Ibrahim Gardner
When it comes to choosing a bank, University of Michigan students have several options. The University of Michigan Credit Union is one option, although reviews are mixed, with some students praising the institution while others criticise its fees, customer service, and website. PNC Bank is another possibility, with its Virtual Wallet Student account offering no minimum balance requirement or monthly service charge for active students for six years. Additionally, the University prepares a survey of bank fees and services to assist students with their banking decisions, and there are various financial institutions with branches on or near campus.
| Characteristics | Values |
|---|---|
| PNC Banking Solutions | No monthly service charge for active students for six years from the date of account opening |
| No fee for mobile banking | |
| Over 2,200 locations and a nationwide ATM network | |
| PNC private student loans | |
| Huntington Bank | No monthly maintenance fee |
| No minimum deposit needed to secure your Perks Checking account | |
| Perks Checking is an interest-bearing account | |
| Covers the fees on five non-Huntington ATM withdrawals per statement cycle | |
| Credit score monitoring at no added cost | |
| University of Michigan Credit Union (UMCU) | Offers a vast array of financial assistance |
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What You'll Learn
University of Michigan Credit Union (UMCU)
One of the key benefits of banking with UMCU is that it is a credit union, which means it is owned by its members. This translates to better rates and lower fees for its members, as any profits made by the credit union are returned to its members in the form of higher savings rates, lower loan rates, and fewer fees. UMCU offers a variety of accounts, including checking and savings accounts, as well as a range of loan options, including student loans and refinancing options. Their checking accounts come with a free debit card, and their savings accounts offer competitive interest rates to help students grow their money. Additionally, UMCU provides online and mobile banking services, allowing students to manage their finances from anywhere.
In terms of fees, UMCU has no monthly service charges and does not require a minimum balance for its checking accounts, making it an affordable option for students. They also offer a range of tools and resources to help students manage their finances effectively, including budgeting tools, financial education workshops, and one-on-one financial counselling. UMCU also provides scholarship opportunities and financial aid resources to support students in their educational journey.
Furthermore, UMCU understands the unique needs of students and offers additional benefits tailored to them. This includes perks such as discounts at local businesses, free notary services, and easy ways to send money to other students, like peer-to-peer payments. With a focus on security, they also provide fraud monitoring and protection services to give students peace of mind.
Overall, UMCU is a student-friendly banking option that understands the financial needs of University of Michigan students. With its convenient locations, low fees, competitive rates, and range of financial products and services, UMCU can provide a solid foundation for students to manage their finances during their time at university and beyond.
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PNC Banking Solutions
One of the key benefits of choosing PNC is the Virtual Wallet Student account. This account has no minimum balance requirement and no monthly service charge for active students for six years from the date of account opening. This means that students can manage their finances without incurring extra costs. Additionally, PNC does not charge a fee for mobile banking, allowing students to conveniently access their accounts on the go.
PNC also understands the importance of financial literacy and provides resources to help students make informed decisions about their money. They offer private student loans with customizable repayment options, as well as refinancing options for graduate students and those in specific fields. PNC is committed to helping students build a healthier financial future by providing information and tools to manage their finances effectively.
For students at the University of Michigan, PNC's partnership with the university makes it a convenient and attractive choice for their banking needs. With their range of products and services tailored specifically for students, PNC is well-equipped to support students throughout their academic journey and beyond.
To get started with PNC Banking Solutions, students can apply online if they are 18 years or older and have the required documentation, including a Social Security Number and a valid U.S. driver's license or ID. For those under 18, an adult co-applicant is required. By choosing PNC, University of Michigan students can access a range of banking solutions that cater to their unique needs and help them develop financial responsibility.
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Huntington Bank
The bank also provides credit score monitoring at no extra cost, giving you alerts and insights to help improve your score. On average, customers who participated saw a boost of 23 points in just 12 months. Huntington is the only bank that links your University of Michigan Mcard to your checking account, allowing you to use your Mcard at ATMs and make purchases with your PIN.
To open a Perks Checking account, you can apply online or visit a branch on the University of Michigan campus. You will need to bring your University of Michigan Mcard for verification. If you are already a Huntington customer, you can switch your account by visiting a branch or calling (800) 480-2265.
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Credit cards
The University of Michigan does not accept credit card payments for student charges. However, the University of Michigan does offer its own credit card, which is a good option for supporters of the Wolverines with good credit ratings who want to earn cash-back rewards.
The Michigan Card offers an initial bonus of $200, with ongoing rewards of 1-3% cash back on purchases. There is no annual fee, which is unusual for a university credit card, and there is an introductory APR of 0% for 15 months. The card also has a high regular APR range of 18.74%-28.74% (V), so it is recommended that applicants have a credit score of 700 or higher.
Students can also use credit cards to pay their bills, which are sent directly to their campus address. Bills can be paid online, and students should be prepared to take responsibility for keeping organised and paying their own bills on time.
The University of Michigan-Dearborn accepts credit card payments for student charges. However, if a credit card payment is reversed via a chargeback dispute, a CB hold will be placed on the student's account, restricting the use of the card payment method permanently.
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Student billing and financial aid
The University of Michigan provides a range of financial aid options for students. The university is known for its generous need-based aid, and staff and counsellors are available to answer questions and help students secure the necessary financial support. The university's website also offers a variety of resources to help students understand their financial aid options and estimate costs.
Students and their families are responsible for keeping track of billing statements and financial aid notifications through Wolverine Access. Monthly eBills/invoices are available electronically and can be accessed by students and authorised parents or family members. Emails are sent to notify students and parents when the eBill/invoice is ready to be viewed or printed, and the documents can be opened as Adobe PDF files.
The University of Michigan accepts payments in the form of cash, check, or epayment, but does not accept credit cards. To receive financial aid funds as soon as they are available, students can enrol in Direct Deposit.
The university also provides a survey of bank fees and services to assist students in choosing a bank that meets their individual needs. Students are encouraged to establish a budget to manage their financial affairs, including regular expenses such as monthly bills, personal supplies, and groceries, as well as unexpected costs.
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Frequently asked questions
There are several financial institutions with branches on or near the University of Michigan campus, including PNC Bank and the University of Michigan Credit Union.
PNC Bank is a financial institution with over 2,200 locations and a nationwide ATM network. PNC offers University of Michigan students a Virtual Wallet Student account with no minimum balance requirement or monthly service charge for active students for six years.
The University of Michigan Credit Union is a credit union affiliated with the University of Michigan. It offers a range of financial products and services, including auto loans and credit cards.
Reviews of the University of Michigan Credit Union are mixed. Some customers have praised the credit union for its helpfulness during difficult times, while others have criticised it for poor customer service, difficulty accessing accounts, and issues with transfers and payments.
University of Michigan students should consider their individual needs and shop around for a bank that meets those needs. The University prepares a survey of bank fees and services to assist students with their banking decisions.
