Get that bank account NOW

Parents Forum
1

<p>If your about-to-go-to-college kid has not yet opened a checking account, do it as soon as possible.</p>

<p>My daughter did it today (the first business day after her 18th birthday), and found out that she can't get the debit card that goes with the account for seven to ten business days -- by which time she will already be at college. All she has are starter checks that do not have her name on them -- which some businesses will not accept.</p>

<p>She may encounter problems when she goes to the college store to buy her books. We haven't decided yet whether to cross our fingers and hope that the store accepts starter checks or whether she should remove a large chunk of cash from the new account before leaving town and pay cash for her books (after storing the cash heaven-knows-how in her dorm room for several days during orientation).</p>

<p>Hopefully, your kid's semester starts later than my kid's does, and you can avoid this problem.</p>

<p>Also, your kid may need two forms of ID to get that checking account. My daughter's driver's license only counted as one, and the bank refused to accept her high school ID because it had expired. They also wouldn't accept her health insurance card or her library card, which are the only other IDs she ordinarily carries. She had to go home and get her passport just to open a stupid checking account! For those who don't have passports, a birth certificate would be an acceptable alternative. (Those who have sent off their birth certificates to the State Department in order to get a passport but haven't received the passport yet may have a problem.)</p>

2

<p>Marion--most schools, and I bet Cornell is one, have some kind of student account in which you can, online using credit card or echeck, deposit money into an account which is usable in dining halls, laundry, bookstores, etc. It can usually be set up on the spot, and then you or your D can deposit money as necessary. Then, she just uses her school ID to pay for books off this account.</p>

<p>I urge you to check this out right away. It's how my S has always bought his books and used many other campus services. Both of us have access to it to deposit money. Actually, you don't even have to use credit or check; they will instantly add it to his account and then bill us the next time around. S still does not have either a credit card or checking account, but I have access to his savings and to his "Flex Account" (what Columbia calls it, every school has a different name) so i can move his money around when necessary.</p>

3

<p>Why don't you call the college book store and ask if they will accept the starter checks? Most businesses will not take them, but maybe the college store will, if the customer has a valid student ID.</p>

4

<p>I know our son's college bookstore took starter set checks. Of course the HSBC bank was across the hall in the Student Union.</p>

5

<p>We went to our D's school to open a bank account there last week. She already had one at home but figured we'd open one there, very close to her dorm and then eventually drop one account. </p>

<p>The man who helped us set up her account praised us for coming early (kids move into here school Sept. 1) to set up the account - he said on the Fri-Sat of move in, there will be a line out the door of people waiting to open accounts.</p>

6

<p>I agree with Garland. echecks, ATMs are what most students I know seem to be using. S has not used his checkbook since last year.</p>

7

<p>Ah, it took some looking around the Cornell site, but it looks as though your D can apply for a "Cornellcard" which functions somewhat like a credit card, and use that to buy books. Money does not have to be deposited ahead of time.</p>

<p><a href="http://www.bursar.cornell.edu/cornellcard.cfm%5B/url%5D"&gt;http://www.bursar.cornell.edu/cornellcard.cfm&lt;/a&gt;&lt;/p>

<p>They also have Big Red Bucks, but those seem to be more for food courts, etc. Anyway, your D could check these out for different options instead of carrying so much cash.</p>

8

<p>
[quote]
found out that she can't get the debit card that goes with the account for seven to ten business days

[/quote]
</p>

<p>I have to wait 6 months, but that's probably because I only have a youth account since I'm only 16.</p>

9

<p>I've posted this on another thread, but if your freshman will not be 18 before school starts, you may have to open a different kind of account. The bank at her campus wouldn't open a College Account for her because she was still a minor. I had to open an account in my name, then link a "high school" account to that account. When d turns 18, they'll change the account to a college account. I gave permission for them to transfer the funds out of my account into hers and close my account at the same time.</p>

<p>But of course it took an hour for them to figure this out. I'm glad I didn't wait until orientation to try to open the account!</p>

10

<p>During the summer before college, my D opened an account through USAA, which is not really local anywhere. It was very quick and easy to open and has provided her with checking account, savings account and ATM card. It's been very convenient. She has also used her college's cash card (sounds like what Garland described at Columbia), which I can add $$ to at any time.</p>

11

<p>I opened a checking account for my s when he was 14. It is technically a joint account but only his name is on the checks. He just turned 17 and has used the atm card and checks for years. There are lots of ways to deal with this. My s school has a relationship with a credit union and they allow anyone over 16 to open an account. I suggest you speak with the bank manager where you do the most banking.</p>

12

<p>PNC had no problem with my D still being 17--I was able to transfer her custodial account to her, she opened her checking account at school during orientation in May. Debit card arrived soon after she opened the checking account. She just paid for her books online using the debit card.</p>

<p>I really don't think most banks care if they're 18 or not; just that they're about to go to college. It's not your kids fault they're if they're not 18 yet--they need the bank account, and the bank needs the business.</p>

13

<p>another suggestion is travellers checks. Old fashioned I know but guaranteed to be replaced if lost or stolen and just about everyone takes them. Another option is to get a pre loaded Visa check card. </p>

<p>When my parents dropped me off at college ohh those many years ago, they left me w/ out a dime...They never thought about it I guess. They knew I had financial aid coming and that my meals and housing were taken care of so I guess they thought I was OK. I had a few bucks of my own but those first days getting finances in order were no fun.</p>

14

<p>
[quote]
Marion--most schools, and I bet Cornell is one, have some kind of student account in which you can, online using credit card or echeck, deposit money into an account which is usable in dining halls, laundry, bookstores, etc. It can usually be set up on the spot, and then you or your D can deposit money as necessary. Then, she just uses her school ID to pay for books off this account.

[/quote]
</p>

<p>You people are so smart.</p>

<p>And you're right.</p>

<p>It's called Cornellcard, as Garland said, and my daughter has signed up for it. However, it's set up like a credit card, not an account-you-put-money-in card, and it has an $850 limit. Unfortunately, we already used up a substantial amount of that limit paying for the service that ships packages to incoming students' dorm rooms before move-in. Cornellcard is the only type of payment that service accepts. Because I have a bad leg and can't help much with move-in, we shipped as much of my daughter's stuff as possible to make life easier on move-in day. (The boxes already left last week.) There may not be enough money left in the Cornellcard account to pay for her books, and as far as I know, there's no way to pay off the Cornellcard until the monthly bill arrives.</p>

<p>So we will be inquiring as to whether the bookstore accepts starter checks, and if they don't, my daughter is going to have to hide a wad of cash somewhere for a few days until she has her course schedule and can buy her books.</p>

<p>
[quote]
I agree with Garland. echecks, ATMs are what most students I know seem to be using. S has not used his checkbook since last year.

[/quote]
</p>

<p>My son, who is at a different college, uses ATMs occasionally and his debit card constantly (he lives off-campus, so he uses it to pay for groceries, among other things). He also doesn't seem to know what a check is. I think my daughter will pick up her brother's habits as soon as the bank (M & T bank, in case anyone cares) gets around to forking over the debit card. What startled me is that she couldn't get the debit card right away. When my son opened his student checking account (at a DC area bank called Chevy Chase Bank -- the one that the football field at UMCP is named after), he walked out of the bank with debit card in hand on the day he opened the account. I had no idea that other banks were slower with this.</p>

15

<p>Oh well! I should have known you'd know about that already. And i thought I was being so clever!</p>

16

<p>You're the one who did research for me, garland. Thank you very much.</p>

17

<p>Glad to hear USAA worked smoothly -- but I shouldn't be surprised! Both my kids have USAA prepaid debit cards and so it sounds like we'll continue to do business with USAA once DS1 leaves next fall. Will need to check with them if there are any issues since he won't be 18 til the end of the first semester of college.</p>

18

<p>I don't know if this would work for Cornell, but what has worked for us, D was able to get book titles, authors and ISBN numbers online for her courses and buy books online using my creditcard. She saved a lot of money and had the books before classes started. (YMMV, she was a savy upperclassman at the time)
Is your D an authorized user on your card? We have used that system for travel, books and emergency uses only - no charging meals or new clothes, but easier for things parents are paying for anyway. Of course, that depends on who in your family covers books...</p>

19

<p>^Actually, even if the student is paying, a parent's card can be used. My kids, neither of whom have a credit card (though D at 24 has finally decided to give in) occasionally borrow our number for online stuff, and faithfully pay it back, generally way before we pay the bill. So using it for books wouldn't be a problem.</p>

20

<p>I was surprised to learn today that my D's college has eliminated the declining-balance card. I thought it was a great idea; sorry to see it go. We did receive a listing from the school with all the local bank options & their offers for students (free checks, free ATM withdrawals, etc.). D is thinking of just keeping everything in her credit union account here & using her debit card at school (or the student credit card from her credit union, if need be). If that doesn't seem to be working, she can always open a local account.</p>

<p>My D has never written a check, although she has them. I was horrified to find out that she doesn't keep a ledger for her debit card --- she just goes on line & keeps track of her balance. That really bugs me (call me old fashioned!). I am the perennial treasurer/bookkeeper for groups I belong to, and I am neurotic about balancing the checkbook. But all D's friends operate the way she does. Sigh.</p>