Is there a bank that will let me open a checking account for my 14 year old?

Answer 1

Typically accounts for minors under the age of 18 require a parent or guardian on the account. Checking accounts in particular.
Although regulations require an adult on the account it is generally up to the bank you open the account with. Most Banks are regulated by Fed and state regarding TMA (transfer to minor or CUSTODIAL accounts) but those are account opened solely for the benefit of the child - under the child's social security number...once the child turns 18 they are free to transact without the parents permission and can even remove the parent from the account.

There is no such thing as a CUSTODIAL Checking account, therefore by opening an account with your 14 year old your are opening a JOINT checking account and both parties are responsible for maintaining the account. As a banker, I generally will open these accounts as exceptions with the following criteria met:

-Child is working and/or earning income on a regular basis.
-Parent/guardian is over 21 and shares the same address as the child.
-NO debit card or checks are issued bearing the child's name.

You will have to contact your bank and your states legislation to find out how to best approach your situation. Best of luck.

Answer 2

yes, most banks will let you open an account for a child, it will have to me in both names, normally a savings account because at 14 a child is to young to enter into a contract and a check is like a contract. probably the best thing to do is get a checking account in both names and let her use the atm card.

Answer 3

Supposedly they are out there but I haven't found any. I needed one for my 15-year old a few years ago in MIchigan and I called locally and couldn't find one. I'm curious to see what you find out. A savings account is no problem and since you will be the second signature on the account, they will give you a debit card that you could let your son/daughter use. That's what we did and it worked well. Best of luck!

Answer 4

Most banks will, if you're the cosignor on the account. The account will be in both your names, and you'll be financially responsible for any mistakes your child makes.

Answer 5

Commerce Bank is really good for a past savings account!

Answer 6

call a close-by economic corporation to make sure once you're old sufficient. economic corporation of united statesa.'s internet internet site says that maximum states require you to be a minimum of sixteen. Even at 14, you could open a joint account with the consent and help of a make sure. The make sure could have get right of entry to to the funds interior the account.

Answer 7

If you co sign they should let you.

Why does a 14 year old need a checking account anyway?

Answer 8

Any bank will so long as an adult co-signs onto the account until she is a legal adult.

Answer 9

Credit Union will do that. You have to co-sign for her until she is 18 then signoff.

Good luck