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The Bank Account
One of the best ways to help your child become independent is to give them control over their own money. One way of accomplishing this is to take advantage of the university-provided student account that's tied to their student-ID card, which can come in handy for meals, vending machines, laundry facilities, and on-campus stores.However, starting college provides a wonderful opportunity to start learning how to comprehensively manage money and having a separate account at an actual bank is a great way to start this learning process.
Many parents may be tempted to open a bank account for their child at the same place where they themselves bank. While there are certainly some benefits to this decision, make sure to factor in the student's needs before coming to a final decision regarding where they should bank.
My advice is to choose a bank that's national, so family from all over can make deposits (this year I'll be including his checking account number with our Christmas card mailings - just kidding!). Also, choose a bank that has ATMs available within walking distance of the college (or better yet, on the campus itself).
Also keep in mind that a parent should sign on as a co-signer on the account, especially for students who've never had a bank account before and for those under 18. Then, once the account is set up, show them how online banking works, how to check their account balance, and how to balance the checkbook.