Parents, Are Your Children Heading to College This Fall? Questions For a Banker?

Feel free to read on and ask any questions you would like.

Several banks have student checking. This can reduce or eliminate the checking account service charge. If your child is going away to college, does their bank have a branch near school? Is there one near home?

Debit card: This a great way to make purchases and access funds. However, there are some dangers. If you are not writing down your purchases or keeping track of your balance, you could incur expensive overdraft fees. One requirement with a debit card is that you choose if you are going to opt in/opt out.

• Opt In: Your transaction can be paid at the banks discretion, overdraft fee can be charged. (ex...avoid embarrassment grocery store line when not enough cash)
• Opt Out: If there is not enough money in the account, the transaction will be declined. Thereore there's no purchase but ther also won't be fees.

Overdrafts: Overdrafts, I've found, are the hot button issue at the customer service counter of banks and credit unions. Go negative on your account balance, what is it going to cost? Some banks charge a one-time fee and a daily fee. Some banks charge a one-time fee and a weekly continuous overdraft fee. You better know how this happens before you loose your hard earned money.

Online banking: This is an interesting part of banking. Parents can send money to kids as well as transfer funds. Bills can be paid directly. This is a great source for managing your funds. Know what you have and what you can spend.

What part can I explain further? How can I help you get your children off on a good foot? Also, take these thoughts and information and sitdown with your Trusted Banker.