Bank accounts… what’s the deal?

It was only the day before yesterday when one of my friends said “you’re not independent unless you take control of your own finances”, which I believe is true to an extent (and rather deep!).

I have to confess that when I went to set up my account, my dad was with with me. I know, I know, ‘not very independent’ of me. That said though, setting up an account does not need your honourable father; it is in fact pretty easy.

It’s not that big a deal, and it is not something that only the real “grown-ups” do. When we get to uni we are expected to be (mature) adults: doing our own chores, earning our own pocket money, dealing with the bullies by ourselves and of course managing our own finances.

So, after having a quick meeting with bank staff, there are some important documents you’ll need to give them. What you need to provide can vary from bank to bank, but you’ll need to show lots of identification, which can be a combination of some of the following, and perhaps some others:

1) A Medicare or private health fund card

1) A drivers licence (if you have one)

2) Your passport and /or birth certificate (very important)

3) Your student ID card

4) COE (Certificate of Enrolment), or any document which proves that you are a current student at your university eg: an academic transcript, or your fee invoice.

Be ready to show your documents after which the staff will give you forms to sign and explain more about which type of account is suitable for you.

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The bank you choose is up to you and there are heaps to choose from. Another choice is to have a debit card or a simple EFTPOS card. Debit cards come in handy in almost all situations, as they act in a similar form to a credit card, but with of course your own money on it. It is however up to you, and your bank representative can help you choose.

Remember, when you walk in to the bank, you’re no longer a high school kid but rather a university student – all grown up. You’re the master of your own games, and now, your finances!





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