Many Places to Grab Money, Banks Galore!
Leaving for college comes with so many new things, but knowing your student will be 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 the Best Credit Cards for College Students, but this blog is all about banking. Before your child leaves for college, a conversation that every parent needs to have is on budgeting their money. How will they spend it, what can or should they spend it on, and how will they get their money?
These days a lot of students use Venmo, Zelle, and other money transfer apps. However, if they use any of these apps, they need to have access to a bank account. There are tons of different banks to choose from and the one you choose should strictly be based on your needs. UGA does not have the capability to open up student bank accounts on campus, but there are many banks within walking distance to campus that will help your student open an account.
Banks on Campus: ATM only
Banks Near Campus
Credit Unions
In general, our interns are big fans of Venmo. Only one of them has the Venmo card and she highly recommends it since her parents send her money for groceries, gas, and bills via Venmo and she turns around and uses her card instantly to pay for those items. 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.
Regardless of your bank of choice or your money transfer app of choice, just make sure that your student has access to money in some way and you can easily send it to them when needed.
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