setting up accounts across country

dmd77
Fri, 31 Dec 2004 14:14:25 +0000

My S (MIT) has never written a check. Never. My D (Reed) has only written checks to her food coop. MIT uses the student ID as a cash card, to which I add money from his acct, for books, etc. Reed sends a bookstore bill to whomever you want; my agreement with D is I pay for books, so that’s fine. They both have joint BofA accounts with me, associated with our family account, so it’s all free. Nice thing about that has been the ability to transfer funds from our account to theirs instantly when needed; I also have it set up so their monthly allowance gets paid automatically.

BofA acquired Fleet this past summer, so we no longer have to pay out-of-area ATM fees, which previously cost us a whole $1.50/month.

All statements come here.

We are currently contemplating allowing the kids to have actual credit cards, not just debit cards, so they can begin to establish a credit rating.

Yes, my children are spoiled: I pay books and an allowance. They also are not on the board plans at their schools and cook most of their own food. In the end, it works out.