Anonymous
Post 02/15/2014 12:22     Subject: checking accounts? Debit cards?
Get your kid a regular deposit account (ie a checking account). They need to start to learn how to manage finances - should have had an account already! I'd also look into a credit card with a low limit for emergencies and to build credit and teach financial responsibility, if you think they are mature enough for it.
Anonymous
Post 02/15/2014 10:57     Subject: Re:checking accounts? Debit cards?
Anonymous wrote:
Anonymous wrote: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.


Young kids don't branch bank. They use their smart phones with remote deposit. No need for a local bank. Also, credit cards are dangerous for kids many end up overusing and getting into crazy debt. Although, fraud on debit card is an issue b/c of less protection, most banks will cover. I'd rather have my kid lose $$ from fraud than get into credit card debt. Just all things to consider, you know you child the best


I disagree with the 'no branch banking'. No one in my family uses their phone for deposits. My DS had an issue with his debit card, and was able to go to the branch on his campus to have it resolved. If not for that, he would have had no access to his money.
Anonymous
Post 02/13/2014 21:28     Subject: checking accounts? Debit cards?
2 kids in college - so different. For the first we put an extra $1,000 in their account "just in case". Kid didn't touch it for 4 yrs. Second DC would spend every cent in the account so we do need to do weekly budgeting. Both wonderful DC. You'll learn what works.
Anonymous
Post 02/13/2014 08:35     Subject: checking accounts? Debit cards?
Anonymous wrote:Have a joint checking account with your daughter, both of your names on the account. Keep very little money in the account. Give your DD a debit card. Transfer money in as you decide it's needed, from a separate savings or checking account. Link the accounts so you can access the joint account but your DC can not access your accounts (also so no one else can if debit card is lost)


My DD is a senior in high school and this is what we do now so she can get used to managing her money. In a tight spot I can transfer money to her very easily. She also has a savings account with money she has earned that can be transferred as well. But she is learning to stay within a budget. I would be very nervous giving her a credit card because she would run up debt, its way too tempting.

Anonymous
Post 02/13/2014 08:01     Subject: Re:checking accounts? Debit cards?
Anonymous wrote: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.


Young kids don't branch bank. They use their smart phones with remote deposit. No need for a local bank. Also, credit cards are dangerous for kids many end up overusing and getting into crazy debt. Although, fraud on debit card is an issue b/c of less protection, most banks will cover. I'd rather have my kid lose $$ from fraud than get into credit card debt. Just all things to consider, you know you child the best
Anonymous
Post 02/12/2014 21:52     Subject: checking accounts? Debit cards?
Have a joint checking account with your daughter, both of your names on the account. Keep very little money in the account. Give your DD a debit card. Transfer money in as you decide it's needed, from a separate savings or checking account. Link the accounts so you can access the joint account but your DC can not access your accounts (also so no one else can if debit card is lost)
Anonymous
Post 02/12/2014 20:31     Subject: Re:checking accounts? Debit cards?
My DCs have had a debit card/checking account since they were 14. I think we were initially on the account. It's a student account at Capital One and they just needed a school ID (high school was fine). We add to it using pop money or just making deposits at the bank. Neither DC has a credit card (other than a JCrew card) although the one at college does have access to our amazon prime account for ordering books and some other stuff.
Anonymous
Post 02/12/2014 13:24     Subject: checking accounts? Debit cards?
I used my debit card until the summer after my freshman year when I got my own credit card. No co-signor was needed as it was a Discover card and my parents had been long-term Discover customers - like 20+ years. However, I got a BofA card shortly thereafter and they did require a co-signor, which my father wasn't too gung-ho about but eventually agreed to, and after I turned 21 I was able to remove my dad from the card altogether.
Anonymous
Post 02/12/2014 12:08     Subject: Re:checking accounts? Debit cards?
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.
Anonymous
Post 02/12/2014 12:01     Subject: checking accounts? Debit cards?
Joint checking account with debit card with my student that I use for the sole purpose of getting money to her.
Anonymous
Post 02/12/2014 11:50     Subject: checking accounts? Debit cards?
Consign = cosign, sorry.
Anonymous
Post 02/12/2014 11:49     Subject: checking accounts? Debit cards?
I went to college before I was 18, and had my own checking account already. I opened it when I started earning money from my first job at age 15. I assume my parents had to consign, though? Don't remember.
Anonymous
Post 02/12/2014 11:48     Subject: Re:checking accounts? Debit cards?
We added our college student onto our credit card account, so he has a card with his name on it, but it's billed with ours and we control the spending limit. He also has a checking account with a debit card, which he uses to get cash for things he wants to pay for himself (i.e. that is his own money).

Usually with savings accounts, there is a limit to the number of withdrawals that one can make in a month, so that would be something to keep in mind. Can't you open a joint checking account with your student, and then just have your name taken off once she turns 18?

Anonymous
Post 02/12/2014 11:29     Subject: Re:checking accounts? Debit cards?
I would lean towards a credit card. That gives you more protection if the card number is stolen or even the card itself. You can put a low limit on it and some probably allow a text message to be sent to you & her regarding purchases over certain dollar amounts or close to spending limits.
Anonymous
Post 02/12/2014 11:19     Subject: checking accounts? Debit cards?
How does your college kid access $$$? My DC will still be 17 when school begins...
Citibank won't let me open a checking account for the child, not sure if I could just use a savings and a debit card to cover most needs?