<p>My son has a debit card for his checking account, and a credit card from my account. The credit card has his name on it, but I see all the bills and pay them. He is supposed to pay his fraternity and everyday expenses out of his checking account, which involves his learning to budget in spending the money that he personally earned over summers. I told him that he if he runs out of spending money from his checking account, that is his problem, not mine. Fortunately, he has been frugal with it.</p>
<p>The credit card is supposed to be for emergencies, train fare, and college books.</p>
<p>There hasn’t been any need for him to transfer his bank account to his college town. There are some monster banks that exist both at home and in his college town, but they had horrible policies. It works well to have kept his bank account at a local bank at home - which doesn’t charge him any fees and that is convenient for deposits when he works over the summer.</p>