From a Freedom of Information Act request, a previously unpublished analysis of college / bank marketing agreements and bank fees charged to students has been made public.
I refused the debit card the school was pushing on my daughter. Her ‘refunds’ could all go on there, but there was a 1-2% withdrawal fee. It was just as easy to sign up for an ACH refund to MY checking account (since I was paying the bill, the refunds came to me) and it has worked pretty well. Even in later years it was easier for me to get the loan or scholarship overages in my account because I’d then pay the sorority room and board bill or transfer the money to daughter’s account. It was also much easier when she was on study abroad because I had to pay the program which was in Connecticut, not Europe.
Before our D started college, we opened a joint checking account with both my D and I as joint owners. No monthly fees or minimum balances after opening the account for $25 or more; my bank refunds ATM fees from other banks for up to $15 per month, and I can easily transfer funds electronically from my checking account to hers and vice versa as needed.
Given how widespread electronic banking is, we didn’t see a need to open up a bank account for our D with a bank just because they have ATMs on campus or local branches near the campus.