<p>When there is an emergency and your son or daughter needs money fast how do you get it to them when they are away at college?</p>
<p>Does your child have a bank account? You can transfer money into that account (It can be done online) and your child can withdraw it from an ATM machine.</p>
<p>You can wire money into the student’s local checking account if you don’t have a local branch of the same bank. You can wire the student money via Western Union. Both of these options are pricey. Alternatively, the student can use a credit card. If a credit card won’t work for the emergency, the school usually has a short term emergency loan option.</p>
<p>My H set it up so that he can transfer funds from his checking into our son’s checking account online. If this is not possible can your child use a credit card, or can you your child use a debit card (my kid has one through his school but it is only good at some places in his area, but not every retailer accepts that). We can load that up by using our credit card, but we don’t do that for him ;)</p>
<p>Both of my kids have checking and savings accounts in banks that have branches both in their college communities (in both cases, the branches are actually on campus) and at home. They both maintain substantial balances in these accounts for emergencies, and I can deposit money in the accounts at the local branches if necessary.</p>
<p>Things would be more difficult if they had not been able to find banks with conveniently located branches at school that also have branches at home.</p>
<p>In addition to these ideas using checking and banking options, our S has a credit card. The card was issued by our credit union with a 1K limit. He is not allowed to use that card unless there is an emergency or he has approval by Mom. He has been very responsible with it and there have been no surprises.
As for needing cash in an emergency, we share the same credit union, so I can transfer money into his account if needed and then he can use the ATM at school to withdraw it.</p>
<p>Our daughter has enough in her acct for most emergencies, we could also do acct to acct transfer, and she has a family credit card.</p>
<p>I think students should endeavor to have enough money available in their personal bank accounts for emergencies. If they keep a small amount in checking and most in a savings account, double check that the student’s debit card is also connected to their savings account. </p>
<p>You could also give your child an extra copy of your credit card (since student credit cards sometimes have very low balances). Children are rarely challenged when using a parent’s card.</p>
<p>We us a Visa Buxx card.</p>
<p>my D has our card number, etc that is to be used for airline flights, etc…se doens’t need to have actual card</p>
<p>also, their checking accounts are connected to our, so we can transfer $ immediately, even by phone</p>
<p>My d. has her own credit card and she & I also have a joint checking account that is there primarily to make transfers easy. We can each move money to/from the joint account without having access to each other’s other linked accounts. My son is older & is not a dependent, so no reason for closely linked accounts – but we have the same bank and when he needed a short-term loan last year I found that I could also transfer money online to him-- I just needed the account number.</p>
<p>DD has her own checking and savings account, as well as her own credit card. She doesn’t ask us for money (we do pay her school what the scholarships don’t cover), but if she were in a pinch that required assistance from us, I would just deposit money in her checking account.</p>
<p>What about MoneyExchange? Has anyone ever heard of it or used it before?</p>
<p>Son has his own checking account (w/MAC card) and our bank allows online deposit only transactions. A few times he has called to ask if we could cover him until his paycheck arrived. I logged in, transferred money from my account directly into his and instantly it was in his account.</p>
<p>1) My parents and I have linked bank accounts with the home credit union. She can put money directly into my account, or I can take it, or I can give it to her or she can take from me. It’s all instant, and all free.</p>
<p>2) I have a PayPal account. In a pinch, you can use this to send money from one bank account to another. It charges anywhere from 2.9-4.9% + a small fee ($.30).</p>
<p>3) Credit cards. Enough’s been said about them.</p>
<p>DS recently sent me some money he owed me via paypal. It took several days for the funds to “clear” so I would not recommend it in an emergency.<br>
He has a BofA visa linked to his checking account. </p>
<p>In addition, he also has my personal mastercard number memorized and can call me for permission to use it in a pinch. </p>
<p>I have also wired money from my bank to his since there is no BofA around here. There is a pretty hefty fee associated with wiring but the funds show up overnight.</p>
<p>When S1 turned 18 I applied online (as him) for a Visa Card. I got a 2nd card on the account for his younger brother to use. (Prior to this they ahd each had an “emergency only” card on my Visa account) This way, since I’m still paying the bill (and I know its paid in full, on time), he is building a positive credit rating in his own name, which will be useful when he’s done with college – and I STOP paying the bill. This way, he’ll be able to rent an apartment on his own, buy a car, get a loan… whatever. I plan on getting his brother his own account when he turns 18 in Dec. (boy… that crept up on me fast!).</p>
<p>They use the cards for gas (we have 2 SUVs… so they’d never have enough cash on hand to fill the tanks), online orders, etc. S2 has to ask my approval before he charges stuff, which he always does. S1 has a little more discretion at college – but when his charges seem extreme, I call & we review the bill together. I don’t question purchases at the bookstore, but I get very angry when he charges at 7-11 & CVS. Mostly his explanations are logical. When I don’t agree, we pull the money from his savings/checking acct. and he reimburses me.</p>
<p>It works for us, gives them some freedom and me some control.</p>