<p>Like charlie, our son (sr. in HS) has had a credit card in his name, but it’s just a card on my account, for a year now. It’s for emergencies - or when he calls and gets the expense pre-approved from his banker (i.e. mom or dad). He also has a local checking account with a debit card, and very little balance usually.</p>
<p>My question is: he will have an on-campus job (work study) and will need to deposit his pay there. We assume it would be able to be direct deposited into his existing local bank account - but is there an advantage to having say a UVA credit union account to deposit this into instead (not planning on needing a full BOA acct)? Also, is there really much need for cash anyway - with a debit/credit card and UVA student card isn’t most everything covered?</p>
<p>And, I think both shoe and charlie hit the nail on the head with the fact that use of a debit/credit card tends to lead to better money management skills than using cash.</p>