<p>Any input for opening a bank account for an incoming freshman will be appreciated. Should a parent be a joint account holder or the freshmen be a solely account holder? Thanks in advance.</p>
<p>Since we live in an odd state that requires parents to be on accts if the child is under 19, we are on our kids’ accts. I’m glad I’m on their accts.</p>
<p>I think the choice will vary greatly depending on the student. Our D1 has been very responsible, and we opted to set her up with her own individual bank accounts but that doesn’t make it the best option for every student. She was able to get her own credit card as well which she will use to start building a credit rating while she’s in college. As a “buffer measure” just in case, she has allowed us online access to her accounts so we can monitor balances, transfer funds in as necessary, etc. We’re lucky and blessed to have that level of trust in our relationship, but I wouldn’t recommend it for every student. Use your best judgement…you know your child best.</p>
<p>I think as long as there is a healthy amount of trust between the parent and student, the parent should be on the account. This way if an emergency comes up, the parent can transfer money or the like. </p>
<p>However, if the parent is a “helicopter” parent, I recommend the student create their own account (so long as they are even moderately responsible with money). I just know too many freshmen whose parents watch their accounts like a hawk and the students have to explain every tiny transaction to them. It’s not helping the student IMO.</p>
<p>As long as there is a local branch of your kid’s bank…you can always deposit money into that account. You don’t need to be a joint holder of the account. Our kids had B of A for that reason and that reason ONLY. There was a branch in their college town, and a branch here in our town. Made for easy deposits when needed.</p>
<p>Thank you all for the input. I will talk to my D and will likely to open a joint account with Debt card/credit card.</p>
<p>I also posted this in parent site and got a lot response too. </p>
<p>Best wish to all.</p>