<p>I hardly use my checking account anymore, but recall it is sometimes important to have checks from a local bank. How does this work for college kids? Do they put their dorm address on the checks? Can they survive without checks?</p>
<p>With ATMs I don’t think our Ds ever used checks. Both did use local accounts because it was easy to get paychecks deposited from working on campus.</p>
<p>I use checks for utilities, rent, and other bills that either can’t be paid online or are going to my roommate to pay. I use both a national bank and a local bank by my house, not school. My home address is on the checks, no need to change. </p>
<p>In short, they might need a checking account but it doesn’t have to be local. I’d suggest getting one with atms on campus or that waives atm fees. Better safe than sorry imo.</p>
<p>I think whether they need actual paper checks varies. D1 did as she had some activities where she needed to use checks; she put her home address since she figured she might need them later. They weren’t from a local bank, they were from a ‘too big to fail’ one so that she could access from anywhere. D2 has not needed them so far. Some accounts will let you buy a small number.</p>
<p>Another consideration, good point. Do most kids have accounts in their name only by the time they start college? I was considering a joint account, as I suspect the flow of money will be in only one direction for awhile and it will be easier to transfer money if I’m on both accounts.</p>
<p>DS did change bank accounts to the one with an on-campus ATM. No checks and no need for them. Uses debit card as needed. But still lives on campus so checks may well be needed in future!</p>
<p>We did joint for the reason you stated. It’s a matter of convenience for us, not checking up on them, as they’ve managed their own bank accounts for years (just saying that because some student always comes on and accuses parents of being overly involved ;)). Emergencies/unexpected events happen, and this seems like a reasonable way to be prepared for them.</p>
<p>No need to get a local account. Your national/regional bank may have a branch on/near your child’s campus. There should be places to cash checks on campus- at a union perhaps. There are also ATMs. Now many schools will have cash and purchasing power available on the student ID- for many off as well as on campus stores.</p>
<p>Between ATMs and ID uses checks are pretty much useless. Keep the local bank account so you can put money into the account conveniently- birthday/holiday gifts from relatives, for example. Also don’t bother getting checks with an address that will change many times in the next few years- especially since kids won’t be changing their drivers license for ID purposes with a check. Any campus expenses using a check won’t need a local account. Parents tend to send those dorm and tuition checks from their accounts anyhow.</p>
<p>I’m not sure a debit card would be useful for your child- perhaps with apartment life and needing a local grocery store. I would encourage students to eventually take advantage of a credit card offer to have one for life after graduation. Son was shocked at the $500 maximum from his bank when he finally got his own (we let him be on our account during his apartment college years). He sometimes used ours and reimbursed us for larger online and travel expenses when he got his full time job after graduation (and we were aware of food purchases during college sometimes- hard to hide those Subway and Pizza places, the books were meant for our payment, not the food). Son was underage so one of us had to be on his checking account- H did it so son could write a check without his cosignature (although son discovered the bank goofed many months later when he finally wanted some cash and they had to redo the account). Previously I had been on the student account locally- money went in and none came out prior to college.</p>
<p>Most employers want to do direct deposit these days.</p>
<p>We set up joint accounts with our kids and they got ATM, Cash and Credit Cards.</p>
<p>One of my sisters has a daughter going to study abroad for the fall semester - she told me about her headaches in setting up a bank account for her long distance.</p>
<p>I occasionally needed to write checks for student activities; maybe 1-2 per year. It never mattered if they were drawn from a local bank though. </p>
<p>I do agree that students probably want to have a no-fee ATM nearby, but that doesn’t require a local account.</p>
<p>S’s campus had a no-fee ATM nearby for a major multi-state bank. S used that (debit card) and not checks. It was not “my bank,” but there was a drive-thru within 30 yards of the building where I officed. His account was opened where I lived, not the college town.</p>
<p>What does your student think on this?</p>
<p>Great suggestions! I guess we’ll stick with our local bank (in the same state) and just add checking to the existing savings account. Once she gets any sort of job might be the right time to set up an account in her own name. </p>
<p>The college made it very easy to add parents to the e-mail notifications for tuition payments, so we have that covered. </p>
<p>I need to give her a tutorial in online banking so she can get the hang of checking balances and making sure the funds are there to cover expenses. Should have done it years ago…</p>
<p>07DAD, as long as it is ‘our’ money, she doesn’t mind the shared account. However I suspect that when she earns her own money she will insist on her own account. I’m already detecting some desire on her part for managing the college funds, but this in relation to the feasibility of grad school etc. We’ll cross that bridge in 4 or 5 years!</p>
<p>I’d do a joint account if your child doesn’t plan on making enough for personal expenses. I have one joint account with my parents and one independent. The only time I use the joint account is when they owe me money as I stopped getting spending money years ago lol.</p>
<p>Wow this is all a surprise to me. I use my checking account 24/7 but I guess maybe I have a unique situation? I have a PNC Virtual Wallet account. I get 3-4 checks a week from tutoring which I need to deposit and typically write 2-3 checks a year as security deposits. I mostly deposit via the mobile deposit app though so having a physical bank nearbye isn’t too important unless there’s some issue with the account. But I don’t know how anyone could ever live without a checking account of some sort.</p>
<p>momsquad–I viewed this as another aspect of transition. S already had used a debit card while in HS to have access to the money he earned. I told him to talk to his friends already at the college and research the options and to let me know what he found.</p>
<p>I never viewed it as “my money” after we reached an agreement on our respective financial commitments to the college endeavor. So, it never was going to be up to me to do anything with or about the account other than make two deposits each school year. The rest was upto him.</p>
<p>However, I did take it upon myself to introduce myself to the local branch manager in my town. This paid off when there was a problem while S was in Asia while studying there and after college during a 7 month work stint and back-packing adventure. </p>
<p>Funds were made instantly available to S at my request. I was able to handle an expired card when the replacement was “lost” when mailed to him in Asia.</p>
<p>Also, the student may want to investigate what the bank offers when the student is out of the country.</p>
<p>My son has had his own checking account and uses it for rent, utilities, trips, and occasionally fees for clubs. I have made deposits into his account from our local branch as needed but generally it is his account and he is on his own with it.</p>
<p>My son said no one writes checks and everyone uses debit cards. Therefore, there was no need for a bank account at his college - he kept his hometown bank which has no fees. That works out well, because he only works during the summer.</p>
<p>Thanks for this thread. I had completely forgotten to order checks and just did it. My just-graduated from college son did write checks during college. I’m just using our home address on the checks. I think sometimes kids write checks to other kids for things – one person buys something for the room, the other person is paying their share, etc.</p>
<p>We have a few accounts for D & S in Hawaii, as well as one at their credit union on campus (the only financial institution on their campus). For my convenience, I have a joint account with D (& had a few with S which have since been closed since he’s moving his banking to East Coast where he is living). It has been convenient, being able to get funds to the kids easily and do phone transfers. No regrets.</p>
<p>While I do most banking electronically, I do go to the ATM or branch every once in a while to</p>
<p>a. Get currency.
b. Deposit a check.</p>
<p>Strictly speaking, a local account may not be needed even for those cases. In case (a), if the account is at a bank that reimburses ATM surcharges (seems to be common with “internet banks”) or has an arrangement to share local ATMs without surcharges (seems to be common with credit unions), then getting currency without large fees can be done. In case (b), some banks are now offering “take a picture of the check to deposit” services, while old fashioned mail deposit can also exist.</p>
<p>I also write paper checks once in a while, although electronic banking check writing can mail a paper check if the recipient does not receive electronic payments.</p>