Before your student heads off to school, give them a crash course in Money 101. Merchants Bank has a number of options to help ease your student into financial freedom including checking and savings accounts, Online and Mobile Banking and more.
First, make a plan. Discussing college costs with your child is a must. Help him or her understand all school-related expenses – tuition, books, housing, gas (if he or she will have a car on campus), food, and much more – and which costs you or your child is responsible for. If your child received financial aid, how will that affect paying for college? Explaining the basics and setting expectations up front will make future money discussions easier. Of course, don’t forget to explain what a budget is and set one.
…and stick to it. Maintaining a budget is a skill your child will need to learn. What tools can you use to help him or her stay on track? With Merchants’ eChecking or Free Checking, students have free access to Online and Mobile Banking to track account activity 24/7. In addition, using a feature such as Manage My Money through Online Banking, can help students understand how they spend their money, set alerts when accounts hit a certain balance and much more.
Talk about banking options. Giving your child an overview on the types of banking accounts, services and cards is a good place to start. Most students will need a checking account, so review basic account features and potential fees (overdraft, ATM and otherwise). A Merchants Bank Customer Service Representative at your local branch is a good resource for this conversation. If your student will be living away from home, discuss how they can review their accounts online or on their smartphone and where they can take out cash when they need it. Merchants Bank offers fee-free ATM service at all of our locations, as well as Kwik Trip and Kwik Star locations in Minnesota, Wisconsin and Iowa.
For more information about specific accounts and services, click on the appropriate link below or contact your local branch.