Preparing your College Student’s Banking Needs

Having the proper bank accounts can help your college student succeed this school year.

Having the proper bank accounts can help your college student succeed this school year.

It’s that time of year again: back-to-school season! Whether you are sending your kids off to kindergarten or to college, it can be a difficult transition for many parents.

If you are preparing to send your son or daughter off to college, Timberwood Bank wants help ease your stress by securing your son or daughter’s banking and financial needs. Today, we offer you the following college preparation banking tips:

  1. Set up a checking account. Help your child set up a basic checking account with an ATM card. This is an easy and basic way to get introduced to banking responsibilities without having to worry about additional payments and bills. Timberwood Bank is proud to offer an Education Checking service that offers unique benefits for students and college kids.
  2. Teach how to balance a check book. Once you have a checking account set up for your child, help them understand how to balance their transactions and follow their accounts. It is much harder to know how much money you have if you use a card rather than cash, so it is important to track their checking account to prevent over-spending.
  3. Teach check writing basics and how to pay bills. Depending on your child’s living situation at college, they may need to make rent and/or utility payments. While many landlords and utility companies offer an online payment option, knowing how to write and send a check is still a very important skill to have. Making regular and on-time payments is the base of building good financial habits.
  4. Help access online banking services. In today’s world, your child is more likely to do their banking from their phone rather than physically going into the bank. Help your college student access, make transfers and manage their accounts by utilizing Timberwood Bank’s online and mobile banking services.
  5. Create a budget. At this point, your child’s financial goals are probably to eat dinner tomorrow night and to pay for school. Sit down and help your child create a budget that will help them grow good financial habits and achieve their financial goals, whatever they may be!

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