending steps that support stronger credit, smarter saving, and long-term financial wellness.