Credit Card and Bank Account For college

[Anonymous]

Anonymous wrote:Revolut is the clear choice! Look it up.

This looks like Venmo? Its not even part of FDIC, it partners with actual banks in theory?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Revolut is the clear choice! Look it up.

This looks like Venmo? Its not even part of FDIC, it partners with actual banks in theory?

And they may need checks, is that possible?

[Anonymous]

We plan to open a checking and savings account for DD at Citibank, where we bank, soon. We opened a set for little brother a couple of months ago, with no validation problems, but DD has been unavailable to go with me to open the accounts for various reasons. That would allow us to shift money easily into her account.

We might also open an account with UVA Comm. Credit Union since she's going to UVA. DW and I have an old account there, but we don't keep any real money in it, so not sure how useful it will be to DD. Still, we've gotten some cheap car loans from them a couple of times, and they have branches in C'Ville, which Citi does not.

I'm not sure how important a branch is anymore, though. Outside of opening new accounts for my kids, I haven't been inside a bank branch in years.

[Anonymous]

Anonymous wrote:We plan to open a checking and savings account for DD at Citibank, where we bank, soon. We opened a set for little brother a couple of months ago, with no validation problems, but DD has been unavailable to go with me to open the accounts for various reasons. That would allow us to shift money easily into her account.

We might also open an account with UVA Comm. Credit Union since she's going to UVA. DW and I have an old account there, but we don't keep any real money in it, so not sure how useful it will be to DD. Still, we've gotten some cheap car loans from them a couple of times, and they have branches in C'Ville, which Citi does not.

I'm not sure how important a branch is anymore, though. Outside of opening new accounts for my kids, I haven't been inside a bank branch in years.

New poster. For us, having a local branch with actual humans is important for us and for college DD (college junior). She's been able to go to the branch to ask questions and will need to go there soon to double check some deposits from relatives overseas. She can see all this online, of course, and does so, but I've found over the years that sometimes you get a faster, more accurate answer to a question from a human at a branch than online or by phone.

That said -- to the OP: Everyone here is missing THE most important part of your initial post!!

You said that your DD has blown big amounts on your card as an authorized user! You mention that she can easily spend $1,000 (did I read that right?!) on eating out etc.

That is a huge red flag, a bright neon red sign, a clear warning to you as the parent. What have you done about it? Did you discipline her, make her repay at least some of any monies you deemed unnecessary spending, talk to her about being responsible with money, warn her that she will be on a LIMITED fun-and-eating-out budget at college and once that's spent, she's done? Has she shown any understanding of the problem? If this isn't in hand before she is on her own, she will end up wrecking her credit before she's 20, not to mention getting in to debt. Nip it now.

Do not get her a credit card of her own if she is that irresponsible with your own card, OP. Get something with a pre-set limit. I'd have her doing hard-core weekly budgeting starting immediately and through the summer so she learns to live under a budget. If she has a paying job this summer (or gets an allowance or whatever) she needs strict oversight and should present you with a budget to start, and each week, of what she is saving and what she is setting aside for her own personal spending. Some will say that's excessive but you describe her as what I'd call highly irresponsible with money and I'd be a harda*s about it.

[Anonymous]

Anonymous wrote:My college bound DC got an invitation from Discover in the mail to open a credit card account. No credit verification required. Did anyone try that?

I was going to suggest Discover. They do both banking and separately the credit card. You can tie the two together and they give spending points for debit transactions depending on the option you choose. It’s designed for college students.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We plan to open a checking and savings account for DD at Citibank, where we bank, soon. We opened a set for little brother a couple of months ago, with no validation problems, but DD has been unavailable to go with me to open the accounts for various reasons. That would allow us to shift money easily into her account.

We might also open an account with UVA Comm. Credit Union since she's going to UVA. DW and I have an old account there, but we don't keep any real money in it, so not sure how useful it will be to DD. Still, we've gotten some cheap car loans from them a couple of times, and they have branches in C'Ville, which Citi does not.

I'm not sure how important a branch is anymore, though. Outside of opening new accounts for my kids, I haven't been inside a bank branch in years.

New poster. For us, having a local branch with actual humans is important for us and for college DD (college junior). She's been able to go to the branch to ask questions and will need to go there soon to double check some deposits from relatives overseas. She can see all this online, of course, and does so, but I've found over the years that sometimes you get a faster, more accurate answer to a question from a human at a branch than online or by phone.

That said -- to the OP: Everyone here is missing THE most important part of your initial post!!

You said that your DD has blown big amounts on your card as an authorized user! You mention that she can easily spend $1,000 (did I read that right?!) on eating out etc.

That is a huge red flag, a bright neon red sign, a clear warning to you as the parent. What have you done about it? Did you discipline her, make her repay at least some of any monies you deemed unnecessary spending, talk to her about being responsible with money, warn her that she will be on a LIMITED fun-and-eating-out budget at college and once that's spent, she's done? Has she shown any understanding of the problem? If this isn't in hand before she is on her own, she will end up wrecking her credit before she's 20, not to mention getting in to debt. Nip it now.

Do not get her a credit card of her own if she is that irresponsible with your own card, OP. Get something with a pre-set limit. I'd have her doing hard-core weekly budgeting starting immediately and through the summer so she learns to live under a budget. If she has a paying job this summer (or gets an allowance or whatever) she needs strict oversight and should present you with a budget to start, and each week, of what she is saving and what she is setting aside for her own personal spending. Some will say that's excessive but you describe her as what I'd call highly irresponsible with money and I'd be a harda*s about it.

Good point

[Anonymous]

how does an 18-yo spend $1k eating out?

[Anonymous]

You have to months to teach her about money; she clearly doesn't get it yet. Financial health is a taught and learned skill. No one born knowing how to manage a budget. Get a book if you have to.

[Anonymous]

Anonymous wrote:As a college student the most important aspect will be a local branch. As it’s her only account she wants it working when she needs it and nothing beats walking in and flashing her Id and ATM card

We have capital1 - they have local branch for us, 360 account is zero fee.

I would go with credit union if option, even if not part of Uni, but again proximity.

My DD has a USAA account. They have no local branches and it has not been an issue at all. She mostly uses her credit car (issued through B of A) and Venmo. She rarely needs cash and seems to have a little stash.

[Anonymous]

Anonymous wrote:Our daughter is 18 and heading off to college in fall. She has been trying to open a bank account as she is 18. She has been unable to using her passport or her driver license. She has been told they are unable to validate her information. So what to do.
She has a teen moneygo account with Capital one and they won't let her validate that account into a checking account. She can close that account but they wont let her validate it. She needs a direct deposit account to put her paycheck into.

She also wants to start establishing credit to use a credit card. My credit Union will let her establish an account off my account and money can be transferred using her saving account that is joint owned by me and her. I can have her apply for a credit card with a low limit that is secured by money that I loan to them.

Also, she has been an authorized user on my credit card for 5 years. She goes pig wild....I am taking that away for her going to college. She can blow 1k easy on eating out while she lives at home. I can only imagine non supervised. Do people use a prepaid Navy Go card with a preset balance?

She will have a car on campus so I want her to have an authorized user card for emergencies, but not spending.

What do you folks do?

What do you mean by "validate"? They won't let her validate the former account into a checking account? Do you mean convert?

Who is "They"? The bank? What are they trying to validate? Her identity? Her IDs? (you reference her passport and Driver's license).

[Anonymous]

Find out which bank has an ATM at your kid's college, and open a savings account there to avoid incurring fees for using other banks' cards.

[Anonymous]

Anonymous wrote:Find out which bank has an ATM at your kid's college, and open a savings account there to avoid incurring fees for using other banks' cards.

Online banks reimburse fees

[Anonymous]

Anonymous wrote:Find out which bank has an ATM at your kid's college, and open a savings account there to avoid incurring fees for using other banks' cards.

My kids just really never use cash. It is all card and venmo. I have a recent grad and a sophomore. I have never seen an ATM withdrawal. Neither has ever written a check either.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Find out which bank has an ATM at your kid's college, and open a savings account there to avoid incurring fees for using other banks' cards.

My kids just really never use cash. It is all card and venmo. I have a recent grad and a sophomore. I have never seen an ATM withdrawal. Neither has ever written a check either.

Checks are dying but not dead. We just mailed on for our summer rental for instance. And my handyman takes check or cash.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Revolut is the clear choice! Look it up.

This looks like Venmo? Its not even part of FDIC, it partners with actual banks in theory?

It’s a banking as a service/rent a license kind of thing. The funds would be insured through the banking partner’s license.