I got an email this morning saying that Paypal was closing all student paypal accounts, just as I’m sending my daughter to her first year at college. Although her school has a Bucks system for paying on campus and some off campus places that I can just add money to online, I was looking forward to also sending her with the Paypal Mastercard that comes with the student account for any misc. places that don’t accept the Bucks system or just for emergencies. I’d like to get some ideas on how other parents are handling this. I wasn’t going to open a seperate bank account for her, I just wanted to send her with a mastercard or visa that I can quickly add money to online with no fees (paypal was perfect for this). Any ideas?
Student account debit card linked to your checking account? Thsts what I have and my mom just transfers money from her account to mine.
My older DD already has a no fee checking account linked to mine with a debit card. I was planning on waiting a few years to get her little sister one, but I guess that has moved up now.
Really bummed about this.
This happened to us too this morning. We just said goodbye to him in a foreign city on monday and were hoping to use this to keep him fed. No explanation from paypal, and I see they are still offering new student accounts to other people. I am wondering if it is because he turned 18 or because he is out of the country. If so, how did they know and why do they care?
I will use bitcoin instead and avoid these unreliable banks altogether.
My kids have their own credit cards and bank accounts. If they need something they can use either one. If they need money from me, I just transfer money from my account to theirs (we all have accounts at the same credit union and money is instantly transferred).
They are ending the program altogether.
I started both my kids on the Paypal card at 13. I did their weekly allowance on it automatically. No more mom has no cash. Bummed.
We all use the same bank with our accounts linked so we can instantly transfer funds around. Everyone knows to use the cash back option at the supermarket and not use the ATM to avoid fees. When 23yo S first started at his OOS college we opened a checking account at the local college bank. It did not work for us, I had no way to get money quickly and cheaply into the account so he stopped using it.
Thanks everyone for your responses, some other forums suggested Square pay but the child needs a bank account too. The only good thing with that is that the transfer is instantaneous, not the 1-3 days a bank to bank transfer can take. I’m going to look into The Chase and Bank of America college accounts as a possibility, but I’m really bummed that Paypal did this just as she was going off to school and now I’m rushing to find aa replacement method!
B of A student accounts have a minimum age of high shcool freshman and a max of 23. The transfer from your B of A account to theirs is instantaneous.
My daughters 15 and 18 are really bummed about this. This is how they get their x-mas and b-day money from our family members in other states.
With debit cards linked to a parent account (no need for a local branch at all) and deposit-by-phone-image (such as for birthday money) there are plenty of good options nowadays.
Is PayPal student account different from regular PayPal account? My DD opened her account in HS but she didn’t get any notifications today.
Bank of America has a college account if that is convenient.
Most major bank companies have high school/college checking accounts that are fee-free while you’re in school.
Anyways, if your D is going to college, she should be old enough to open a bank/credit card account.
Yes, I’ve been wondering why the need for some “special” account. If the reason is for easy transfer of funds, I would think being at the same institution would take care of that. My kids and I have accounts at the same credit union. Transfers take place instantly. (And the accounts are free.)
And why not their own credit card so they can start building credit? They may have to start with a secured one, but it will still help build credit. I think I heard not all banks report to the credit agencies on a secured card so you might have to check on that. Our credit union did and my kids now have good credit and unsecured cards.
There have been several other threads recently about checking accounts and credit cards.
My oldest daughter has a bank account at Bank of America just as I do. I’m able to transfer money to her without a problem. However, the Paypal account comes in handy when she gets money from people other than me. It’s quick easy and best of all she didn’t have to give out her account information.
^I’m not familiar with the different PayPal accounts,but wouldn’t a normal one do the trick for that?
My kids and their classmates use Venmo for paying each other.
Yeah my kids keep bugging me to get a Venmo; they’d prefer I do that than just use an account transfer between our linked accounts at Chase! That’s what all the young people use for dinners out, pizza, whatever.