Heading off to college means your first experience with financial independence. With the right college budgeting habits and banking tips, you can build a strong financial foundation. Members Exchange Federal Credit Union (MEFCU) is here to help first-year students and their families navigate this exciting milestone. Through digital tools, budgeting calculators, and expert support, MEFCU makes money management easier on campus and beyond.
Why Every Student Needs a Budget
A solid budget is the foundation of financial success in college. Federal Student Aid notes that starting with a clear overview of income (jobs, scholarships, family help) and expenses (tuition, rent, food) is essential. Tracking your spending daily through apps or digital tools helps you stay on course.
Here’s a simple budgeting framework for students:
- List Your Income Sources: Jobs, financial, family contributions.
- Categorize Expenses: Separate must-haves like tuition, books, and rent from discretionary spending like dining out and entertainment.
- Use Budgeting Tools: Utilize resources like financial calculators and financial counseling to track and budget your spending.
- Regularly Adjust: Revisit your budget to cut unnecessary costs—brewing coffee at home could save you dozens monthly.
Tip: The 50/30/20 rule remains popular—50% of income for needs, 30% for wants, and 20% for savings or debt repayment.
Choosing the Right MEFCU Checking Account for College
Looking for the best checking account for college students? MECFU offers a range of student-friendly checking account options that make managing your money easier during college. Whether you’re earning cash back, receiving high-interest dividends, or accessing online and mobile banking, MEFCU checking accounts provide the flexibility, security, and features students need. With benefits like no minimum balance to earn rewards, overdraft protection, and ATM fee refunds, it’s easier than ever to stay in control of your finances.
MEFCU Checking Account Options Overview
| Account Type | Monthly Fee | Rewards & Features | ATM Fee Refunds | Overdraft Protection |
| *Kasasa Checking | $0 | High dividends or cash back; no minimum balance for rewards | Nationwide (up to $10/cycle) | Yes (Discretionary OOPS!) |
| Members Choice | $10.95 (<50) / $8.95 (50+) | Identity theft insurance, cash back, travel discounts | Limited | Yes (Discretionary OOPS!) |
| Simply Checking | $0 | Dividends on balances $1,000+ | Limited | Yes (Discretionary OOPS!) |
| Renew Checking | Low fee | Helps rebuild banking history | Limited | Yes |
Kasasa Checking is especially student-friendly, offering cash back or high dividends, no minimum balance requirements, and nationwide ATM fee refunds up to $10 per month. Every Kasasa account includes free mobile banking, online banking, and e-statements (required to open and maintain the account).
All MEFCU checking accounts include overdraft protection options, either through Discretionary OOPS! or automatic transfers from a savings account or line of credit, helping students and members avoid costly returned item fees.
*Click here to view disclaimers for all Kasasa accounts.
Should You Open a Checking Account Before Move-In Day?
Opening your MEFCU checking account early lets you:
- Set up direct deposit for campus jobs and financial aid disbursements immediately.
- Manage daily expenses like meals, transportation, and textbooks.
- Build a positive banking relationship from the start.
Experts at Experian recommend securing an account before college starts to access student-focused benefits and avoid financial delays.
How MEFCU Can Help You Manage Money in College
Members Exchange Federal Credit Union combines member-first service with modern digital tools to help students manage their finances confidently. Student-supportive features include:
- User-friendly mobile and online banking with mobile check deposit and account transfers.
- Financial calculators to help estimate payments and plan savings goals.
- Real-time alerts for low balances, large transactions, and cleared checks.
- Friendly local member service ready to assist with financial questions at any stage.
Why Choose a Credit Union Like MEFCU?
Credit unions like MEFCU offer competitive rates, lower fees, and a personalized approach to banking that’s ideal for students managing money for the first time. They also support financial education and promote economic inclusion—two key principles that help young adults build confidence, savings habits, and long-term financial stability.
Is Mobile Banking Safe for Students?
Yes! Mobile banking with MEFCU is secure and student-friendly, designed with the latest technology to keep your information protected. The MEFCU Anywhere mobile app includes multiple layers of security and convenience:
- Biometric authentication such as fingerprint login, for fast, secure access.
- Real-time alerts to monitor account activity and notify you of unusual transactions.
- Mobile check deposit, fund transfers, and bill pay from your phone.
- Card controls to freeze/unfreeze cards and set travel notices.
- Downloadable from trusted app stores like Apple and Google.
The app is free to download and use, and it’s built to help access and manage money safely, anytime, anywhere.
Benefits of Direct Deposit for Campus Jobs
Get paid faster and skip the hassle of paper checks. With MEFCU direct deposit, your campus job or financial aid funds go straight into your account—securely and on time.
Building Credit Responsibly in College
Establishing credit early opens doors for car loans, apartment rentals, and more.
- Getting a low balance credit card and using it responsibly.
- Keeping credit utilization under 30%.
- Making every payment on time.
- Becoming an authorized user on a parent or guardian’s card for credit building without full responsibility.
MEFCU Overdraft Protection & Alerts
MEFCU helps prevent costly overdraft fees with:
- Automatic transfers from savings to checking to cover overdrafts at a low fee.
- Personal line of credit backup options.
- The OOPS! Overdraft Protection program, designed to cover accidental overdrafts.
- Customizable alerts via app or email for low balances and unusual transactions.
Tools to Track Spending with MEFCU
Students can stay on top of their finances with:
- Real-time account alerts for balances, transactions, and cleared checks.
- Mobile check deposit for fast, flexible access to funds.
- Credit score insights and monitoring through SavvyMoney in digital banking.
- Financial calculators to help with budgeting, loan planning, and savings goals.
- FREE Financial Counseling and Student Loan Relief Guidance
Start College Strong—Without the Money Stress
At MEFCU, we’re here to help you build confidence in your finances from day one. Whether you’re budgeting for books, opening your first account, or building credit, our student-friendly tools and expert support make it easier to manage money and focus on what matters most.
With over 70 years of experience, Members Exchange proudly serves members across Mississippi, including Hinds, Madison, Rankin, Simpson, Copiah, Attala, Claiborne, Covington, Holmes, Jasper, Jefferson, Jefferson Davis, Jones, Lawrence, Leake, Lincoln, Neshoba, Newton, Scott, Smith, Warren, Winston, and Yazoo Counties. MEFCU is committed to providing trusted financial expertise and community-focused service to members throughout the state.
Contact Members Exchange today to learn more about our services. Visit our branches, explore our blog, or call us at (601) 922-3350 or 1-800-748-9459. Let’s get you college-ready!
