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College and University Discussion
Reply to "checking accounts? Debit cards?"
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[quote=Anonymous]Please do NOT give a college student a debit card. College campuses and college students are prime targets for identity theft of electronic payment information and the current laws offer virtually no monetary protection for loss from debit card fraud whereas there are much stronger protections for loss from credit card fraud. However, what my parents did when I was in college is that my dad and I opened a joint bank account in a bank that had branches locally for both them and me at school. They put my tuition and a monthly allowance (covered room and board, but I covered all other expenses including books) into the account and I could write checks or withdraw at the local branch. Worked fine. I had a separate account locally where I had my paycheck deposited and where I had an ATM card to get cash. I usually just wrote a check from the joint account and deposited it into my local account to pay my rent and have my food money available more easily.[/quote]
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