As with regular current accounts, student accounts offer holders a variety of ways to access and manage their funds. You are able to withdraw or deposit money, set up electronic payments, view your balance and discuss your account in-branch during working hours. Most of these services are also available via telephone and internet banking, which are offered by most account providers. Postal banking is often available, but as the demand wanes so banking institutions tend to offer internet banking as an alternative.
You can withdraw and deposit funds at an Automated Teller Machine (ATM), also called a Cash Point. Your debit card enables you to shop cash-free: payments are electronically deducted from your account balance when you make a purchase. Some account providers will also provide you with a chequebook, a booklet of payment slips which allows you to make payments from your account without using cash or your debit card: often you can use a cheque to pay for your utility bills at the Post Office®. It is also possible to set up automatic payments from your account via direct debit and standing orders through Bpay.
Direct debit enables you to pay regular bills without authorising each individual transaction. If you need to pay your mobile phone bill each month for example, you can set up a direct debit between your account and the telephone company. This allows the company to take the amount owing out of your account each month. Many companies offer you a discount on your bill if you agree to set up a direct debit arrangement: they are happy to give you money off when they know that they have access to the money they are owed. You can arrange and cancel a direct debit in-branch or via telephone or internet banking when available.
A standing order is a regular payment of a fixed amount, usually between your account and another person's account. A standing order does not grant the other person access to your funds, but it arranges for a set sum of money to be paid to them on a regular basis. This type of payment arrangement is useful for any regular bills that you must pay for which the amount owing does not change. You could use a standing order to make regular rent payments to your landlord, or to send a regular contribution to your housemates who pay the utility bills.
