College will most likely be the first time your child will manage their own money. :0 This ought to be fun (to watch,) right? But helping your child manage their money can prove to be difficult from afar. Right now, is a great time to consider opening a local account for your child in Oxford.
There are a few things to consider about whether to open a bank account in Oxford or not.
First, some of our local banks include:
Bank of Oxford
Bank of Commerce
Mississippi Federal Credit Union
Knowing this, you may want to consider using a bank that has a branch in Oxford to avoid transaction fees and easily make deposits from afar. Also, its important to know that because you have a certain branch of one bank in your town, as we have in Oxford, MAKE SURE THEY ARE THE SAME and can be used easily together! (Lessons learned here, folks.)
Second, locations of ATMs available on the Ole Miss campus and can be found on the first floor of the Rebel Market. These include BancorpSouth, Regions and Mississippi Federal Credit Union. ATMs for BancorpSouth, Trustmark, and Regions can also be found conveniently near the square.
Third, while not the most important, there certainly is something to be said for your child having the ability to go “into” a local bank and have the learning opportunity to start figuring our their finances, on their own. Just sayin'.
On a side note, all banks now offer mobile and online accessibility that can be helpful to easily track their spending and help from afar. You can also tie your checking accounts from other banks to theirs, to easily make transfers.
Ole Miss also provides its own form of a "bank account". The Ole Miss Express and Flex puts money on your student’s ID card. Flex money is allocated strictly towards food and is applied every semester to your child’s account. This money can be used in the Union and dining halls around campus with or without a meal plan. Express is “extra” money that you as a parent can put on your child’s account. They can then use it at various locations around Oxford and for laundry services in the dorms. The laundry machines only accept quarters or Express, so this may be easier for your student. For a list of places that accept Ole Miss Express,