Do your kids who are going off to college....

[allison443]

During orientation at my son's school, a bank was set up there to open accounts. This is the same bank that has the ATM on campus. (also happens to be the bank in our hometown where his account was already set up so that worked out perfectly for us) I would wait to see what banks are available in the town that he chooses to go to school at.

This is what we did...it was PNC bank which is in our town as well as having atms all over campus.
My oldest child got a checking account as a college freshman five years ago. She told me th other day that in all that time she has written three checks.

 

[mrsxsparrow]

I just graduated this Spring. I have a debit card but no checks. I also have (soon to be past tense ) a card on my mom's Disney Visa account because she paid for my school expenses when I started. Then my grandmother started giving me large checks for school instead so I opened a CC account of my own.


I have never needed to use checks. The only time I needed one was for a down payment on my first off campus apartment and I was able to get that for free from my bank.

 

[sharbear]

I just graduated this Spring. I have a debit card but no checks. I also have (soon to be past tense ) a card on my mom's Disney Visa account because she paid for my school expenses when I started. Then my grandmother started giving me large checks for school instead so I opened a CC account of my own.


I have never needed to use checks. The only time I needed one was for a down payment on my first off campus apartment and I was able to get that for free from my bank.

This is the same for my D. When she needed a check for her off campus apt. she was able to get a check from the bank. But she had no idea that you had to sign the check! So she had to go over to their office and sign it. Things you think you told your kid or things you thought they would know. We had a class is HS to teach us these things like writing checks and balancing a checkbook (something with on line banking is really easy to do now!). I guess my kids were too busy taking calculus and chemistry. lol!

 

[MrsPete]

Just a thought: Would lack of a checkbook be a hinderance to a job?

I ask this because I am required to have my paycheck directly deposited into a checking account. Literally, the school system will not give me a paper check. When I started teaching, we used to get paper checks . . . but at some point -- I think it was more than a decade ago -- everything went to direct deposit, and some people were upset about it, thinking that the school system would have access to their accounts.

Perhaps this is unusual. I don't know.

 

[AllisonK]

I'm a senior in college. I have 2 checkbooks. I have both a checking and savings account at the local credit union at home where my pay from my summer job is deposited (this one I use for gas and other expenses when I'm home - I rarely use it when I'm at school, but that may change since this is my first year bringing my car to campus - I opened my savings account at 15ish and was allowed to open a checking account with debit card attached when I turned 18).

I also have a student checking account at the bank located right on campus (the closest branch to me at home is about 40 minutes away - I go to school out-of-state) that my paycheck from my work-study job is deposited into and also any checks I get throughout the year (birthday, refunds, etc).

In the three years I've been at school I think I've written MAYBE 40 checks combined from both accounts. I only write checks now when I get my hair done/eyebrows waxed or if I owe someone money. I used to send my mom a check for my portion of the cell phone bill but I can now pay that online.

The last time I wrote a check? I have no idea haha but I do still write them. Occasionally. But I also use my check register to keep track of all my purchases with both debit cards, so I pull out my checkbook every few days.

I also do have a credit card, which I only use to pay for books (and pay it off - by writing a check... got to do that soon) and bus/train tickets home (now that I have a car I won't have too many of those expenses - but I am taking the bus home for a weekend in Oct. with my friend - $15 round trip for both of us - NYC to Providence - just because it's easier to take the bus for a short weekend trip than it is to drive - I'll drive for Thanksgiving/Christmas break, etc).

 

[phred52]

My ds will be a senior in high school this year so we need to start thinking about this. The bank where we have checking/savings doesn't have student accounts. Does anyone know a good bank to open one up at?

During freshman orientation at both of my DD's colleges, several banks had set up tables encouraging students to open accounts. HOWEVER, not all banks are equal. The biggest questions to ask are this ..... "Does YOUR bank have an ATM on campus?" "Where is your closest 'fee free' ATM from here?"

I found a most agressive bank rep answering circles around my questions. Turns out her 'local' bank didn't have an ATM within walking distance. The campus ATM would charge fees to withdraw $$ from it. She kept stressing that her bank was local. Yea, right. Local as in 12 miles down the road.
The bank at the next table had an ATM in the middle of campus ... NO fees involved. Other than that little detail, their accounts were identical.

I am named on both DD's accounts. Just "in case". In ~ lets see~ 7 years between them, I've only had to do anything once and that was physically go into the bank to change DD's address, something that couldn't be done on -line. And each also have a box of checks, which are stored here at our house for some reason.... Their checks don't get used.

 

[theycallmered]

I think that needing a check book or not is really up to the culture of the college and the extra-curricular activities the students chooses to participate in. I was in a sorority and needed to write checks for purchasing extras like event/exchange souvenirs and dues. At my university many dorms would have dorm floor t-shirts made up to facilitate community building. These shirts needed to be paid for by either a check or cash. Of course check was always preferred.

At my university the majority of upperclassmen lived off campus. This of course meant that students had rent and were paying for utilities. Both of which were paid for via checks. In the two apartments that I rented I had multiple roommates. The utilities were in one person's name and then everyone would pay them back via check for their amount due.

As many have stated before, their children have not encountered a need for checks, however I would take a step back and evaluate the culture of the college/university before making any final decisions.

 

[tinker&belle]

I would get a checkbook. Any time in college when an activity bought tshirts or the like we would have to pay with a check. Also at my university my dorm bill (I paid it myself) had to be paid with a check or if I paid with a debit or credit card there was a 3% fee.

 

[tripletots]

Original OP here, thanks for all the replies. The information was great! We have decided to forgo the checks for now, since he will be living on campus and on the meal plan.

I guess, if he ever decides to live off campus he will need a checkbook at which time we/he can get order one.

Thanks everyone!

 

[csharpwv]

My advice -

Parent on the account - YES. For no other reason than safety and as a previous poster said - so if you HAVE to work out an issue on the account (fraud etc) you can. Also it is best to NEVER have an individual on account alone - especially if that individual does not have a will or has not granted someone else power of attorney. If the account only has a single name, then it is more difficult to take care of the individual's financial matters in their absence - I'm sure you understand what I mean.

Checks - YES - so that way you have access to deposit tickets - on your end and theirs. Checks can also be useful in setting up direct deposit for on or off campus employment.

Credit Card - YES - Even a credit card with a small balance will help a student establish a credit history. If a student has an established history of paying their bills on time - they are doing themselves a big favor in taking the time to establish a credit history for themselves.

Savings Account - YES - a savings account can really help a student learn to budget while holding a bit of extra padding in savings. I know many banks will set up savings account to auto-draft into a checking account.

Another piece of advice - most big retailers have student gift cards - it's a duplicate - rechargeable gift card that allows the parents to keep one half of the card - and give the other half to the student - which enables the parents to recharge the card if necessary for food expenses etc. (Target, Wal-Mart, and K-Mart all have these student-duplicate cards)

BE SURE there is a bank branch both at home and at school - OR find a credit union that allows fee-free ATM withdraws on any other bank's ATM network. We have one locally with that benefit and it's pretty incredible.

 

[sharbear]

Just to answer about making deposits into a checking account without checks.

My D is with Wachovia, when she deposits into her checking account they run her Debit VISA and deposit it. They have a machine at each teller which you can run your Debit card through and that's how she makes deposits.

She also has a card which has her routing number and checking account number on it. That is how she can direct deposit her paychecks. It's just a paper card like your social security card with the information on it. Also every bank has deposit slips at the counter if they don't have paper checks.

 

[DVCLiz]

Just a thought: Would lack of a checkbook be a hinderance to a job?

I ask this because I am required to have my paycheck directly deposited into a checking account. Literally, the school system will not give me a paper check. When I started teaching, we used to get paper checks . . . but at some point -- I think it was more than a decade ago -- everything went to direct deposit, and some people were upset about it, thinking that the school system would have access to their accounts.

Perhaps this is unusual. I don't know.

You can have a checking account without paper checks - the account can receive your direct deposit but you can have only a debit card if you choose.

For other parents, my daughter needed paper checks to write sorority dues and for a few other occasions. It was much simpler to just send her with a pad of checks - I think three years later she's still on the same one - than to make her take the time to go to a bank and get a bank check.

 

[tripletots]

Just to answer about making deposits into a checking account without checks.

My D is with Wachovia, when she deposits into her checking account they run her Debit VISA and deposit it. They have a machine at each teller which you can run your Debit card through and that's how she makes deposits.

She also has a card which has her routing number and checking account number on it. That is how she can direct deposit her paychecks. It's just a paper card like your social security card with the information on it. Also every bank has deposit slips at the counter if they don't have paper checks.

Sharbear, OP here, my DS is with Wachovia, and so are we. Thanks for the info about making a deposit with your debit Visa. I didn't know you could do that, but I have seen the little machines where you input your PIN by the tellers.

We were at the bank today and they just told me to grab a bunch of deposit slip and prewrite his account number on it to make deposits. What I'm curious about is this card with the account numbers on it. If he gets a work-study job he will need something like that. I guess I will just check with the bank tomorrow.

 

[DVC-Don]

They each have their own credit card and an ATM* card tied to a savings account. No checks.

*The bank has an ATM in the student center, so no fees.