Best way to send money to college kids?

[momofbk]

Hello - we have used Visa Buxx for years to send money to our teens who are away at college. I just found out that US Bank has canceled the program, so I can't load any more money on their cards for them. Boo!
What do you guys recommend as a good way to send money to kids quickly with low or no fees?!
Thanks in advance!!

 

[StitchBuddy]

My DD has an account somehow attached to ours, although she can't access our money, but it allows us to move money to hers.

 

[powellrj]

We both bank at the same bank and we just add money to her account.

 

[PatMcDuck]

Yes, I just transfer $$ to my daughter, we both have accounts at Bank of America. I do it on my iPhone,using the BoA app, and it is instant. She can then use her debit card to get cash or to pay for things.

I would guess most banks would have this option.

 

[tvguy]

My DD has an account somehow attached to ours, although she can't access our money, but it allows us to move money to hers.

This is what we did. Worked very well when DD was going to school in England.

 

[LovesTimone]

I have access to DD account, but she does not have access to ours. I would transfer money into her account when she needed it when she was in school.

 

[wekhogan]

I have an Amex Serve card, and have a card for my daughter. I transfer money to her card from the web, phone, or the app. No transfer fees. I fund my card with direct deposit so no monthly fee, but it's only $1 if not. Works well, but some places don't take Amex.

 

[clh2]

DD and I have a joint checking account, so I can very easily transfer money from DH and my checking account into hers.

Just adding some additional advice-if your college-age kiddos-my DD has a specific student checking account, no fees, no minimum balances, and no ATM withdrawal fees. (She occasionally has a fee if she takes money out of some ATM's; but if she uses an ATM on campus, there is no additional fee,)

DD has her own credit card, with a pretty small limit; but in case of an emergency- she has a card for our credit card too, and we would have no problem if she needed to use it.

 

[Allison]

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[momofbk]

Thanks for all the replies, everyone!

 

[Bearvet]

We us "Cash" app -super easy and secure. We've not had any problems with it

 

[Ranger111]

You don't have to have checking accounts at the same bank. Heck, you don't even need a checking account, but the person receiving the $$ needs some sort of an account.

For years, my wife and I have deposited checks or cash in the accounts of various relatives at various banks with no issue whatsoever. Currently, we put $500 a month via personal check into our son's account at US Bank....our account is at a local community bank.

We have a stack of the "counter deposit slips" at home. On the first day of the month, I write a check payable to our son, fill out the counter slip and take it to the bank. Endorsement is not required if it is being entirely deposited and there is no cashback.

Rarely, I am asked if I am the account holder. I always tell them no, it's my deadbeat son's account and they laugh.

The primary reason for asking is they will give you balance in the account if you are the account holder. They won't offer if they know you are not the account holder. But, most of the time, they just call me by my son's name ask me if I want the account balance -- I say no , I don't need bad news -- and they tell me to have a good afternoon.

 

[aprilgail]

My daughter has a checking account and its connecting to my checking account, I just transfer money from mine to hers when I need to- when she goes to college I will do the same thing. Now right before school I transferred 1,000 into her account to cover school clothes and any school expenses that come up during the year that she has to write checks for. She uses it to register for SAT's, high school clubs etc.

 

[Narnia_girl]

You don't have to have checking accounts at the same bank. Heck, you don't even need a checking account, but the person receiving the $$ needs some sort of an account.

For years, my wife and I have deposited checks or cash in the accounts of various relatives at various banks with no issue whatsoever. Currently, we put $500 a month via personal check into our son's account at US Bank....our account is at a local community bank.

We have a stack of the "counter deposit slips" at home. On the first day of the month, I write a check payable to our son, fill out the counter slip and take it to the bank. Endorsement is not required if it is being entirely deposited and there is no cashback.

Rarely, I am asked if I am the account holder. I always tell them no, it's my deadbeat son's account and they laugh.

The primary reason for asking is they will give you balance in the account if you are the account holder. They won't offer if they know you are not the account holder. But, most of the time, they just call me by my son's name ask me if I want the account balance -- I say no , I don't need bad news -- and they tell me to have a good afternoon.

I did this method all the time with our first son. We belong to a small community credit union so he opened an account at national bank that had a branch in our town and the town where he went to school. Easy peasy to give him money even though we had a different bank.

Our current college student shares the same bank as us so that's easy too.
I've also used Paypal to send money.

 

[georgina]

My kids had checking accounts linked to mine, but 2 of them were in college in states that did not have our bank branches. They just used their ATM cards as debit cards (on the acct linked to mine, so I could add money if needed) and opened accounts at local banks to pay rent, deposit earnings, etc. Then I could also send them a check and they could put it in their local bank.

 

[tvguy]

My kids had checking accounts linked to mine, but 2 of them were in college in states that did not have our bank branches. They just used their ATM cards as debit cards (on the acct linked to mine, so I could add money if needed) and opened accounts at local banks to pay rent, deposit earnings, etc. Then I could also send them a check and they could put it in their local bank.

The checking part is important since some assume checks are dead. There are still things you have no option but to write a check for.

 

[kamik86]

I have an online bank account that I can connect to any other bank account if I have all their info.

I did that with mom's account. So I could pay her for things and she could send me money. We still have this, I use it to pay my part of the cell phone bill (never had a reason to stop having it be one big family plan).

ONe note though, technically I could take money from my mom's account there is nothing stopping me from doing this. So I wouldn't take this option if you aren't sure they will use it right.

The checking part is important since some assume checks are dead. There are still thinks you have no option but to write a check for.

Lol I write one check every 3 months most of the time. I have one bill that comes out quarterly and that is the only thing that requires a check. I had to do two more for passports (one for DH one for me) but that is all the checks I have written all year.

 

[kamik86]

Oh the other way we did it is if it was something I didn't need physical cash for but school stuff our school had a debit type account that parents could add money to. So that was the other option.

 

[tvguy]

Lol I write one check every 3 months most of the time. I have one bill that comes out quarterly and that is the only thing that requires a check. I had to do two more for passports (one for DH one for me) but that is all the checks I have written all year.

My son was shocked at Spring Training in Phoenix, and the California State Fair, how many vendors went cash only this year. Mostly the craft beer vendors, and all he drinks is craft beer!

 

[DisMommyTX]

PayPal allows you to send money free to friends and family. I can send her money from my linked bank account (not credit card) for free. She can immediately transfer it into her own linked bank account without any fees on either end.