Get Your Student’s Account Ready for College

When you drop off your student at college – whether it’s their first semester or their last – questions are bound to come up.

Will I get along with my roommate? Do you think I picked the right major? What will I do after I graduate?

While you might not have all the answers to those big questions, there’s one area where you can provide some real guidance - money.

From understanding how to use a debit card to knowing who’s paying for what, here are some key financial conversations to have before move-in day.

What do I need for my account? 

If your student is just starting college, they may not know what accounts they already have – or need. Sit down and review their current setup. Are they using a checking and savings account? Do they need a new one now that they’re living away from home?

From campus life and graduation to life beyond college, our student banking option gives your student the chance to achieve more on their path to financial independence.

How do I keep track of my account? 

It's important to review a few things that can help them manage their account efficiently. Be sure to cover things like ATM fees (we offer 85,000 surcharge-free ATMs worldwide), how they can load money onto their student ID, and where they should store important account materials like ATM or debit cards or paper checks they may not use daily.

You might also want to review how to monitor account activity and avoid common mistakes, like overdrafts or missed payments. Work with them to set up important alerts for their accounts, as well, to help prevent fraud.

How do I access my money when I need it? 

They may know how to withdraw cash from an ATM, but they’ll also need to know how to move money around. For instance, if they use their student ID to buy textbooks or meals, do they know how to make sure the funds are available in the right account?

Go over processes like transferring funds between accounts, using person-to-person payment apps, and ensure they’re comfortable using digital banking to manage their accounts.

Do I have to do all this by myself?  

Your student may not be clear on what is expected of them. Make sure your child knows if you will be providing them with money, if they are expected to get a job and use their own money, and who will take care of paying bills in their name. Talk through expectations so everyone’s on the same page before school starts.

Why do I even have to worry about money right now? 

It makes perfect sense for your student to be primarily focused on classes, friends, and campus life - but making good financial decisions now can help set them up for the future. Help them see the bigger picture by connecting their current habits to long-term goals like getting a job, renting an apartment, or qualifying for a car loan. It could even be as simple as encouraging them to set budgeting and savings goals for things like spring break trips or weekend fun. Starting these habits now can set them up for success well beyond graduation.

Conversations like these are important, but they can leave your student – and you – feeling overwhelmed. Remember, you’re doing a great job helping your student prepare for this exciting transition. Congrats to them for starting this next chapter!

PSECU has tools and resources to help every step of the way. Visit our Resource Center for tips on budgeting, managing debt, and more.

When you’re ready, check out our banking options for college students to help your student manage their money with confidence!