<p>They lump them into the category of “Giant Monster Mega Banks” for a reason… Banks like these and associated lobbyist are responsible for the 8%+ (add on another 3% origination fee) parents plus loans for your child’s education despite the fact that these loans are guaranteed to be repaid. – OK that’s my rant, made me feel better… </p>
<p>Keep your $ in a credit union and then use any on campus ATM for free (they often rebate other banks ATM fees to your account…</p>
<p>If you can’t find the right credit union or community bank try </p>
<p>“Which banks should I be avoiding?
Most people are trying to avoid the six largest banks that engaged in casino-style financial practices (credit default swaps, derivatives trading, etc…) and that are largely to blame for the financial crisis — Citi, Bank of America, JPMorgan Chase, Wells Fargo, Goldman Sachs and Morgan Stanley. The banks and credit unions we encourage people to look at largely avoided these kind of financial tricks, and then did not reward their executives with massive bonuses”.</p>
<p>Daughter opened an account at WF because there is a branch on her campus. We bank with BofA. I plan to keep a stack of deposit slips for her bank so I can put cash in her account on a regular basis (I can walk to a WF branch from home).</p>
<p>If BofA was convenient, I would have had her open an account there mostly because my perception is that the BofA online banking has a higher level of security. There are “more steps” to get into my online account than hers. </p>
<p>There is a credit union branch opening up on her campus, we will compare once they are operational to see if that would be a beneficial change but probably not - it would be more challenging to get money to her if needed.</p>
<p>Both D1 and D2 got the B of A Campus accounts when they went to college–we also bank at B of A. We’ve had no trouble with any of the accounts and love the convenience of going online to transfer money into their checking accounts at any hour of night. </p>
<p>Both Ds were issued B of A credit cards (in their own names) and debit cards. Original credit limits were low ($600 for the first D, $800 for the second D). Those limits weren’t a problem since the kids don’t charge much (textbooks, sundries). The card was there for an emergency, though. We advised them to use their credit cards every month and then pay off the full bill immediately. Great way to build credit and get them into good habits.</p>
<p>Both of their campuses have B of A branches within walking distance. Also, local retailers will give cash back when a debit card is used. Kids used the debit card to directly pay for things at the restaurant or at the drug store, etc.</p>
<p>We enjoyed our B of A representative. He gave D2 a lecture about credit, how to use it, not to abuse it–and do NOT use your credit card to get cash, he said. The fees will kill you!! </p>
<p>Our Ds had a cushion of cash below which they never dipped in their checking account–kind of their own overdraft protection. The fees for overdrafts is so prohibitive and unnecessary. Plus there are some tricky things about debit cards (how the bank may “reserve” a certain amount in the account when you swipe your card to pay for gas at the station, for example–higher than the original debit). You could be counted as having an overdraft, when you have the money in the account. Just have a nice cushion in the account.</p>
<p>we opened a boa account when my son arrived on campus. </p>
<p>the closest local branch happens to be in the town where i work, so i thought it would be easy enough to make deposits on his behalf. however, since we opened the account in new hampshire, and i live in illinois, it took a few days for the money to appear in my son’s account. something about out of state account–that never made sense to me and it was annoying. </p>
<p>i am pretty sure he’ll be opening a chase account because of the i-phone app for depositing checks!</p>
<p>Yes, D’s credit card has always been $800. She has had the account for almost a year and has had no issues. Be sure your child reviews the Schedule of Fees(or whatever brochure lists every possible fee that the bank can charge). This way they will be aware of what fees apply to their situation. There really are no surprises if they review the material first. Our D is very careful about who spends her money. She works very hard for her money and refuses to create situations where the bank can charge her a fee because she did something stupid. (She actually calls them “stupid” fees, as in I was stupid so I paid a fee.) Good luck with your bank search.</p>
<p>Our family has been banking at Wachovia, now Wells Fargo, for 13+ years. The one thing I do not like is how aggressive they have been in marketing to D. In the past two weeks we have gotten 5 phone calls from individuals identifying themselves as Wachovia or Wells Fargo. D is at her apartment at school and I have told them she cannot be reached at the home number and I’m not going to provide an alternate number for her. The one phone call she did receive was the very assumptive “I’m going to sign you up for this and you have 30 days to cancel” variety. No thanks. Never got these types of calls before.</p>
<p>My daughter has B of A because it’s the only bank that’s both on her college campus and also in our town (almost 2000 miles away). She likes their ATM and online banking and has not had any troubles. I am able to deposit money directly into her account here and it shows up there immediately. We do not have Wells Fargo or Wachovia where we live.</p>