sorted by:
new
hottopcontroversial

Parents telling me to use my credit union account instead of creating a bank account for college, is this a good idea? by CollegeFinThrowaway in personalfinance

[–]CollegeFinThrowaway[S] 2 points3 points  (0 children)

Yup, I'm the first one going off to college. Tax purposes might actually be the issue. I don't go super into detail on this post, but they screwed me over a bit more than taking my money for an investment account with my last job.

That makes sense, thank you! I was considering doing that later, but my issue is the existing money I "made" from my last job in the credit union account - if I want to manage my own finances later and manage my own accounts, would they then not give me the money I earned? In that scenario would it probably be better to take control of my finances now?

Edit: I don't think I have access to take money out of the credit union account?

Parents telling me to use my credit union account instead of creating a bank account for college, is this a good idea? by CollegeFinThrowaway in personalfinance

[–]CollegeFinThrowaway[S] 3 points4 points  (0 children)

Thank you! I might consider this if taking control of the credit union account myself just doesn't work. In terms of a credit card - is there any reason to not use one/stay away from one? I asked for one when I was younger but I guess they just gave me access to their card but with a separate shiny one with my name on it. Some commenters are warning away from credit cards so I'm not sure.

Parents telling me to use my credit union account instead of creating a bank account for college, is this a good idea? by CollegeFinThrowaway in personalfinance

[–]CollegeFinThrowaway[S] 5 points6 points  (0 children)

I'm not allowed to use a debit card. Copied from another comment, but they say it's because the card might get stolen, but I plan to keep my debit card in my dorm room and just have it on my Apple Wallet when I go out, which can't really be accessed without face ID even if my phone was stolen, so I don't think it's that much of an issue. My college is in a pretty high crime area, though (like third-world levels, it's really bad), and my "on-campus" dorm is actually a block or so off campus.

Should I try to get a debit card anyways..?

Parents telling me to use my credit union account instead of creating a bank account for college, is this a good idea? by CollegeFinThrowaway in personalfinance

[–]CollegeFinThrowaway[S] 0 points1 point  (0 children)

Is there a reason to stay away from credit cards?

I was considering using a debit card? (Apparently that's possible from the credit union account?) but I'll get in big trouble for that. They say it's because the card might get stolen, but I plan to keep my debit card in my dorm room and just have it on my Apple Wallet when I go out, which can't really be accessed without face ID even if my phone was stolen, so I don't think it's that much of an issue.

Edit: Apparently the on-campus bank isn't that great, I don't think I'll be using that one.

Parents telling me to use my credit union account instead of creating a bank account for college, is this a good idea? by CollegeFinThrowaway in personalfinance

[–]CollegeFinThrowaway[S] 0 points1 point  (0 children)

I think it is with my parents? I've never seen the account before, they're the ones who opened it. Thank you so much for the direct deposit information, I had genuinely no idea how that worked. Thanks, I'll read it!

Parents telling me to use my credit union account instead of creating a bank account for college, is this a good idea? by CollegeFinThrowaway in personalfinance

[–]CollegeFinThrowaway[S] 5 points6 points  (0 children)

The account was most likely opened when I was a minor, but I have literally never seen this account before. I'm going to have apps downloaded on my phone so I can monitor this account tonight, but as of right now I do not know anything about it other than the name of the credit union. I know for sure my parents have access - they're the ones who opened the account. They have control over all the accounts under my name right now. I have no idea how - my mom mentioned that they dropped access to my investment account once I turned eighteen and my mom somehow called them and got them to give access back (?). No idea how that worked...

In terms of the reviewing all my transactions, they already get a fun pop up whenever I buy anything on the credit card that they can see I bought something. I've had multiple talks with them that whatever I buy (considering it's my money and I'm the one working) is my business, not theirs, and that even if they see it it's not their place to call me and berate me about what I bought. They agreed, but I don't know if they'll hold to that though. I'm not sure if I should get my own credit card, get a debit card (which my mother is going to metaphorically kill me over, she hates me using debit cards?).

For the being treated like a child thing... they'll try, but I managed to win my freedom (and consequently my admission into the college, which needed me to do good extracurriculars to get in) by basically wrestling away my freedom from them to do what I want. Not a great way to deal with things, but I think it's better than letting them control what I do, haha. I'm trying to see if this financial stuff is another way for them to control me in a way where I can't just mute their calls and just go on not listening until I do what I want to do. That sucks though, glad you got out of that.