Agree. Cut the cord, @mcat2. It’s time.
She should have a bank account and a credit card under your umbrella to build credit.They will probably open her an independent savings account too. Then she can apply to her own credit card from the same bank when she can indicate earnings on the application (in the Summer?)
Obviously it is very liberating for them when parents cannot see their charges.
He got his own credit card at the beginning of his freshman year, right before we sent him off to college. It was before the banking industry raised the bar on who could get a credit card. (Did “tightening up of the rule” happen in 2010 after the 2008/2009 financial trouble?)
To be sure, only one bank gave him the card, with a very low limit. Being a major bank, BOA did not want to give him the credit card. It only gave him a checking account and debit card. This is the reason why he still does not have a credit card from BOA as of today.
BOA declined my credit card application when I first applied for a credit card when the dinosaur still roamed the world. I had a good paying job but no credit history at that time.
This reminds me of the “story” about my coworker: He and his wife moved into his inlaws’ house (mostly likely just a condo.) This is likely because the housing is so insanely expensive. The inlaws treated them as children. They rebelled and decided to move out. I heard from him that when it was almost the time they were going to move out, they still hesitated to inform the inlaws (having some concern about “breaking their heart.”) But he said “the inlaws seems to have sensed that they have been trying to find their own place to live (rent a condo) for some time.”
The lesson: Do not hang onto your children when they have grown up – at least after college. (But be ready to be a backup only when asked – e.g., to cosign some contract.)
Bank of America is the most convenient in New England. Most colleges have an ATM on site for easy (free) cash withdrawal. Also most malls, etc. The monthly maintenance fee is waived for students 23 and under. You can also set up accounts for the kids under your account, which if it has enough balance, all will be free as well. Deposits can be made by phone, easily. Work checks are direct deposited with no problem. Online transferring of funds is very easy as well. They have a generous points and coupons program and free entrance to museums one weekend a month. We’ve never had a problem with them. It’s the convenient choice, for sure.
“To be sure, only one bank gave him the card, with a very low limit. Being a major bank, BOA did not want to give him the credit card. It only gave him a checking account and debit card. This is the reason why he still does not have a credit card from BOA as of today.”
It’s of zero consequence whether the bank that issues your credit card is the same one where you have savings/checking. Because you’re paying off the credit card bill at the end of the month. Who even cares what the interest rate is. Right?
@redpoodles count your blessings. Our kids both have B of A (from back in the day when a B of A student account had checking,savings, credit card, debit card and free online everything for students) and I had to deal,p with fraud with them when one kid was out of the country for two years (and yes, I had power of attorney). It was a huge headache and their customer service was terrible.
Yes, B of A is all over New England. But this doesn’t mean there will be one near where mcat2son lives…or works. There isn’t one in my town at all…I drive to a neighboring town to deal with them when I have to.
But really…the son doesn’t need to do all of his banking at B of A. He just needs one account that his mother can transfer funds into, It sounds B of A is convenient for his mother.
@Thumper1 As far as dealing with fraud, Chase Bank has been very good. I’ve never had a fraud issue with B of A and can’t speak to it as you can. I would guess most international fraud issues would be a terrible experience. As far as campus and parental convenience, as per the OP’s original question, which is what I was answering-- Bank of America is certainly the most convenient and easily accessible at most college campuses. This may not be true of your particular home, but that was not the question.
(Also, the service I’ve received at my particular branch has been far and above the other 3 smaller banks we’ve been with. But that’s luck of the draw sometimes, just like any store.)
Thanks for sharing your experience.
B of A is what my wife is most familiar with. After all, we have been with them for 32 years, I think. I think she may stick to B of A unless she finds a pressing reason to switch.
@ redpoodles
The fraud issue took place HERE, not abroad. The kid was abroad, the fraud took place right here in the states…and it took a year to get resolved…and I’m not making that up.
@mcat2. And none of this was due to online banking done by my kid! Just FYI.
Who knows? My daughter got her Chase credit card approved in a day to my big surprise in the summer after freshmen year. I attribute this to her being such a good customer with her own savings account and being subordinate on 2 Chase credit cards and one checking account.
Unless the name of her college helped :-*
Yeah, CCDD14, I have wondered about this. ^^
I see the problem. My D doesn’t want the credit card from her bank, wrong kind. She’s about to switch the banks. That may solve the problem.
I still don’t see why it matters. I have a Chase Visa and bank at Citibank. I auto-pay the Visa every month out of my everyday checking. What would be the advantage of having my credit card out of Citibank?
I don’t see how it matters either. My visa is actually through my college alumni association. It started with Chase, and it’s now with Citibank. I don’t do my personal banking with either bank.
For you there would be no advantage but when a 19yo is applying for her very first credit card with a slim to none credit history it may matter.
Our D is an authorized user in my card. She was solicited while we were at Costco and applied for an AmEx card there and was instantly approved, to the surprise of all of us, including the Costco employee. She’s had the card ever since.
You simply put your kid on your card for a few years so when she applies for a card she has the benefit of your credit history.
I had my kids get 2 credit cards apiece - one is a MC or Visa, the other an Amex, so they’re prepared.
I had trouble making a transfer to my son (re taxes and Roth). I spoke to a representative on Sarurday, who spent time and got to the route which went wrong. I showed up at my local branch today. No wait at all. The rep got on phone, helped my set up a new transfer system, watched me do each step (he can’t touch my phone). I was done in 10 minutes.
I have had good luck with BOA.
This could be true for DS when he was at that age. The bank insisted he got both a checking account and a saving account, before they gave him a credit card. We were willing to do anything in order to get him a credit card because he would fliy back and forth between his campus and home – and sometimes could be stuck at a connecting flight airport due to various reasons. (This was about 10 years ago when it is easier for young college kids to get their first credit card.)
Hmm…I forgot the details here: Can a parent put his/her high school aged (or even middle school aged) kid on his/her card? (It is not necessarily a good idea unless the sole purpose is to establish kid’s credit history.) Whoever could think of this is likely a helicopter parent. LOL.