Parents that "steal" from their teenagers...is there help for them in the banking world?

Question

On a regular basis, I come across young people who can't trust their parents with their money. They don't have bank accounts for this reason, which is horrible in the sense that they waste money at check cashing places, and don't learn about budgeting and saving. Recently, I was disturbed by the idea that a young lady was walking around with $400 in her wallet because she didn't want to leave the money in her house because she didn't want her mom to take it. Why can't teenagers open bank accounts by themselves, or can they? I am tired of seeing hard-working teens trying to better themselves getting ripped off by their parent...especially when the parent doesn't even have a job themselves. (sigh.)

Does anyone have any solutions to pass along to these young people?

I am talking about 14, 15, 16, 17 year olds who are trying to save some money for college, or even just to buy themselves some new clothes, and when they get to their bank account, they find it empty. As a matter of fact, every kid I ever met in this situation had no problem giving their parents some money...it's the idea that their parents just take that gets to them...and me. Another situation I recently saw was a girl, honor student who works after school and never touches her money. Her mom either borrows it and claims she returns it to her account, or has had her purchase food and pay a few bills cuz it was necessary. Because her mom puts her money in the account for her, she thought she saved about $3,000 after working all school year. She wanted to buy herself a new bathing suit and went to take $40 out of the bank for it. Imagine her surprise when she found out she had $33 in the bank. Something is not right about that...poor child will never see that money.

Answer 1

Gee, I guess it depends on the situation.

If the teenager is 14 and has a paper route, then to have the parent in there pilphering all their earnings is a little pathetic. Perhaps they could open a bank account with Granny?

If the teenager is 19 and living at home and paying rent and a token towards groceries, then definitely the parent should not be anywhere near their stash. Anyone over 17 who has a paying job should consider what the trade-off is in this world we live in: live in an overpriced, rat-infested apartment and barely have enough to eat, or live at home and pay a nominal 'rent' to enjoy the perks of the family home.

Check out the banking system and ability to open accounts on your own as a teen. Go here http://wsjclassroom.com/archive/04sep/cons_edsep.htm

Answer 2

I do feel for these kids, I do. But you are only looking at one side of the story. A lot of the time, these kids are in families that are in dire straights to begin with. The parents have supported them their whole life and may still have younger kids at home and medical bills... and need the income from the teen child. I know it isn't the responsibility of the teen to support the family, but a lot of the time, they are just being greedy. Just try to keep that in mind and look at it from both sides.

Answer 3

They should get bank accounts at banks other than where their parents bank.