Places that Handle Money
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 the Best Credit Cards for College Students, but this blog is all about banking. I, personally, find it best to have an account for my daughter at the same bank as mine. It makes it easy to slide money over whenever I need to.
Therefore, I was grateful when we discovered that Bank of America is UM’s bank partner. There are many ATMs on campus, in residence halls, near the bookstore at the Whitten University Center, and a branch nearby. If they ever need cash this is helpful, although few students seem to use cash these days. Venmo and Zelle are just more convenient.
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:
Bank of America
Using a credit union is another option. The University Credit Union has 5 branches and 7 ATMs in Dade County.
ATM – Whitten University Center – across from the UM bookstore
Branch – 6250 SW 57th Avenue
Below are the local banks and their locations:
Bank of America
ATMs on campus
1330 Miller Drive or Dickinson Road
Branch – 1500 S Dixie Hwy
Branch – 1190 S Dixie Highway
Branch – 1541 Sunset Drive
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 account instead of a credit card.
Schwab isn’t nearby, but one of the perks of having a Schwab account is that you can use any ATM and the ATM fee is later refunded. So, if this is your family’s go-to bank, it may still work. Next step…budgeting.