Banks & Credit Unions

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Many Places to Grab Money, Banks Galore!

Leaving for college comes with so many new things, but handling their own money can be one of the scariest. We have all kinds of suggestions regarding Working While in College, Teaching Them to Budget; even information about the dreaded Auxiliary Fees for Online Classes, but this blog is all about banking.

I personally hoped to have an account for my daughter at the same bank as mine as it makes it easy to slide money over whenever needed. However, seeing as we are out of state, our local bank did not have a branch in Bloomington. If you are lucky enough to have the same bank, if they ever need cash this is helpful, although few students seem to use cash these days. Venmo and Zelle are just more convenient. Banks, banking, and how our students can access money is something you will undoubtedly want to figure out before day one.

The following banks are on or near campus:

There are ATM’s located at:

Using a credit union is another option.  Students can use the IU Credit Union to open checking and savings accounts or borrow loans/get a credit card, just like banks. Additionally, they aid in College Loans and insurance. The IU Credit Union is probably worth checking out if your student is planning on being partially or entirely financially responsible for their education. There are several locations close to campus, 105 East Winslow Road, 107 South Indiana Avenue, and 410 South Woodcrest Drive.

Members Choice Federal Credit Union: This account offers a variety of benefits and no minimum balance for checking accounts.  They offer vehicle and home loans too but do not offer insurance.

Crane Credit Union: This credit union offers all of the benefits of the two above.

As for the CrimsonCard:

CrimsonCard is your student’s photo ID  as well as providing access to many campus services and acting as payment to participating retailers. Students must deposit money to the CrimsonCash account by credit card, including MasterCard, Visa, American Express, or Discover. This option is limited to IU students only. They may load up to $1750 into their account each bursar term.

In general, our interns are big fans of Venmo. They don’t recommend getting the Venmo card but find it convenient for just about everything. Roommates send each other their portion of the rent or electric bill, or their share of last night’s Uber, right through the app. Some parents prefer this method of sending money. There are no fees if you link it to your bank account instead of a credit card.

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2020-07-08T13:08:27-04:000 Comments

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