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Post by vspindler on Jul 3, 2022 20:21:38 GMT
My college-going son does not technically have a checking account. So few checks are written now that our credit union offers accounts that just has debit cards, no checks. Our credit union does not have a branch where his university is located.
He would get his check direct deposited at work and was able to do mobile check deposit as well. All his bills but his rent he can pay online. I can transfer funds to him through the credit union, or I can give home money with Venmo. The local gas station has no-fee ATMs if he needs cash.
There is no reason that he would need a account locally.
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kate
Drama Llama
Posts: 5,583 
Location: The city that doesn't sleep
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Jun 26, 2014 3:30:05 GMT
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Post by kate on Jul 3, 2022 20:24:02 GMT
Some colleges partner with a specific bank, so they may check that out at orientation. My first kid went to a college whose "campus bank" happened to be the same as ours. Easy peasy. And, as others have said, it's nice to be able to transfer money in an instant. We wanted to do the same for my next kid, but she wanted to research banks for herself to make sure she was getting the best deal (kudos to her high school, who taught her to think about such things). It hasn't been a problem to have her at a different bank, but she is very responsible with money, unlike kid #1! |
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Post by Laurie on Jul 3, 2022 20:30:20 GMT
Dd uses our bank. We have her account linked to ours so dh and I can just go into our account and send her money instantly when needed.
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amom23
Drama Llama
Posts: 5,409
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Post by amom23 on Jul 3, 2022 22:48:38 GMT
My kids all had local checking/savings accounts in high school. Going to college was easy with online banking. They used their debit cards and we got each of them a college type visa card through our bank that either DH or I co-signed. That way the kids had access to pay for things as needed. These days my kids especially pay a lot with Venmo. Like if someone orders pizza the other kids pay their share via Venmo. It's easy to transfer money into their accounts if needed like when tuition is due.
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Post by voltagain on Jul 3, 2022 23:01:12 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. There is very little need to have a local bank. I live in Oklahoma but bank in Hawaii still. A debit card is used in most stores. Our students can pay tuition online. The only check I have written in nearly a decade is to my mowing crew. Can't think of anything a student would need an actual check any more. All of my utilities are paid online by bank transfer. I would set her up with an actual checking account instead of a savings account if her savings has a limit on amounts or frequencies of withdrawals. Most do have limits since a savings account isn't really a "spending" account. |
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