Between books, burgers and bar tabs, college budgets can be tight. There is little room for the fees that often come with checking accounts.

Several banks in the Tuscaloosa area offer products specifically designed with the unique needs of students in mind.

Students like Elizabeth Loftin, a junior majoring in elementary education from Dothan, Ala., have multiple checking accounts.

“I have accounts at four different banks,” Loftin said. “I like having several accounts, and I also like that several of my Dothan banks have branches here in Tuscaloosa. I didn’t have to open any new accounts when I came to college, and that has been really convenient.”

Trista Dowdy, however, a junior majoring in education, did open a new account for college.

Dowdy, a native of Rome, Ga., opened her checking account with Coosa Valley Federal Credit Union six years ago. She opened her account with Regions Bank when she began working in Tuscaloosa.

“I only use my Regions account for my paychecks,” Dowdy said. “I’ve never had any problems with Regions, but I use my other account more because the interest rate is better.”

Fees and interest rates like the one Dowdy mentioned vary at every bank, but basic features of free checking accounts are similar.

Lindsey Self, a junior majoring in public relations, has recently become familiar with minimum balance policies.

“I’ve always banked with Wells Fargo and I like the bank,” Self said. “But now they are making changes and I’m going to have to pay every month if I don’t have a certain amount of money in my account. I’m not getting anything extra but I’m paying extra.”

Loftin recommends asking lots of questions when it comes to checking accounts.

“I’ve had my accounts forever, but I never really knew how banking worked until I started seeing fraudulent purchases on my account,” Loftin said. “That experience forced me to learn how banking actually works instead of just swiping my debit card all the time, and I’m glad I know what I do now.”

For information on opening a checking account, visit a local branch with your driver’s license, social security card and deposit, or visit their website.

BIG BOX: Common Checking Account Terms

Annual Percentage Yield (APY) and interest rate: These two terms are not exactly the same, but very similar. APY considers compounding and interest rate is more basic but in short, they both signify how much money the bank pays the customer for keeping money in the account. For example, if the interest rate for a checking account is 0.50 percent, the account will earn $0.50 a year for every $100.

Overdraft Protection (ODP): If a customer qualifies, the bank will pay charges that exceed the account balance. For example, if an $8 check card purchase is made and there is only $7 in the account with overdraft protection, the bank will cover the difference and charge the customer a fee.

Minimum balance: Some banks require that customers keep a minimum balance in their account. If the account falls below this balance, a fee is charged quarterly. Minimum balance is not to be confused with minimum to open. Minimum to open only applies to the initial deposit a customer must make to open the account.