Deleted
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Oct 7, 2024 1:23:04 GMT
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Post by Deleted on Jul 2, 2022 19:06:57 GMT
My dd17 is starting college soon. She has a savings account at our bank. Our bank doesn't have branches in her college town. So we are trying to think what makes sense...opening an account at a local bank there? Do kids even need a checking account in college? How do your kids manage money as they transition to college...it seems like everything banking can be done on an app and if she gets a job direct deposit could go to her saving account. There are so many choices and it seems like literally anything will be fine but what makes sense?
Maybe just let her figure it out but my husband is overthinking it.
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Post by gotranch on Jul 2, 2022 19:19:38 GMT
Our 3 dds all used their hometown bank through college and even through moves out of state. They started with savings accounts when they were little and added checking accounts with debit cards/checks by the time they were in Jr High. With online banking/direct deposit and online check deposits there really is no need to change.
Edited to add I think this is one area where you can give her some direction instead of letting her figure it out on her own.
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janeliz
Drama Llama
I'm the Wiz and nobody beats me.
Posts: 5,641
Jun 26, 2014 14:35:07 GMT
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Post by janeliz on Jul 2, 2022 19:22:58 GMT
We opened an account with Capital One for my 20 y/o daughter. All of her paychecks go into it by direct deposit, and I have access to it as well so I can transfer money into it, etc. She has a debit card only (no checks), but we haven’t found that to be a problem. We do everything through the app.
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Post by Linda on Jul 2, 2022 19:25:29 GMT
we let DD figure it out on her own - she opened an account local to the college but also kept her home-town acct with a debit card. She ended up just using the hometown account and closing the college one - nowadays with everything electronic, it's not as important to have a local branch
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maryannscraps
Pearl Clutcher
Posts: 4,791
Aug 28, 2017 12:51:28 GMT
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Post by maryannscraps on Jul 2, 2022 19:27:21 GMT
My kids started online accounts when they were in high school and are still with the same bank 10 years later. They can do anything they need through the app. USAA refunds ATM charges, and they can use any of the networks of ATMs. I’m not sure either has actual checks at all.
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Post by aj2hall on Jul 2, 2022 19:51:57 GMT
My college kids have accounts through USAA, too. I don't think they have actual checks. Anytime they need a check, we just write them, usually for something in high school that we covered anyway. USAA online banking has an option for the bank to mail checks to businesses or individuals, too. My husband and I have had our accounts with USAA for 25 + years. Initially, I also had a separate bank account through a local bank, but we never established one here when we moved 14 years ago.
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Post by Merge on Jul 2, 2022 20:00:51 GMT
My kids almost never use cash and never write a check. With today’s online deposits, they can cash any checks they do get, but most often they receive money through Venmo or Zelle and pay people the same way. At stores they have a debit card (or they can pay with Apple Pay) and it doesn’t matter what bank it’s from.
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Post by ~summer~ on Jul 2, 2022 20:06:18 GMT
I don’t think it matters at all if there is a local bank.
My kids have all had accounts with our bank (Wells Fargo) which are linked to my account since high school. They are in college now out of state. They use Apple Pay or their debit card to pay for everything.
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Post by gorgeouskid on Jul 2, 2022 20:47:58 GMT
We set DS up with a Schwab account when he started college. It's kind of tied into our accounts.
We (plus his grandmothers) deposit allowance and tuition money and he can access it either via their app or through a debit card.
It has checking, but I don't think he's ever written a check.
One of the best things is that you can use any ATM and Schwab credits your account with any fees charged.
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J u l e e
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Posts: 6,531
Location: Cincinnati
Jun 28, 2014 2:50:47 GMT
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Post by J u l e e on Jul 2, 2022 20:49:28 GMT
No need for a local branch. Or checks. She’ll likely use Apple Pay for everything and paychecks get directly deposited.
What does your husband think she’ll need beyond that?
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Post by busy on Jul 2, 2022 20:55:09 GMT
She will need a checking account - not for checks but there are limits numbers of withdrawal transactions that can go through a savings account in a month and stay a savings account. There's no need for the account to be local to her. Just open a checking account that's connected to her savings and she can use that for her routine purchases, either with a linked debit card or more likely, linked Venmo and/or Apple Pay.
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Post by freecharlie on Jul 2, 2022 21:15:30 GMT
Some colleges partner with a specific bank, so they may check that out at orientation.
Otherwise, online banks are great. Check the ones that have higher percentage rates. Ally is one, capital one is another, and there are more
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Post by Darcy Collins on Jul 2, 2022 21:33:05 GMT
Definitely no need for a local bank. My kids haven't set foot in a bank or used an atm in years. Kids just do not use cash like we do, let alone checks. I agree with the many above, it's all debit card, venmo, apple pay, direct deposit etc.
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Post by monklady123 on Jul 2, 2022 21:58:29 GMT
Kids don't use checks anymore. And they don't use cash either. lol. (come to think of it neither do I! hahaha) We had dd get a credit card through our bank during her senior year in high school. I had to "approve" it, or whatever they called it, since she wasn't 18. And it had a low limit, something like $500.00. This was good practice for her to learn how to have a credit card responsibly. I don't remember if there was an actual branch of this bank in her college town. She also had an account here at home at the same bank so when she got a job on campus her paychecks went directly there, I think. Or else she just deposited them via her phone. Either way, she never needed an actual bank. I remember asking her once if she would have access to an ATM on campus if she needed cash and she replied "Mom, what would I need cash for?"
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Deleted
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Oct 7, 2024 1:23:04 GMT
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Post by Deleted on Jul 2, 2022 22:13:37 GMT
No need for a local branch. Or checks. She’ll likely use Apple Pay for everything and paychecks get directly deposited. What does your husband think she’ll need beyond that? Good question! Sometimes he goes to our bank to get stuff notarized and he likes to deposit checks in person sometimes...going to the bank was a big deal when we were kids so I think he just hasn't transitioned to modern life in this area yet. She already had paychecks directly deposited to her savings account but I think adding a checking account is the way to go...
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Post by monklady123 on Jul 2, 2022 22:57:54 GMT
No need for a local branch. Or checks. She’ll likely use Apple Pay for everything and paychecks get directly deposited. What does your husband think she’ll need beyond that? Good question! Sometimes he goes to our bank to get stuff notarized and he likes to deposit checks in person sometimes...going to the bank was a big deal when we were kids so I think he just hasn't transitioned to modern life in this area yet. She already had paychecks directly deposited to her savings account but I think adding a checking account is the way to go... Kids these days never deposit checks in person at a bank, they just do it via the app on their phones. And if she ever needs something notarized, well I suspect the university has someone who can do that.
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Post by Zee on Jul 2, 2022 23:11:26 GMT
She can most likely do everything online with her existing acct, but if she needs a local bank it's easy to get set up with a local credit union.
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Post by Merge on Jul 2, 2022 23:23:49 GMT
One thing to think of as well is that it's much easier if you and your child are with the same bank. Maybe other families operate differently, but I am constantly (it seems) transferring money from my account to theirs, and that's much easier if you're in the same bank. Yeah, you can do it with Zelle or Venmo, but being able to direct transfer saves a couple of steps.
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Post by Basket1lady on Jul 2, 2022 23:49:47 GMT
One thing to think of as well is that it's much easier if you and your child are with the same bank. Maybe other families operate differently, but I am constantly (it seems) transferring money from my account to theirs, and that's much easier if you're in the same bank. Yeah, you can do it with Zelle or Venmo, but being able to direct transfer saves a couple of steps. I agree. The bank doesn’t matter—I don’t know if my kids (25 & 23) have ever even set foot in a bank. But I have need to transfer money quickly (ER visit, pharmacy, and an emergency winter jacket) and it’s handy to be able to do it instantly. So I vote for the same bank, but it doesn’t matter which one. I would direct deposit a paycheck and have your child use a banking app to transfer money to friends—there will be a lot of that since they seldom use cash.
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Post by ~summer~ on Jul 2, 2022 23:51:12 GMT
One thing to think of as well is that it's much easier if you and your child are with the same bank. Maybe other families operate differently, but I am constantly (it seems) transferring money from my account to theirs, and that's much easier if you're in the same bank. Yeah, you can do it with Zelle or Venmo, but being able to direct transfer saves a couple of steps. yes I agree. Constantly transferring money. Lol. And even I only deposit checks now via the app on my phone.
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Post by Merge on Jul 2, 2022 23:56:47 GMT
One thing to think of as well is that it's much easier if you and your child are with the same bank. Maybe other families operate differently, but I am constantly (it seems) transferring money from my account to theirs, and that's much easier if you're in the same bank. Yeah, you can do it with Zelle or Venmo, but being able to direct transfer saves a couple of steps. yes I agree. Constantly transferring money. Lol. And even I only deposit checks now via the app on my phone. Get the check, deposit it via phone, transfer some of it to kid 1 and kid 2. LOL
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Post by ~summer~ on Jul 3, 2022 0:02:49 GMT
yes I agree. Constantly transferring money. Lol. And even I only deposit checks now via the app on my phone. Get the check, deposit it via phone, transfer some of it to kid 1 and kid 2. LOL the biggest bummer was this morning my oldest came in and asked me to transfer his rent money - and he’s not even up there living in the house! #frustrating
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Post by cakediva on Jul 3, 2022 0:20:25 GMT
A bit off topic - but I’m fascinated by the banking discussions here. We have mostly national banks here in Canada. So while my home branch is here in town, I can go to any branch of my bank across the country and get the same access.
Credit Unions are a bit different - I have my business account with one. It isn’t national, but I can go into any branch and still have access to all my accounts.
And I don’t need access to my kids accounts - if I want to send them money we all use etransfer - which means I can email money to them directly from my bank account to theirs. Every bank in Canada has the availability to use Interac transfer. I haven’t taken cash for my business in ages - my clients transfer me $$ directly before they pick up.
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Post by AussieMeg on Jul 3, 2022 0:28:46 GMT
I don't think my 24yo daughter has ever stepped foot in a bank in her life! All of her banking (as with mine) is done on-line, and she pays by card or ApplePay on her phone. I don't think it is necessary for your daughter to open an account in a local bank. But I know from reading a banking thread here recently, that banking is quite different in the US, so maybe ignore my opinion!
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milocat
Drama Llama
Posts: 5,570
Location: 55 degrees north in Alberta, Canada
Mar 18, 2015 4:10:31 GMT
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Post by milocat on Jul 3, 2022 14:24:09 GMT
A bit off topic - but I’m fascinated by the banking discussions here. We have mostly national banks here in Canada. So while my home branch is here in town, I can go to any branch of my bank across the country and get the same access. Credit Unions are a bit different - I have my business account with one. It isn’t national, but I can go into any branch and still have access to all my accounts. And I don’t need access to my kids accounts - if I want to send them money we all use etransfer - which means I can email money to them directly from my bank account to theirs. Every bank in Canada has the availability to use Interac transfer. I haven’t taken cash for my business in ages - my clients transfer me $$ directly before they pick up. I had always been confused too but on a recent banking post someone pointed out that there are 5000 different banks in the US, making it hard for them to switch to new things like tap etc. Canada only has 35 banks. 85% of Canadians bank with the big 5.
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iowgirl
Pearl Clutcher
Posts: 4,276
Jun 25, 2014 22:52:46 GMT
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Post by iowgirl on Jul 3, 2022 14:58:07 GMT
My kids all stuck with our hometown bank, and even now still keep an account there.
Our bank did things like waiving overdraft fees, etc. for college kids. Even now, if you keep a $100 balance - everything is free.
With debit cards and paying with apps now, keeping the local hometown bank wasn't an issue.
They do have bank accounts in local to them now banks, but still keep their hometown accounts open too. Makes it easy for grandma to bop in to the bank and drop them some fun money once in a while! LOL She's a gem! And our local bank is a good one, without fees, etc. and other shady stuff you run into with big banks.
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Post by littlemama on Jul 3, 2022 15:46:22 GMT
As long as she has a debit card for her home bank, she will be fine. If she needs cash, she can get cash back at the grocery store, use an ATM, or pick some up when she comes home. We opened an account for ds thru the bank on campus and itnwas a waste, especially when they started charging him $5/month if he didnt use it. We closed the account very quickly and he never had an issue
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peaname
Pearl Clutcher
Posts: 3,390
Aug 16, 2014 23:15:53 GMT
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Post by peaname on Jul 3, 2022 16:07:23 GMT
My son is in college. He uses very little cash but it is nice to have a bank that doesn’t charge atm fees ours even reimbursed other bank charges so he can use any atm and not pay a fee at all. He uses venmo or Zelle with friends there does seem to be a lot of shared expenses like food and even apartment utilities.
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Post by tuva42 on Jul 3, 2022 19:34:11 GMT
She will need a debit card and for that she'll need a checking account.
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Post by Basket1lady on Jul 3, 2022 19:52:40 GMT
A bit off topic - but I’m fascinated by the banking discussions here. We have mostly national banks here in Canada. So while my home branch is here in town, I can go to any branch of my bank across the country and get the same access. Credit Unions are a bit different - I have my business account with one. It isn’t national, but I can go into any branch and still have access to all my accounts. And I don’t need access to my kids accounts - if I want to send them money we all use etransfer - which means I can email money to them directly from my bank account to theirs. Every bank in Canada has the availability to use Interac transfer. I haven’t taken cash for my business in ages - my clients transfer me $$ directly before they pick up. I think Canadian banks work like EU banks. Here, you have a Bancard and you can pay anything directly with your IBAN number. In the US, you can send money via Zelle from person to person, but it isn’t guaranteed to be instant. It’s also fairly new for most people and it’s not the first thing we think of when we send money. AND not all the smaller banks have the capability.
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