<p>We are in the Philadelphia area, where there are literally NO Chase or Capital One branches within 50 miles. I want to be able to deposit money from here into D's account and I would really rather not get slammed on foreign ATM fees. Any suggestions? I looked at a few NOLA credit unions, but would feel better hearing from anyone who has solved this particular riddle.</p>
<p>There was a posting on another thread here that Ally Bank, the online bank, is worth checking out. They waive ATM fees (well, reimburse I guess is more accurate, if I remember the post correctly), and I guess you can move money from your current bank to Ally without any major issues. I have never tried it, but at least you can look at their web site. They certainly are reputable, I hear their sponsorship “ads” on NPR all the time.</p>
<p>I was the poster… It’s a great solution… Read my post under welcome week tips</p>
<p>Calmom - Since they reimburse for ATM fees, I would think the only other major potential cost would be what your traditional bank would charge to move money to the Ally bank account. What options are there for making deposits into your child’s account? I saw what you said about depositing checks via smartphones, but does your current bank charge you anything for doing business that way?</p>
<p>Have you checked with your local bank? If we keep certain aggregate balances in various accounts, our local bank (not in Philly) waives all foreign ATM charges. With three kids tied to my account, that is easily doable. It has been a real blessing. We had an account for my son at Whitney (on campus) freshman year, but even with a local bank, he never seemed to be near a Whitney ATM when he needed money. We were able to transfer money to his account at the Whitney through our online banking service. There is a Whitney ATM at the LBC, so there is really no excuse for my son’s foreign ATM charges except pure laziness and lack of planning. :/</p>
<p>LOL kreative. My D also uses Whitney, and we have had no problems except one incorrect service charge when she was in China. They reimbursed her as soon as she got back.</p>
<p>Several option… I opened it as joint account so I can make direct transfer into her account since I also have account at ally. … Another option is e deposit of a check via your smart phone into your kids account…it clears within24 hours… U need to download ally app before you do that…</p>
<p>All free with ally… You can also link your bank account with his ally account and then transfer funds … Takes usually a few days to clear but is also free</p>
<p>That is all very 21st century. It sounds like a great solution for college kids especially, since they rarely need more sophisticated banking services. An ATM and an account with funds is usually all they care about.</p>
<p>That’s a good point CalmMom. Now with mobile deposit (which didn’t exist for us two years ago), there is no need to transfer, just deposit a check and have fund available 24 hours later!</p>
<p>@FC: LOL is right!</p>
<p>Another approach is to use your brokerage account (Fidelity/Schwab or Vanguard). Create for the student a checking account for the brokerage. This permits easy transfer of cash from your to their account. In addition, the ATM withdraws are re-imbursed at month end. </p>
<p>the setup can be configured to permit transfers to and from their account when initiated by you. The student account holder can NOT transfer from your account to theirs.</p>
<p>@barkeep…that works as well,out of state banking has gone quite uncomplicated…very different from when my oldest started school in 2008</p>
<p>Wait, am I missing something? Doesn’t the Splash card work as an ATM card (where you put money on it and it’s a debit card) or is the issue that not all places take that?</p>
<p>The Splash card is indeed like a debit card as far as making purchases, but it is only for a limited number of places off campus (I think it works everywhere on campus) [Tulane</a> University - Splash card locations](<a href=“http://tulane.edu/universityservices/splash-card/locations.cfm]Tulane”>http://tulane.edu/universityservices/splash-card/locations.cfm). But I don’t think you can use it to get cash back, so not all the functions of a bank debit card. That’s my understanding, at least. So not nearly as wide reaching or as versatile as a true bank debit card, which can be a positive if you are concerned about your child losing control of their spending by being able to use a regular debit card anywhere.</p>
<p>Thanks all… We’re doing the Ally Bank thing too!! :D</p>
<p>I have learned so much on cc from many of you…so I am happy to contribute a little as well.</p>
<p>what about the Whitney bank, which has a branch on campus? I spoke to them during orientation. Is anyone planning on opening a Whitney account? You can add money from your own bank by setting it up like an online bill pay. The only thing that I did not like is that you have to have a minimum $250 balance. thoughts?</p>
<p>My D has her account there, and they have been very nice. She only had a very minor issue once, which was fixed as soon as she got back from China. It was a very small account fee which was not supposed to have been imposed. Like most students, her needs are very straightforward.</p>