Do you have a bank account at 16 years old?

Question

If so, where do you bank, and do you have your own account or a joint account with parents? Also, if you are an adult and you know a 16 year old...please answer as well.

I mean a checking account, NOT savings.

Answer 1

Legally, anyone under 18 years old is consider a minor. To open a bank account, they must have a parent or guardian to open it. The parent or guardian will have complete control of the account since they are the custodian. When the child reaches 18 years old and want to take control of all the assets in the bank account, the custodian account must be closed. In order to do that, the custodian needs to be there to sign the proper paperwork. Then the 18 year old can deposit the money into a new bank account.

Answer 2

I say go for it my friend. You can have a personal account If you have the money, it can be gaining interest....extra money for sitting in the bank. Ask your parent(s) to take you and shop around for a bank with a student account, which means no fees. No fees are good because otherwise every month they will charge you up to $5 for leaving your money in their bank. Plus, many banks have a starting limit of what you need when you open the account. Depending upon where you live sometimes the small local bank can be just as competitive as "big" banks with allowing you to open an account with say $10, but the average is more likely $100 or $200. Bigger banks with offices all over the place can be better in getting you a higher interest rate percentage.
For an example:
My niece is 1 year old. Her mother signed her up for a savings account using only $10. The baby is the account holder, but my sister, her mother is the executor...making the decisions about adding more money into the account, etcetera. And when my niece is old enough she will be able to take out and deposit money on her own.
You, being older may want Savings too not checking, unless of course you work and have bills and need to write checks?? But usually savings accounts with an optional ATM card is fine for young people...you just have to remember that once your money is gone you have to stop using the card or they will charge you for using extra money. But the bank will give you all those warnings later.

Answer 3

Unless you are emancipated if you are under 18 most states would say you can't have your own checking because you would need to be responsible for any fraudulent charges, over drafts, understand the terms ect. I don't belive you can have joint because joint would mean u and your parents would basically share an equal responsibility for the account. I got my first checking at 17 but had been emancipated by the court which means I can sign contracts ect. just as an adult and be the only person responsible for anything I do. There are limitations to this and requires parents to agree unless is special circumstances emancipation may be granted without parental consent and a "guardian" will be appointed for you which remains basically neutral and sometimes a social worker to look over your case. It may take awhile and alot of places don't even know what emancipation is. It would be ignorant for a bank to hand over money to a minor who has no means of responsibility for thier actions. I actually have not proof that banks won't do this but I know if they do setup checkings for minors they are ignorant and have very long contracts I am sure and would extremely rare banks.

Answer 4

You are too young to have an individual checking account. My bank allows minors to have a checking account when they are 17 years old but they must be JOINT with their parent or adult guardian. The adult will be held liable if you overdraw the account.

You can have an individual checking account when you become of age.

Answer 5

Yep, you can have a checking account, ATM card, whatever you want, at least where I live. You could have your parents signed on with you, but I do not advise it. They then have access to your accounts, and as a young adult as well, I can attest that sometimes parents hinder financially more than help. Perhaps, as a minor, you have no choice, I was 18 when I removed my parents. (I didn't need their signature) Whoever sets up your account, talk to them about starting to build up credit as well. If your starting this checking account to pay for perhaps a monthly car payment, be sure the title of the car is in your name, so you get the credit for those payments; the same goes for any other scenario. Hope this helps.

Answer 6

I have several children...they all have savings accounts at a credit union...my 18 year old also has a checking account at a local bank..The older kids have substancial savings all of which they have earned...the 17 year old has almost 9,000.00...the 18 year old has a little under 4,000.00 Whew I think it is awesome for them

Answer 7

At 16 your an adult you can have your own bank account don't listen to the other people

Answer 8

Yes you can get on..as a joint account with a parent or grandparent or guardian. Absolutely!!