Are you the parent of a college-bound student? Do you have children in high school? Do your kids have a job? If you’ve answered yes to (or are the subject of) any of these questions, then your life is currently full of challenges.
In my case, I have answered ‘Yes’ to all the above questions – and, yes, the challenges in life are numerous to say the least. One of the biggest challenges: finances. I’m not necessarily talking about “how to pay for college” – this is a given for any parent or student! I’m talking about the combination of finances and education.
Throughout my career in banking, I’ve seen or taken part in plenty of financial education endeavors – from savings accounts to newsletters and even coloring books for kids. Here at Standard, we’ve also had checking accounts which could be opened by college students. But for as much as we’ve put forth in the past, there’s not really been an offering which combines both financial education for the student with parental participation.
We have recently introduced the “Student e-Checking” account! It’s available not only for students in college, but in high school as well (as young as 15 with a parent co-owner). It’s the smart choice for today’s students. This new bank account is truly designed for students and will be loved by parents. Why?
Well, from the student’s perspective there are no fees to have this account and it takes no more than one paycheck ($50) to open it. No monthly statements are mailed either; you can take care of viewing all your spending activity online or even through your Smartphone. We give you a Debit MasterCard® for all your purchases so you don’t have to carry cash. And as far as using an ATM to get cash, go ahead – we provide the opportunity to receive refunds from banks that charge you to withdraw your money (see the details here).
Participating with your child in the opening of their first checking account couldn’t be more rewarding. From the parent’s point of view, a Student e-Checking account provides you the re-assurance that opening an account for your child will be challenge-free. Because you will also be on her account, you too, can view all of your student’s spending behavior. You can receive daily balance e-mail alerts. If you have your own checking account at the Bank, you can see both accounts online and easily transfer money to replenish the student’s account balance. Finally, if you were unable to make a transfer and your student doesn’t have enough money to buy that late night meal, the debit card transaction may simply be denied – no overdraft fee incurred.
Challenges are a daily occurrence for young adults in school and their parents – from managing social media to the fact of social reality. While it certainly will be challenging to figure out how to pay for school, don’t let the foundation to a solid financial education for your student take a back seat – visit our Student e-Checking page, then stop into any of our convenient locations to open an account.