Editor's note: Peter Kim is our first official guest author on the Student LoanDown blog. A graduate of the University of California at Riverside, Peter is a Client Relationship Officer with Wells Fargo International Personal Banking. He enjoys telling people that the word "eater" is in his name! (SS)

You've probably seen it: the Southwest Airlines commercial  with two young men enthusiastically playing a baseball video game. The batter raises his controller, getting ready to swing and then…CRASH! His friend hurls his controller into the really expensive looking flatscreen television, which falls off the wall and shatters the glass entertainment center.

"Ding! Want to get away?"

That ad makes me think about the last time I actually had a chance to "get away." I was in my last year of college, and my school had what they called the UC Education Abroad Program  — an opportunity for students to attend strong academic programs at over 150 universities in nearly 50 countries such as Barbados, Brazil, Chile, Costa Rica, and South Africa. Pretty cool, right?

Unfortunately, even though I wrote a great five-page thesis on why I was worthy of the program, I missed the application deadline — and my opportunity "got away."

However, my really smart friend Jane did not miss the deadline and traveled for six months to Korea  (our homeland by blood) to study. I was so jealous of her experience — all the beautiful places she visited, the different types of mouth watering foods she got to eat, and blah blah blah.

But one aspect of her trip that proved challenging for her was managing her finances. At one point she lost her ATM card, went through a dramatic ordeal trying to get a new one, ran low on cash, and had to do jumping jacks just to get money from the US.

Has that ever happened to you? If so, or if you're planning a trip soon and would like to guard against that sort of hardship, you might want to think about an International Personal Banking (IPB) program. It's designed exclusively to handle the financial needs of our international clients, including students!

IPBs offer virtually all of the same consumer products as the retail branch — such as checking, savings and time deposits, with dedicated, multi-lingual Relationship Consultants (like me) to help you with any issues in regards to your bank accounts. IPBs even allow you to send wire transfers without actually having to go into a bank!

What's all that mean? Well, my friend Jane could have managed her funds from her Wells Fargo account as she needed them and had me rush an ATM card to her wherever she was in Korea!

Have you ever experienced anything like Jane while traveling? Share some of your crazy travel stories with us!

I'll get you started with some famous advice from Susan Heller: "When preparing to travel, lay out all your clothes and all your money. Then take half the clothes and twice the money."

Posted by Staci at 03:30 PM |  Contact Staci |  Permalink  |  Comments (0)
Found in Banking, Checking, Credit cards, Debit cards, Financial education, Looking back, Preparing, Travel, Wells Fargo Bank

When it comes to my finances, every cent is accounted for somewhere in my budget. Usually, I cut it pretty close due to my savings goals, some debts and my choice to spend more on housing.

In general, I run a pretty tight ship financially speaking. However, lately (and forgive me for going all Titanic  on you) I've hit some financial icebergs. And slowly, my checking account balance has depleted while my credit card balance has grown.

To put it frankly, my budget is sinking.

The change stems from my recent medical expenses. Starting to pay off my account balances with the doctors and hospitals means less to spend (or save) elsewhere. For three months now I've been throwing $100 toward the balance. And it's beginning to wear on me.

But I can't complain too much on this one. My health insurance is amazing, so it's not a huge burden. I'm paying just over $1,000 for a major medical expense that totaled around $115,000, which is downright awesome.

Still, it's amazing how an additional $100 out of my pocket can skew my finances each month. Celine Dion  should be playing in the background when I check my account balances these days!

Perhaps my budget is a little too tight. To remedy the situation, I'm looking for ways to cut back and control truly unnecessary spending. Some spending (wants not needs) will have to wait until that $100 each month is back in my pocket.

What kinds of financial icebergs have you encountered? And how do you stay afloat when you hit one?

P.S. No matter how hopeless, I'll never let go! 

Posted by Barbara at 10:48 AM |  Contact Barbara |  Permalink  |  Comments (0)
Found in Budgeting, Checking, Credit cards, Money management, Wells Fargo Bank

A couple of months ago, I finally got a BlackBerry® . I had resisted for a long time, much as I had resisted getting a cell phone (it took me until 2002!). But I spend a fair amount traveling and in meetings, and I was getting tired of hauling my laptop around everywhere. So I relented.

Unfortunately, this poor device and I just aren't very compatible. I know some people are addicted — hence the term "CrackBerry"  — but I've really been struggling with mine. First, I couldn't get the hang of typing with my thumbs (still can't). Then my calendar kept disappearing. Then I had problems synching — and so on.

So I read the 258-page online manual. I called my internal tech support folks. I spent way more time monkeying with the thing than I had time for. What I really wanted was someone (or something) to show me the basics and patiently explain what I needed to know in plain language until I felt comfortable. Is that too much to ask?

I suppose the same thing could be said for anything — technology or otherwise — that seems foreign to us: We all could use a good user guide.

If a checking account is one of those things, I can offer some help. Wells Fargo recently developed a new educational booklet called "Getting Started: Your New Checking Account." It was designed to help customers understand the fundamentals of their Wells Fargo checking accounts. And while this may seem really basic to some, for others who haven't learned from family or friends or been through a financial literacy  program, it's downright necessary.

Even if you think you know all there is to know about checking accounts, I encourage you to take a look. I've had a checking account for more than half my lifetime, and I actually learned a few things! Check out the file here on the blog, or visit your local Wells Fargo store and pick up a copy from a banker. They're available in English, Spanish, and coming soon, multiple Asian languages.

Anyway, that's my advice for the day. While you work on your relationship with your checking account, I'm going to work on my relationship with my BlackBerry. I'm determined to make it work.

Posted by Staci at 12:27 PM |  Contact Staci |  Permalink  |  Comments (3)
Found in Banking, Checking, Financial education, Wells Fargo Bank

In my last post, I addressed some of the different money options available for international travelers. And whether you're "on holiday" or studying abroad, a little common sense goes a long way to keep your money safe when you're in a foreign country. Below are some suggestions that might help.

Before you depart, make a list of your credit and debt card account numbers, the numbers of your traveler's checks, and the international phone numbers for reporting lost or stolen cards and checks. Keep the list with you, and give copies to a traveling companion and to someone at home to call in case of trouble.

Sometimes peace of mind is more valuable than any Let's Go®  or Lonely Planet™  travel guide. Keep copies of your key documents—including your passport and plane tickets—separately. Photocopies might not always be accepted, but they can speed up the process of getting replacements and/or be better than nothing. I stashed copies in the bottom inside pocket of my luggage (fortunately, I never had to use them).

Most travel experts recommend that you carry only the funds you'll need for each day's outing. But when I backpacked around Europe, I was staying mostly in hostels , and safes weren't always available. So I actually kept all of my money, cards and documents on my person at all times in an under-my-clothes, around-my-waist money belt . It started off as ivory but was a sickly khaki color by the time I got home. Kind of gross, but safe!

Other tips to consider:

• Divide your money and traveler's checks with a traveling companion, if possible. That way, if yours are lost or stolen, your companion has access to cash.
  
  
• For credit and debit cards, keep them in a safe place where they won't bend, scratch or become demagnetized. Minimize the risk of theft or loss by taking only the cards you need.
  
  
• When using ATMs, use the same caution you would when you're at home: Don't flash your cash after leaving the machine, and use ATMs in safe locations.

All this talk about money and travel has reminded me that sadly, I've let my passport expire. While I work on a renewal , tell us about your international money adventures here.

Posted by Staci at 11:28 AM |  Contact Staci |  Permalink  |  Comments (0)
Found in Budgeting, Checking, Credit cards, Currency, Debit cards, Exchange rates, Financial education, Housing, Money management, Paying, Preparing, Student loans, Travel, Traveler's checks, Vacation, Wells Fargo Bank

I'm not a fan of long-distance relationships . So it's hard to believe I spent an entire year in a long-distance banking relationship. About 130 miles separated me from my hometown bank during my freshman year of college.

While I was living at home, my old bank served all my needs just fine. But once I got to college, I started to see the signs that as a long-distance relationship, it just wasn't going to work …

There was a lack of communication. Without being able to stop into the branch, I didn't talk to my bank that much. Really, the only time I heard from them was when they sent my monthly statement. I didn't even have the chance to communicate with them securely online.

I wanted different things. I wanted to have easy access to my money. But five years ago, my bank didn't offer me a debit card. I also wanted online access, which wasn't an option (apparently, I was ready to start my obsessive account-balance checking early on in college).

Everything was too complicated. Because my bank didn't have online banking, I had to call to check up on things or to make a transfer between my accounts. Plus, with no branch to stop into, I found myself mailing deposits back to my hometown—wasting a stamp and putting my money at risk of being lost or stolen.

I started liking someone else. Sometimes I didn't have time to deal with my hometown bank. So, I'd go to the Wells Fargo store in Vermillion . Even though I wasn't a customer at the time, if the check was issued from a Wells Fargo account or if I took a Wells Fargo customer with me and signed the check over to them, I could still get my money. I liked the interaction with the staff there and how they handled my needs.

All the signs started to add up, and I knew what I had to do: break up with my hometown bank. When I headed back to school for my sophomore year, I went to my local Wells Fargo store with my tuition refund check—all 800-some dollars of it—and opened a College Combo®.

A lot has changed since 2002, but it's still something to think about for those of you headed to college soon. If you're facing a long-distance banking relationship, make sure you weigh the pros and cons of staying or switching.

Considering a bank swap? Done one already? Let us know how you feel.

Posted by Barbara at 08:56 AM |  Contact Barbara |  Permalink  |  Comments (2)
Found in Banking, Budgeting, Checking, Financial education, Money management, Moving, Online banking, Paying, Preparing, Student loans, Wells Fargo Bank

I love the Internet.

No matter what your interest, chances are there's a website out there that covers it !

For example, I have two cats, Rocky and Boo, and I'm always amused by the funny things they do. It's especially cute when Boo climbs into my bathroom sink and just hangs out there, sometimes for hours. Certainly this behavior is unique just to her and no one else would find this particularly noteworthy, right?

WRONG! Turns out there is a website out there completely devoted to pictures of cats in sinks ! It's the funniest site and a good way to spend five minutes if you think adorable pictures of kitties in sinks are entertaining (like I do).

Another reason I love the internet? Online banking!

Online banking has completely revolutionized the way I manage my money and stay on top of my bills. (What can I say? I'm a busy girl in graduate school , so I get excited by things that make me more efficient!)

Oh yes, not so long ago, I had to go to a branch or call a customer service representative just to check a balance, and snail mail was the typical method of paying most bills. Nowadays many of these crucial services can be done electronically. Depending on where you bank, services may vary, but in general you can:

1. Monitor your account online—you can check your account activity, view online statements and more, depending on what products you have signed up for.
2. Pay bills online—this one's self-explanatory but unbelievably important so that you are sure to make payments on time!
3. Receive email alerts—if you're feeling forgetful of your payment due dates or your balance is getting low, you might be able to sign for email alerts to let you know.

Ask your bank what services they provide online—or if Wells Fargo is your bank, check out online banking here.

How does the Internet impact your world?

Posted by Kathy at 09:18 AM |  Contact Kathy |  Permalink  |  Comments (4)
Found in Banking, Budgeting, Cats, Checking, Financial education, Online banking, Paying, Student loans, Wells Fargo Bank

No, this is not the story of how I ate 10 Big Macs® . This is a cautionary tale for anyone with a bank account. My stepdaughter learned a critical banking lesson—the hard way—a couple weeks ago.

She generally keeps a pretty close eye on her checking account, and she knew her balance was little bit low. However, she's been busy lately—she just finished up her sophomore year in college and was in the midst of moving into a new place. Therefore, she didn't have convenient computer access, and she didn't take the time to find an ATM to transfer money into her account.

She'd also written a $220 check for her rent deposit about a month ago, but the landlord hadn't cashed it. She knew that check was out there and could clear anytime, but still …

You can imagine what happened next. Bingo. The landlord cashed the rent check and her balance plummeted. Down to less than nothing.

Unaware, she headed to McDonald's®  for the most expensive Chicken McNuggets® she would ever eat. Allow me to illuminate:

Spend $3.95 at McDonald's + overdraft charge of $34 = $37.95

Ouch. That's an Unhappy Meal.

Needless to say, after a panicked call home, she stopped in to talk with a local banker ASAP, and she now has overdraft protection.

You definitely don't want to make a habit of overdrawing your bank account, but these things happen—I know I bounced a check or two myself in college. Anyone can make a mistake, so to avoid learning an expensive lesson, think about getting overdraft protection for yourself!

Posted by Caroline at 08:56 AM |  Contact Caroline |  Permalink  |  Comments (4)
Found in Budgeting, Checking, Financial education, Overdraft protection, Paying, Preparing, Student loans, Wells Fargo Bank