Checking Account?

Question

I am 17 years old and i need to open a checking/ savings account to budget myself. My legal guardian will not open an account for me, but one of my friends from work, who is in her 30's, has offered to open it for me. Can she open the account for me or does my legal guardian have to do it?

Answer 1

should never open an account with anyone unless your married to them, or they're already responsible for you ( your guardian ) see if you can open a savings account by yourself, or if you can't, your guardian might be more supportive of just a straight checking account with a debit card, so you can get used to using plastic without an actual credit card. that way there isn't any problems overcharging. when the money's gone, it's gone. you'll learn what kind of consumer ou'll be without risking your financial health. good luck!

Answer 2

You do *not* need a checking/savings account in order to budget yourself. I would just wait another few months until you're 18 and get an account in your name only... but I would suggest that you use a debit card before touching a credit card because having $XXX or $X,XXX limit can be VERY tempting and can easily get you into debt.

If you're interested in learning how to budget, you could start by using Microsoft Excel by using formula commands to see how much you should allocate for XYZ item or just by entering in your purchase names and amounts. I hope this helps, even if it isn't the answer you're looking for.


By the way, to the other poster, the law is that you must be at least 18 to open a bank account in your name because you must be able to be held to a contract. Otherwise, you could rack up overdraft fees willy-nilly and not have to worry about it because the bank couldn't enforce the agreement that you'd pay those fees. A joint account can include a minor because the adult agrees to be held to what charges the minor makes as well as their own.

Answer 3

If you live in the US, all you need to open an account is your social security number and enough money for the initial deposit.
Open the account yourself and be sure to look for a bank that doesn't charge you any monthly maintenance fees. Might take a little looking around, but it is worth it.

Answer 4

Don't let your friend co-sign for you because she has rights to withdraw money from your account too.

Just wait or get your legal guardian to do open it for you.

Answer 5

Your "friend" in their 30's either lacks good judgement (by choosing to by-pass your guardian) or has some plan that won't be good for you. Either way..... wait till you're of age!