June 20–26, 2007, Number 448
Nature changes its wrappings around campus from white to blue and green. It's a great time of year to sit on the lawn or a bench and study.
Students and their Money
Banks
As in most college towns, there are a good number of banks in the area. Being up the Houghton though, there may not be as many large banks as parents and students are used to. Michigan Tech has put together a list of the area banks with addresses, phone numbers, and ATM locations. Most of the banks are found within just a few minutes drive of the college campus. I personally created an account with Wells Fargo when I was a freshman. There is a branch literally right across the street from campus, so it is very convenient to get money if I need it.
Checking vs. Debit vs. Credit
Many of the local banks will offer students free checking accounts when they come up over the orientation week at the beginning of the school year. I know this is when I set mine up. If a student receives a paper check (birthday, care package, paycheck), they may be able to cash it at the cashiers office. They can cash checks up to $100 per day. If the student works and makes more than that, they will need a bank account to cash/deposit the check; otherwise will have to just hang onto it or mail it home.
Debit cards are becoming very popular among college students since they don’t have to worry about using paper checks. I just recently got my first debit card, so I can’t really say much about how they work up in Houghton. I do know the stores (Wal-Mart, Shopko, EconoFoods) all take debit cards. As with paper checks, make sure your student keeps track of their checking account balance so they don’t get a big surprise.
Credit cards are also nice and Visa and MasterCard are pretty much accepted anywhere. I would suggest that every student have a credit card, even if it has a small limit. This way if something happens, they have to ability to charge it. Of course, talk to your students and explain to them that credit cards can really bury them with interest if not paid off. If the student did not choose to go with paper checks, many banks also offer free online bill paying. This could be another option to look into.
Tech Express Card
The Tech Express Card is similar to a debit card where a certain amount of cash is put into the Tech Express account, and then used when a purchase is made. Deposits to the card can be made online or in person at the Tech Express office. Students can also check their balance on the Tech Express website. The Tech Express card can only be used at:
- MTU Campus Store
- University Images
- Memorial Union Food Mall
- Memorial Union Convenience Store
- Campus Café
- Central Ticket Office
- Rozsa Ticket Office
- Mont Ripley Ski Hill
- Tech Express Office
The following information is being taken straight from the Tech Express Card Holder Disclosure:
“Cash can be withdrawn through the Tech Express Office during normal business hours. There is a minimum withdrawal of $20 and maximum of $200 with a monthly maximum of $500.
"There are no transaction fees for adding value to the Express Cash account or spending Express Cash at participating merchants. There is a $3 fee per transaction for cash withdrawals from your Express Cash balance (withdrawals can be made at the Tech Express Office). The $3 is taken from your total withdrawal. Upon permanently leaving (disenrolling from) the University, you can request a check for the remaining funds in your Express Cash Account. There is a $10 fee charged to issue a refund check, which will be subtracted from the refunded amount.”
I hope this answers most of the questions raised when the issue of banking and money comes up. There are many different options for students and parents, and some work better than others for different students. Discuss the issue with your student to determine the best alternative for them.
If there are ever any concerns or topics that you feel should be addressed, please send me a personal email and I will try my best to include them in my future articles.
Until next week,
- Michigan Technological University
- 1400 Townsend Drive, Houghton, MI 49931-1295
- 906-487-1885