Teen and Checking Account

Absolutely, kids should learn about money early on. It's fun for kids to get statements & watch their balances go up. My daughter started a savings account at 12 & she loved going to the bank to make deposits. Now she is 20 & going to be starting her junior year of college & she sees how fast money goes.

Take him to a bank so they can talk about the different options to see what's best.

There is no reason his check should be direct deposited into your account.

He is old enough for an account in his name, probably at your current banking center. You may be able to get a student account or something with no to little fees. Just read all the fine print on account fees.

I had my first bank account by the time I was 15. I think it is a great learning tool for working teens.

I say YES. I've had the same checking account since I first opened it when I was 16 y/o. I've had a savings account since birth. Assuming you've taught him about proper money management I would put your name on the account as well just in case. If your not sure of his financial responsiblity then I would suggest you NOT. If he boucnes a check or over-draws the account your name and SS# won't be associated with his financial mishaps.

Think of it this way: In three, soon to be two, years he will need to make all of his own financial decisions. If he opens a checking account while at home he's doing it with 'training wheels' since you're there to pay the major bills. But he can begin (if he hasn't already) learn to budget and spend his money in a responsible way. Or he can screw it up big time. But at least it's on your watch and you can help him learn. Better then if he were 25 and out of college with $14K in credit card debt and student loans to boot because no one talked to him about managing money.

GL!

Rather than a checking account, would you consider a savings account? Anything with a routing number can be direct deposited into. Then you could get him a "debit" card (one that is NOT backed by Visa or M/C) - these savings account "debit" cards will only work if there is money in the account so no chance of overdrafts. I would also discuss with him your expectations regarding his spending habits in advance, rather than later :)

If you decide against him having his own account, you can add him to your account for the purposes of direct deposit. My 9 yr old is on my account so his SSI can be directly deposited, but the bank statements and everything just come in my name.

Edit** If you do get him his own account, don't forget your name will have to be on it too until he is 18 - which means that overdrafts and the like would affect your credit history.

I would suggest opening a minor savings account. You can be on it as guardian just in case something ever happens and you need to call about something. Make sure you teach him about managing his money and fees and other things. Also, teach him about fraud and how to monitor his account. Savings account are meant for savings so there are restrictions put in place by the Federal Reserve, not just the bank. A lot of banks have free minor accounts so check those out and ask lots of questions.

I would get him an account at the same bank you bank at. Call them and tell them he is a student and see what they offer. This is what my parents did when I was 16 and I still bank with the same company 11 years later.

I know my daughters have to have their own accounts for their paychecks to be deposited also. What I did was open a joint account with them at the bank I use. This bank has separate accounts for high school students (student account can be set up at age 13), college students (once the student is over 18) and beyond. I get the bank statements, they each have an ATM Visa card, etc. I can check everything daily as I am on the account also. Most banks will not let someone under 17 open an account without a parent/guardian as a joint account holder ;)
My daughters have become very responsible because they have to be!

I don't think a checking account is something that 16 year olds can handle....yet. I think I would first sign him up for a savings account. That way he can do the direct deposit! I would NOT get him a debit card because that almost seems like FREE money to some kids. Make it so that he has to go into the bank and withdraw his money. That way if he is going to spend money (gas, food, girlfriend) then it is money that he is planning on spending. If he has a card he can just spend money willy-nilly (gosh, does anyone even say that anymore?? lol)
If he proves after 5-6 months that he can deposit money, withdraw money, use his money wisely without overdrawing his account, THEN I would set him up for a checking account. make sure that he sits down with someone from the bank that can explain to him exactly how checks/debit cards work. Sometimes when kids hear things from their parents they just roll their eyes and think we are nuts, so at least if he hears it from them he knows the rules.
Then sit back, hold your breath, cross your fingers, and hope that he has figured it out!!
L.

Definitely get him his own account! I was that age when I got mine and the only bank that would give it to me was UMB. I'm sure things have changed by now, but we shopped around and no one would put an account in my name except them...terrible! Anyway, I do suggest that you put your name on the account too just so that you can always deposit money or take money out for him if he ever needed you to. It's probably different now with all the ways to do e-banking, etc. so it may not end up being an issue, but as a teen sometimes it was hard for me to get money, deposit it, etc. especially when I went to college and kept my same bank account. Just something to consider!

The credit union I use has some great classes for teens about handling checking accounts, obtaining credit, budgeting etc. They also offer accounts that are set up specially for high school/college students. You might check out your local credit union to see what they offer.

I think you should get him his own checking account. I got my checking account when I got my first job at 17, and it's made me more responsible. Go for it! :)

alot of banks have teen checking accts. I think he's definitely old enough to has his own acct. Plus it will teach him responsibility and how to manage his own money.

Or like starr recomended... a savings acct. some let you have 2 withdrawals a month so hopefully he wont blow all his money.