Best way to send money to college kids?

[Sagginit]

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.

My mother did the same thing for me and my brother. She would just deposit cash in our account using a deposit slip, I would be home every few weeks as I was in state and my work study didn't pay much, so my checkbook was left in my house for safety. This allowed her to access the deposit slips whenever needed. For my brother she kept a few and he took the book as he was out of state. The other easy method is joint account. I have a joint account with my mother still, its actually because she wanted me to have access to the child support account in case of emergency when I was still in college. It gives her a sense of security to know I can get in and get money for her in case of emergency as she has no spouse.

 

[kamik86]

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!

I very seldom carry cash. I tend to lose it. (Not even spend it I have heard people say they tend to lose it if they spend it little by little on random stuff and not notice... no I actually just lose it) My husband carries some, he has learned not to spend it unless the place only takes cash so he doesn't mess with our budgeting. If we know we are going somewhere that is likely to not take it we will grab extra. Fairs is one of them so that DH can get his beer

 

[tvguy]

I very seldom carry cash. I tend to lose it. (Not even spend it I have heard people say they tend to lose it if they spend it little by little on random stuff and not notice... no I actually just lose it) My husband carries some, he has learned not to spend it unless the place only takes cash so he doesn't mess with our budgeting. If we know we are going somewhere that is likely to not take it we will grab extra. Fairs is one of them so that DH can get his beer

We are entering snow season, and we have a number of new people. They seem shocked that I suggest they always have at least $100 cash on them. $40 to put chains on the company car, $25 to take them off, and some extra money. Chain installers are cash only.

 

[kamik86]

We are entering snow season, and we have a number of new people. They seem shocked that I suggest they always have at least $100 cash on them. $40 to put chains on the company car, $25 to take them off, and some extra money. Chain installers are cash only.

I have never put chains on a car. I live in an area where it snows alot but

1. The roads in most areas are kept up well
2. I have really good snow tires
3. When they aren't I can just not go out, I can work from home, make sure to keep some easy meals in the house etc.
4. If I for some reason REALLY need to go somewhere I have a lot of family that have 4 wheel drive in addition to nice snow tires, so even without chains can get most places.

 

[edk35]

I am on both checking accts of my son's accts. One acct. is thru our bank and I can go online and instantly transfer money into his. The other is his campus bank and we have branches here too. His paycheck also goes into that one. It's his "fun money checking acct" but I can put money in it if I need to.

 

[roadtripper]

We use a free service called venmo. DD pays me her cell phone bill through venmo, and I pay her when I owe her money (though usually it's the other way around LOL!)

 

[Iowajes]

Direct deposit to an account linked to yours (with one way access!) is really the easiest and best, IMO.
Paypal would be the second option for me.

 

[scrapquitler]

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!!

Let's not all laugh at the fact that I live in the dark ages, but the method my parents used when I was in college still works....write a check and mail it to college student, college student deposits it in his/her bank account. Sometimes the most mundane solution is the easiest.