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The Sandy Spring Way

Student Checking Account: The Easily Forgotten Back to School Necessity

July 29th, 2014 | By Sandy Spring Bank

By Mark Herwig, Vice President, Retail Product Manager


Your son or daughter has recently graduated from high school. They may have summer on their mind, but as a parent, you are already starting to make a list of all of the items they will need as they head off to college in the next few months.

Their independence is right around the corner, but you want to provide continued support and guidance – including financial. How will your son or daughter buy everyday items that they need? What if they need cash? Maybe they need to open their first checking account?

As a father of two sons who graduated from college within the last few years, I know firsthand how having early discussions about balancing the priorities of spending and saving can lead to responsible money management practices.

Many banks offer special accounts for students that include Online Banking, Mobile Banking, Debit Card and other features useful to students. You should ask these questions when opening an account with your child:

  • Are there monthly fees or transaction fees associated with the account?
  • Can email/text alerts be initiated for low balance reminders or when a deposit has been made?
  • Can checks be deposited through Mobile Banking by taking a picture of the check?
  • How easy is it for a parent or guardian to transfer or add money to the student’s account?
  • Where are ATMs located that can be used without incurring fees?
  • What options does the bank offer to help protect against overdrawing the account?

One additional very important topic to discuss with your son or daughter: how will you register the account – only in the name of the student or as a joint account with a parent or guardian?

By opening the new checking account as a joint account, you can help monitor the account and teach your child how to manage his or her funds. When your son or daughter demonstrates an ability to properly maintain the checking account, you can provide more freedom. As they begin to build a strong financial future, you can take yourself off of the account completely, giving them feelings of accomplishment and independence.

To learn more about Sandy Spring Bank’s Student Checking, click here:


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