Student Finances and Banking Discussing Student Finances While some entering college students have been responsible for their personal finances for some time, others have never handled their own money or developed a budget for themselves. Wherever your son or daughter is along this continuum, prior to the start of the first semester, and from time-to-time throughout the college years, we suggest that you initiate an open, candid conversation with your student about his or her financial and budgetary issues. Credit Cards: Are they for college students? Although some students have a credit card, students and parents should be aware of the fact that credit card companies routinely solicit college students. It is startling to witness how easily a student can acquire one or multiple credit cards in his or her own name, with higher credit limits than the student can adequately handle and without the parent’s knowledge. In fact, the issue of college students and credit cards has become such a widespread, national concern that reports on this subject often appear in the media. Whether your son or daughter should have a credit card is up to you and your student. However, the most important thing for your son or daughter to understand is that a credit card is not free of charge and should never be used to make purchases that he or she could not otherwise afford. If you both determine that your student should have a credit card, make sure that you concur on where he or she will obtain the card, the types of purchases to be made with it, the appropriate credit limit, and where your son or daughter will acquire the money to pay the bills. Campus Cash and Checking Accounts In addition to Campus Cash, it is a good idea for your student to have a checking account. Whereas Campus Cash is very useful on campus and at a few, select off-campus locations, at some point your son or daughter will need access to money. Furthermore, by having a checking account, your student can hopefully: Develop a budget and manage his or her finances Pay his or her own bills (hopefully learning the need for financial planning) Balance the account each month and, thus, determine where the money is going Evaluate extra expenses (i.e., money spent on entertainment and/or shopping) Cashing Personal Checks on Campus The UB Card Office cashes personal checks for students who have an active Campus Cash account and who register in advance for this service. For details, visit the UB Card web site, http://www.myubcard.com. Automated Teller Machines (ATMs)
Along with a checking account, it is also a good idea for your son or daughter to have an ATM card. With access to an ATM, your student can deposit and withdraw money from his or her account without ever having to actually go to the bank. Students need to understand, however, that once a check is deposited, it takes time for it to clear. They also have to remember to keep an accurate record of money that they deposit and withdraw. Another benefit of an ATM card is that, since students can easily obtain money when they need it, they do not have to keep much cash on hand. Some financial institutions charge a service fee when an ATM is used, so it is important to check this out with your son or daughter’s bank. Also, if your student’s account will be with a bank in your hometown, make sure that the bank will issue an ATM card to your son or daughter and that they will allow money to be deposited and withdrawn from the ATMs at UB without a service fee. Banks that Currently Have ATMs on Campus * http://www.myubcard.com/banking HSBC Key Bank M&T Bank Bank of America First Niagara Morton R. Lane Credit Union In addition to the above banks, Campus Dining & Shops operates ATMs on North Campus * SUBJECT TO CHANGE Banks Located near UB Across from South Campus Citizens Bank http://www.citizensbank.com/home University Plaza/Tops Market 3500 Main Street Amherst, NY 14226 (716) 862-0525 M&T Bank http://www.mandtbank.com University Plaza 3500 Main Street Amherst, NY 14226 (800) 724-2440 Three to Four Miles from South Campus HSBC Bank http://www.hsbcusa.com
366 Kenmore Avenue Buffalo, NY 14223 (800) 975-4722 Key Bank https://www.key.com/index.html 3134 Bailey Avenue Buffalo, NY 14215 (716) 831-9048 Three to Four Miles from North Campus Citizens Bank http://www.citizensbank.com/home 3180 Sheridan Drive Amherst, NY 14226 (716) 834-8500 First Niagara Bank http://www.fnfg.com Burlington Plaza 1531 Niagara Falls Boulevard Amherst, NY 14228 (716) 625-7600 HSBC Bank http://www.hsbcusa.com 3051 Sheridan Drive Amherst, NY 14226 (800) 975-4722 Key Bank https://www.key.com/index.html Northtown Plaza 3171 Sheridan Drive Amherst, NY 14226 (716) 838-4720 M&T Bank http://www.mandtbank.com 1205 Niagara Falls Boulevard Amherst, NY 14226 (716) 835-5118