Beyond the glitz and glamour of a free sweatshirt and the ability to use your school identification card as a debit card, do you actually know why you chose the bank you are with?

If your answer is no, then you are not alone. Most college students are faced with this predicament. Incoming students often choose convenience over what is best for him or her. Instead of researching banks that are a less than a 10 minute bus ride away, we chose to settle for what is within walking distance. TCF, the official bank of NIU, offers students a “totally free” checking account. But is this deal everything that glitters gold?

Well, it depends. Technically, according to their Web site, TCF does provide NIU students with a free checking account that bodes no minimum balance, no minimum opening deposit and free transfers. Representatives from TCF were contacted but didn’t respond as of press time.

Local banks in the DeKalb area also offer these incentives and more. Banks within 10 minutes of the NIU campus urge students to choose a bank that would be a better long-term investment than what is convenient now. Associated Bank, 1325 Sycamore Road, Suite 100, offers an identical student checking account to TCF’s but offers more security and service.

“Opening a student account will only cost a one hundred dollar opening deposit, but no minimum balance is required,” said manager Brian Flemming.

In addition, there are no monthly fees and they give customers $50 for setting up their checking account with direct deposit. Associated Bank also offers live 24/7 customer support and over 2,000 free ATMs throughout Illinois.

What makes Associated Bank better than TCF? Two words: Overdraft Protection. For those of you who are not too responsible with plastic cards, these two words will be your best friend. In the event that a student, for whatever reason, spends more than the balance in his or her account, that student will not be charged overage fees (TCF also provides protection but the customer must qualify by a credit check). For a nominal fee, students no longer have to worry about paying fees on top of fees because they did not keep track of previous spending. So if the $100 opening deposit was an initial turn-off, the protection and customer service will set students up for financial success and responsibility in both the present and future.

Fifth Third Bank, 2707 Sycamore Road, Suite A, offers a student account that prepares customers for “real life” banking. Not only does Fifth Third include all the aforementioned advantages of student banking (24/7 customer service, no minimum balance, $50 opening deposit), it also allows customers to keep their student account (and the advantages of student accounts) up to the age of 25.

“[Once customers turn 25, they can] select from one of the available checking packages,” said Kenya L. Lee, Retail Marketing Coordinator for Fifth Third Bank. “There is no fee to change checking account types.”

This means the switch from young adulthood to actual adulthood will be a seemingly smooth one.

The overdraft protection plan goes above and beyond competing banks. Fifth Third sets up a credit card or a co-signing checking account to automatically transfer funds into a customer’s student account when a purchase is made that exceeds the balance. This will allow customers to build and maintain good credit while never having to worry about overdraft fees. So as a long-term investment, Fifth Third is the go-to bank for checking accounts.

There are plenty more banks in DeKalb: National City Bank, 145 N. Fourth Street; Castle Bank, 141 W. Lincoln Highway; American National Bank of DeKalb, 913 S. Fourth Street, Suite 100; Resource Bank, 775 S. Annie Glidden Road; and National Bank and Trust Co., 155 N. Third Street.

Every bank has its share of pros and cons, but this should not discourage students from investigating what is best.

Instead of choosing a bank that is close, choose one that best matches your needs.

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