Question :
Do most banks offer the option of allowing your parents to deposit money into your account?
I'm heading off to Cal Poly San Luis Obispo for my freshman year as a CE major this fall. I received several large checks for my high school graduation that I'd like to deposit so that I may have the resources to build a computer and use rather quickly, so I'd like the account I open to be a checking account that allows me to use a debit card. Also, my parents want to have the ability to deposit money into this account whenever I need it [we live 4 hours from SLO, so they'd have to be able to do this electronically or through a local branch of the bank].
Bank of America seems like the most convenient option for a bank that is located in San Luis Obispo, but I wanted to know if I would be able to open an account that meets these criteria.
Also, I'm sorry that I lack any common sense/knowledge when it comes to banking, because I'm rather new to it.
Answers :
1.Actually in my experience, banks let *anyone* deposit money into your account.
For instance, I have friends with an account at USBank, who needed to borrow some money from me while they were out of town.
They gave me their account number, I went to USBank, and I deposited a check from my bank (not USBank) into their account - I just told the teller what was going on and made the check out to them, and included their account number. I've done this twice and it worked fine both times with no hassle.
Assuming other banks allow this (no reason why not), then the type of account you need is a normal checking account with a debit card, and choose a bank where there is a branch near your parents. It would help if it's the same bank your parents use, but probably not required.
2.ANYONE can deposit money into an account as long as you have their account number. It's the taking it out, that only the owner can do.
3.Anyone can deposit money into a persons checking account. All that's required is knowing the name of the person and their current mailing address. It's not necessary to have a social security number or even their account number.
When shopping for banks, the easiest solution is to find a bank that has both a branch near your campus AND a branch office in your home town. Personally, I wouldn't go with BoA because of their fee structure -- Both Wells Fargo and Key Bank offer fee free debit card accounts that work well for students.
4.Depositing money through the bank anyone is allowed once you give them the information they need to do so. But if you are a student, it would be wise to open an joint account with the parent who would be funding you so you get the money on time especially checks.
