Setting up shared bank accounts for college kids

By: Christine Nicholson Email
By: Christine Nicholson Email

SHERMAN, TX -- It's common to save money before your children go to college, but what about the funds needed during their college years? For this Mom's Everyday Money segment, we'll look at a way parents can offer financial help from afar.

For some moms, those days of packing a lunch and sending the kids off to school are gone. Parents of college students not only have to consider food but there's also tuition, books, room, board and more to consider.

American Bank of Texas Customer Service Supervisor, Shalyn Hernandenz, says parents can set up a shared bank account for these day-to-day finances and students don’t have to be in the same town.

"They can continue to bank with their hometown bank where they're comfortable with and still allow the kid to have access to the funds and be able to manage the account while they're at college," she says. "So that's a good tool to where they can still stay here locally, have their friendly bank and they can still have access to the funds."

Many banks offer ways to help parents monitor their college kid's spending from a distance.

"We have online banking so the parents can be here and the kids be at college and the kids can still manage their accounts through online banking," Shalyn says. "They can see their account, they can review them, they can see their statements, make transfers things like that. Basically they can do all that through a computer."

Shalyn adds there are many benefits to having a shared college account. Among those is being able to offer your college student financial guidance, accountability and, with access to debit cards and ATMs, convenience with access to their account 24/7. But don't wait too long...

"It's never too soon. It's expensive and it's good to start as early and as quickly as possible."

For more information on internet banking or setting up a shared bank account for you and your college kid, contact your local bank or
American Bank of Texas in Sherman listed below. To access their several locations across Texoma, visit http://www.abtexas.com.

SETTING UP A COLLEGE BANK ACCOUNT
MOMSEVERYDAY.COM/TEXOMA MONEY TIPS
American Bank of Texas
2011 Texoma Pkwy
Sherman, TX 75090
903-893-7555

For stories like this and more, go to http://www.momseveryday.com/texoma.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
Sherman 4201 Texoma Pkwy (903) 892 -8123 Ardmore 2624 S. Commerce (580) 223-0946
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 166865196