Financial Words of the Week: Back to School – Joint Accounts & Online Banking
Back to School Series
When a high school graduate moves away from home, an adjustment period inevitably follows. Paying bills, maintaining jobs and making sure their checking accounts remain positive, can cause college freshmen and new-to-the-work-force employees to struggle with finding a balance.
Whether you’re in this situation yourself or you have a child who is adapting to this new life, opening a joint checking/savings account and online banking can be helpful tools for a smooth transition.
Many banks offer free accounts for college and high school students that do not charge a monthly fee for maintaining an account. The minimum balance requirements are often more flexible since many students don’t have the income to satisfy typical account requirements. By opening a joint account, a parent or guardian can easily track spending and transfer money. One of the best ways to do this is by utilizing online and mobile banking, which is free at most banks. You can see full transaction history and statements, transfer money from one account to the next, or see how much you have saved … all from your computer or smart phone. Many banks even have options for those who do not have smart phones that utilize text messaging commands.
By working together with your family’s bank, you can ensure you and your student have the right foundation for great educational and fiscal responsibility.
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UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.