money access for college student

Disneykarem

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Aug 18, 2005
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What is the best/safest way for a college freshman to access funds while away at school? They will have a campus card that can be used around campus but what about purchases they need to make off campus?

Thanks for any advice you can share.
 
Our kids had a debit card to their own account. Then we put a monthly allowance in the account.
 
A debit card attached to a checking account should be okay if the student is responsible enough to pay attention to the money going out. It's not that different from a checking account. Do not charge or write checks when there is no money in the account.
 
Check out the details on the campus card. Some are going to a all-in-one card that is a debit card as well as student ID and the means of accessing financial aid, meal plans, and other campus services. If the school offers that it would likely be the easiest option.
 

I guess it's a little late for you to do this, but when my kids start driving I open them a checking acct. that is attached to my checking account so I can transfer money to them, it's a teen account (they can't access my account with it). My daughter will be using her debit card at college, she's used to it now.
 
What is the best/safest way for a college freshman to access funds while away at school? They will have a campus card that can be used around campus but what about purchases they need to make off campus?

Thanks for any advice you can share.

Ds #1 has a checking account at our local credit union. There is a different credit union very close to the campus that has an agreement with our local credit union for free access to each other's accounts. We went to our local credit union and asked about a branch nnear his campus which is an hour away and that's when we learned about the agreement.

Fortunately, ds has not needed much $ from us and I just make deposits to the account of his paychecks that are sent home and then text him a picture of the deposit receipt.
 
I am not a member of USAA, but they offer and I have (!) a FREE USAA debit card. It allows me to put money on to their card. It is a mastercard. They money appears instantly. It is taken from a checking account that is unrelated to USAA. I can put money on the card on a schedule or do it whenever I want.

My older daughter has this card as well. When she bought her Chevy Cruze, the dealer gave her $750 off JUST FOR HAVING THE CARD!

Take a look.... might be what you need!

(No, I don't work for USAA :rotfl:)

---Paul in Southern NJ
 
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My kids have their own checking and savings accounts. They have debit cards and checks.

DS will be going away to college in a month and will be using those to pay for any off campus expenses. I have checked and there is an ATM on campus for the bank he has in case he needs access to one for some reason.

If something happens and he has to cancel the debit card because of fraud, he will have an emergency credit card he can use while he waits to get the updated debit card.

I have access to see what they spend (they were minors when the accounts were set up) and I plan on continuing to deposit a set amount in the account each month like I have been doing for a few years.

They've been taught how to budget and know not to overspend so I think it'll be fine.
 
DD is getting ready to start her 3rd year of college (my how the time has flown!). Before she left her first year she got a student credit card from our credit union, it has a $250 limit. She also has her debit card. She uses her credit card to buy anything on line as well as for gas. The low limit keeps her from going crazy and in too deep with credit card debt.

Our credit union doesn't have a branch near her school. When she is getting low on cash she will get cash back when using her debit card. This has worked out great so far. The only hiccup was when she thought she had lost her debit card and canceled it (it was between the seats in her car :rolleyes2). She had to be very careful with her cash until she got her new card.
 
I guess it's a little late for you to do this, but when my kids start driving I open them a checking acct. that is attached to my checking account so I can transfer money to them, it's a teen account (they can't access my account with it). My daughter will be using her debit card at college, she's used to it now.

That's what we did with DD 4 years ago. Worked great while she was away at school but in the same state, and the year she was in the U.K. going to school.
It included a Visa or Mastercard credit card although with a very low limit, like $1,000.
I could monitor the debit card, and transfer money in online.

It is through Wells Fargo is is completely free.
 
DD is going to be a senior in college and lives off campus in an apartment. She has a checking account, savings account, a credit card, and an ATM card (linked to both checking and savings accounts). Actually, it's DH's credit card, but she is the second person on the account so the card has her name on it (and it's a Disney VISA so she gets points!). She uses the checking account to pay her rent, phone, and internet, and uses the credit card for almost everything else. She knows she is responsible for covering her COL bills from her checking account, and we pay for her food, medical expenses, pharmacy charges, etc., that come through on the credit card. If she needs clothes she discusses purchases before using the credit card for them- she is still a student so we cover her basic needs. If she wants clothes, she uses her checkbook or cash, if she thinks she can afford it. (The difference between need and want!). She uses her ATM card (fee free, regardless of where it's used) to deposit her paychecks and take out some pocket money ($20 a week, maybe), but never as a debit card, so she can't over-draw anything. She is pretty frugal, so this works well for her.

Actually, DD is very trustworthy with the credit card and will call before she uses it for anything, even a trip to Dunkin Donuts, and rarely dips into her checking account, never her savings account (she wants a car… sigh…). She's pretty responsible.
 
..... She uses her ATM card (fee free, regardless of where it's used) to deposit her paychecks and take out some pocket money ($20 a week, maybe), but never as a debit card, so she can't over-draw anything. She is pretty frugal, so this works well for her......

How do you get out of fees from the ATM? I understand if your bank doesn't charge anything but how do avoid the other side? what bank is it?

thanks...

---Paul in Southern NJ
 
Everyone I know in college had college checking accounts that we either had money deposited in by our guardians or from working.

I had a checking account and because I had sold some cattle (FFA kid) I got a monthly check from my buyers. The money went directly into my checking account and it was the only money I had for each month. It really helped me learn how to budget my money in a safe environment because I had my schools food card so I knew I would never starve etc.

Most of my friends had a similar set up but it was their parents who decided the monthly max that would go into their accounts. I think it really taught all of us how to manage our money because once it was gone it was gone.
 
How do you get out of fees from the ATM? I understand if your bank doesn't charge anything but how do avoid the other side? what bank is it?

thanks...

---Paul in Southern NJ

:offtopic: but… We live in Maine, and this is through Bangor Savings Bank. It's really sweet. The banks that own the ATMs charge the fee (I have to press the "I accept" button) but then my bank credits the charge back, so no fees. It even worked when we were in Paris! They are a pretty reasonable bank, for a state-wide bank. Both savings and checking accounts are fee-free with no minimum balance, and of course the ATM is fee-free. Our checking account doesn't accrue interest but with rates so minimal right now, I don't really care. I think they have a pretty good deal on HELOCs right now, too; 3.25% fixed rate. We are considering some major repairs and this is the ONLY bank I have found where the HELOCs are fixed, not adjustable.

Of course, it's probably not convenient to Southern NJ! (although we could have been neighbors- we almost moved to Glassboro, NJ many years ago!)
 
DD is now a junior. She has a credit card (tied to our account) for specific purchases and emergencies. She has a checking account and debit card. Oddly enough, she has had the account since she was 14, and I've told her she can drop me from the account, but she won't.

Our bank has a specific plan for college students, where no fees get charged, and the ATMs on campus. Also do not charge fees.

If DD needs it, she can cash a check at the student financial office.
 
How do you get out of fees from the ATM? I understand if your bank doesn't charge anything but how do avoid the other side? what bank is it?

thanks...

---Paul in Southern NJ

Several banks offer ATM/Debit cards that charge no ATM fees and reimburse foreign ATM charges. Most of these are online-centric banks and the good thing about that is the account easily moves with them if they move to several places across the county.. Charles Schwab Bank and Ally are the two that come first to mind. No minimum balance. The downside of these is if the person gets a job where they're collecting tips, there is no way to deposit cash. They can deposit checks easily, just not cash.
 
I graduated last year, but throughout college I had a credit card for things that my parents would pay for (groceries, pharmacy, school expenses) that was a joint account with my mom, and then I had a checking and savings account of my own money with at first just an ATM card, then later a debit card, for wants like clothes and shoes and eating out. When I wasn't working (freshman and senior year) my mom would deposit into my checking account a small monthly allowance so I could have some fun.
 
Probably I grew up differently, but I got a job. I had a checking account, savings account and credit cards.

My parents were not involved in any of this. They were fantastic resources and gave advice when I asked, but I was an adult and they treated me as such. If I wanted money, I worked.

During the summer I worked 2 jobs. During the school year, I had my work-study and my weekend job. I earned what I needed to put gas in the car I bought for myself, buy my books and pay for everything I needed, including tuition and dorm (just for one year I decided that was a waste, but a must-do for college). Also, I graduated Cum Laude and was Senior Class President as well as involved in a Sorority and other clubs all through college.

My junior year, I also squeezed in a trip to Spain for the summer.

So, probably I would not arrange for access to any money, they can earn it and spend it as they see fit.
 
DD has had a debit card on her account for several years. We are also getting her a credit card in her name on one of our accounts for emergencies only.
 
Several banks offer ATM/Debit cards that charge no ATM fees and reimburse foreign ATM charges. Most of these are online-centric banks and the good thing about that is the account easily moves with them if they move to several places across the county.. Charles Schwab Bank and Ally are the two that come first to mind. No minimum balance. The downside of these is if the person gets a job where they're collecting tips, there is no way to deposit cash. They can deposit checks easily, just not cash.

Wells Fargo ATM's have accepted cash deposits for a couple of years.
 












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