Will my college student need a local bank account?

[Anonymous]

He has an account here at home at a bank that does not have a branch near his campus. Any reason he should open another account at school, or can he just use his debit card? I suppose changing banks would enable him to avoid fees when he takes out cash, but is there anything else I haven't thought of?

[Anonymous]

We all switched to Capital One 360. There are ATMs all over for that. But my 20 and 23 yr olds both told me they almost never go to the ATM - instead they just get some cash back when they're at supermarkets or drugstores.

[Anonymous]

He needs a bank that lets him make fee free atm withdrawals and does not do overdraft. Ally and CapitolOne360 are good ones with low or no monthly fees.

[Anonymous]

We are going with a bank that has a branch on DC's campus and one here. For him, there is only one choice.

[Anonymous]

We opend an account for the 4 years he was away and then closed it when he moved to start work. It's all about the ATM fees. But it took a ridiculous 4 business days for me to make an electronic transfer from my bank to his.

[Anonymous]

Anonymous wrote:We are going with a bank that has a branch on DC's campus and one here. For him, there is only one choice.

Why is there only one choice? The Internet based accounts refund atm fees sometimes so he has more choices.

[Anonymous]

Anonymous wrote:He needs a bank that lets him make fee free atm withdrawals and does not do overdraft. Ally and CapitolOne360 are good ones with low or no monthly fees.

This is my bank too, I can use Allpoint ATMs, capital one banks or debit for cash. I deposit checks via phone.

[Anonymous]

ally bank. no atm fees. great website. great customer service.

[Anonymous]

No - my kids all used their Wells Fargo accounts. We put money in their accounts online and they had phone apps to deposit checks.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are going with a bank that has a branch on DC's campus and one here. For him, there is only one choice.

Why is there only one choice? The Internet based accounts refund atm fees sometimes so he has more choices.

Because we prefer brick and mortar.

[Anonymous]

Mine didn't and generally have been fine with debit cards and things like Venmo. Most of what they buy can be done electronically so ATM fees are less of a consideration than in the past.

[Anonymous]

Anonymous wrote:Mine didn't and generally have been fine with debit cards and things like Venmo. Most of what they buy can be done electronically so ATM fees are less of a consideration than in the past.

can't buy weed electronically

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are going with a bank that has a branch on DC's campus and one here. For him, there is only one choice.

Why is there only one choice? The Internet based accounts refund atm fees sometimes so he has more choices.

Because we prefer brick and mortar.

"You" should start letting your own kid make his own financial choices. Chances are he would like an online bank and be motivated to manage his money on his own. Not much good about brick and mortar banks these days anyway.

[Anonymous]

Anonymous wrote:Mine didn't and generally have been fine with debit cards and things like Venmo. Most of what they buy can be done electronically so ATM fees are less of a consideration than in the past.

You also spend less if you use cash.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Mine didn't and generally have been fine with debit cards and things like Venmo. Most of what they buy can be done electronically so ATM fees are less of a consideration than in the past.

You also spend less if you use cash.

Hasn't been a problem. They have debit cards, not credit cards, and understand the concept of a declining balance.

Honestly the whole cash thing works the other way for me. If I have a pile of cash I am much more likely to spend it. Seeing my monthly credit card bills is much more useful for managing my expenses than figuring out where the cash went. My kids are the same way. After the first semester I had them go through their statements and create a summary of categories of expenses so they could see what they were spending money on. Very effective.