My son didn’t really need a checking account until he started going to college. It wasn’t a necessity when he was in high school because he wasn’t working. To cash the checks he used our checking account and kept all his savings in his closet. So, I didn’t bother about opening his bank account. Or rater, I didn’t allow him to do so.

However, a month before he went to college, we planned to set up a checking account for him. We randomly picked up a bank and noticed that it offers excellent service in one category and poor in other. Same happened with the other pick. So, I and my son decided to jot down the list of services that would be quite helpful, convenient, and economical for Richard. That’s his name.

• Availability of ATMs in the university campuses so he can withdraw cash whenever he needs
• No additional fees for using the ATM
• To use the ATMs and for shopping, he would require a debit card (I found during the research that some banks offer cardless ATM transactions as well.)
• I don’t want Richard to use a credit card at this age and get into debts so early. So, a bank where credit card would not be issued to him without my request.
• Online banking facility. This would be convenient for him and help me to keep a watch on his spending.
• Electronic money transfer to send him funds whenever he is in urgent need of money.

My first need (ATM in the campus) filtered the results quite quickly. Only Bank of America had an ATM in Richard’s college campus. Though others were not available inside the campus, they were located pretty close and can be reached comfortably within no time. So I didn’t completely rule out the other option. However, I know how Richard is. When he needs money, he wants it right away. So, BOA had an edge over others.

Further research on the website informed me that they have this ‘CampusEdge Checking Account’ that was just perfect for my son. They have something known as “Stuff Happens” which offers a free refund for the first time. I know Richard would rarely make use of checks. Debit card is only what he needs.

After considering all the services offered by Bank of America, it was the best one that suited my son’s needs. That’s it. We set up a checking account for him.

As soon as we got the opening kit, I was informed that they would send me a text message on my mobile phone mentioning his balance every week. This is a good service. Whenever, I noticed that his account balance was under $300, I would immediately transfer few hundreds through Electronic funds transfer. Don’t I qualify to be nominated as the Best Father of the Decade? But nothing such happened. Maybe because I didn’t transfer money every week. However, the weekly updates helped me to know how he was managing his funds. Initially, I trained him on how to start budgeting, saving, and spending wisely.  Later on, he managed quite well. After all, he is my son.

He earned quite well this year in his summer job. So, there wasn’t any need to transfer money in his checking account. But I didn’t stop checking weekly text messages just to know what’s happening. Previously, I used to pay many of his expenses. However, last month we decided that he will take care of his own expenses hereon. Great going, Son!

He once requested Bank of America to issue him a credit card but they didn’t because I had instructed them strictly no to do so. I know there are some expenses he doesn’t want me to know. But not at this age my son.

He was doing well with budgeting and saving. However, I think we should have prepared him about this a bit earlier. This thought struck me when he called me up the day he received hi debit card and said, “Hey dad, how can I use this card at the gas station?” he has seen me doing this hundred times, but I didn’t bother to explain him in detail. I should have. Not only on how to use the card at a gas station, but everywhere else.