Many college students rely on their parents for financial advice. If your student comes to you and asks about bank accounts, there are many reasons why you may want to encourage online banking accounts with them. Here are a few of those reasons.
They Can Look At Their Balance Daily
College students don't have the time or the discipline to write down every charge, withdrawal or deposit that they make with their bank accounts. Online banking makes it easy for them to see pending transactions, recent transactions and quickly find out their approximate balance. It is also a great tool for looking for fraudulent activity. It is important to note that when you use online banking, pending transactions are not always for the full amount of the transaction. For example, if you dine at a restaurant, the pending transaction may not include the tip. As such, it should be used as a way to determine an approximate balance, not an exact one. But, for busy students, it can be a great resource.
They Can Set Up Automatic Payments
Failing to pay bills on time can adversely affect anyone's credit. This can affect your college student's chances of getting certain jobs or home rentals in the future. Setting up automatic payments can help ensure they don't forget to pay their bills on time, which in turn, helps ensure they don't hurt their credit score simply due to being forgetful.
It's Easy to Transfer Money Between Accounts
If your college student is running low on funds, you can quickly and easily send them money with online banking. This is the quickest way that a parent can ensure their child is taken care of while away at college. Making sure they have money in their account for food, materials and necessities will help ease the stress of being away from your child. If both you and your child have online banking accounts through the same financial institution, the money can typically be transferred in a matter of seconds. The days of wiring money to a child at college are over, thanks to this technology.
When your college student asks you about banking options, there are many benefits to encouraging them to do online banking. They can check out their balance daily, set up automatic payments and you can transfer money to them quickly when needed. This can make banking one less thing they need to worry about as they continue on with their education.
Talk to a bank like Western Bank for more information.