Students, Check Yourself

Spring is the perfect time to brush up on financial literacy and clean up your personal finances.  

Here are three things you should take a look at today: 

#1: Be aware of your monthly fees and overdrafts

Take a close look at your financial accounts. Are you paying money for your money? 

• Does your bank charge you a monthly fee to keep your checking account open?  
• Do you need to keep a minimum balance to avoid incurring a fee?  
• Do you know the overdraft policy on your account?  
• How many times have you been charged overdraft fees in the last six months? 
• How much are you charged for overdrafts?  

Fees and overdraft policies can vary widely among financial institutions, with the average overdraft fee costing $35 per incident. That’s why it’s really important to understand fees and policies when you’re considering where to open an account. 

At UW Credit Union, our Rewards Checking has no monthly fees or minimum balance requirements because it shouldn’t cost you money to keep your account secure. Plus you control how overdrafts are handled – and they won’t cost you more than $5.¹

#2: Check your credit score

Once you’re out of college, your credit score is sort of like your new GPA. This guideline determines how easy it will be for you to get a loan or rent an apartment, among other things.  

We offer many self-serve resources on credit and your financial health – you can even get your credit score and full report for free if you’re a member. And, member or not, you can always speak with an expert at UW Credit Union for a free one-on-one credit consultation.  

#3: Know your student loan balance

Even if you’re still in school and don’t have to worry about repaying student loans yet, you should know how much you owe. The more you can plan today, the less overwhelmed you’ll feel when you graduate.  

If you have the means, you may even consider making small payments on your loan now. That’s just one of our tips for a stress-free student loan experience. You can also tinker with this student loan payoff calculator to work out different scenarios of paying off your loan.  

Not sure where to start with your student loan planning? We got you! Our team of student loan experts are standing by to walk you through it all.  

Taking a few simple steps today can make sure you are prepared for your financial journey ahead. Anytime you have a question or want to talk to someone about your finances, we are here for you.  

¹A $5 fee is charged to the receiving account for transfers or overdraws, capped at $5 per business day, regardless of the number of payments involved. No fees are charged if your balance is short by less than $10. Negative balances must be repaid within 45 days. For more details, refer to our industry-leading overdraft business practices.