I went in to my local credit union to assist my teenage son in opening a savings account. They asked if he would like to open a checking account, too. Of course, I would be ultimately responsible for any checks, overdraft fees, etc. while he learning the in's and out's of managing his money. I wasn't aware that they were making this available to children - what's your take on it. Is it a good idea or not?
2007-10-17 03:51:42 · 23 answers · asked by Gatekeeper 4 in Entertainment & Music ➔ Polls & Surveys
I guess it depends on his maturity and responsilility in other areas of his life. however, the consequences of irresponsibility needs to be placed on him,not you.just keep a close eye on the account so he doesn't destroy his credit before he gets started in life. ya have to learn somewhere,better now that you can influence decisions
2007-10-17 04:04:09 · answer #1 · answered by digger 3 · 1⤊ 0⤋
i had a checking account when i was a teenager... but no one taught me how to be responsible with it. I went into overdraft too many times to count!!! Had checks bounce! So, I think as long as a parent keeps an eye on his account and assists him in understanding financial reponsibilities, he should be okay! NOW... credit cards... thats a different story!!! DO NOT LET A TEENAGER HAVE A CREDIT CARD!!!! I am 25 and still paying for that mistake. It trashed my credit for one. And charged me 25% apr!!! Taught me absolutely nothing!!! My parents could have taught me about all this, but didnt!!! So, again... as long as the parent is involved, i think it will be okay! BUT make sure you keep an eye on it!
I suggest getting a credit report for him EVERY year! just to see how he's doing. If he gets a checking account... get access to it online! Just be involved!!!!
and thats all the knowledge i can share right now!!! lol ;)
2007-10-17 04:00:27 · answer #2 · answered by ~ ms.deni ~ 2 · 1⤊ 0⤋
I got a checking account when I was 15 and got my first job. My parents were not responsible for it. They weren't on the signature card and they never knew what my balance was. I never had any problem with it. When my daughter who is 14 gets a job I would allow her to get a checking account if she wanted to. She is very bright and responsible. I think it is up to you. If you feel your son would be responsible then let him, but if you don't then I wouldn't. I don't think you can just say it is a good or bad idea for teens. Some could handle it while others couldn't.
2007-10-17 03:57:51 · answer #3 · answered by kat 7 · 1⤊ 0⤋
Yes. I'm not the average parent. I am very strict and keep close tab on everything. I explain the harsh realities of life and no fairy tale endings. If our children do wrong, there's no bailing out from me, they have to face the music.
I could easily trust our children with checking accounts. I know that with the way I have explained life, they won't get stupid and go over.
2007-10-17 03:58:08 · answer #4 · answered by tercentenary98 6 · 1⤊ 0⤋
No I would not, anymore than giving them a Credit Card. A Savings Account is a good idea, but Mom you will need to Monitor it also to make sure hes not withdrawing more money than hes putting in..
2007-10-17 03:56:44 · answer #5 · answered by donna_honeycutt47 6 · 1⤊ 0⤋
Wells Fargo offers a FREE joint teen/parent account that is primarily the teens but the parent can set ATM limits, etc and view the account online, and set up other options. I did this for my daughter who is 16 and she has become more responsible with her money now that she can see it online/on paper. it's a GOOD idea!
2007-10-17 03:55:21 · answer #6 · answered by bratgrr1 2 · 1⤊ 0⤋
That's totally up to you. I think the bank probably stands to profit from your son opening a checking account- which is why they offer it. If he doesn't have bills that he needs to pay on a regular basis, it doesn't seem necessary at this time. It's probably best to wait until college.
2007-10-17 03:55:05 · answer #7 · answered by just me 6 · 1⤊ 0⤋
nicely my dad and mom do no longer yet i've got faith some dad and mom do and it has some especially good motives like some human beings get bullied or they upload human beings they do no longer understand ( they could be conversing with an previous guy whilst they think of they are conversing with somebody with a good profile image) besides maximum dad and mom additionally verify in case you have facebook and you're below the age to create an account.
2016-12-18 09:54:49 · answer #8 · answered by ? 4 · 0⤊ 0⤋
My son has one. We are using it to teach him responsible money management. Most banks require a parental co-signor for checks until the age of 18 so he can't write checks without our signature too.
2007-10-17 03:56:02 · answer #9 · answered by Anonymous · 1⤊ 0⤋
im 23 and still screw mine up very badly so i wouldn't trust my teen with one. but if your's is very responsible and he can be trusted go on ahead. i think just giving the child a savings acount that they are not allowed to touch until they are 18 or so, like my parents did, is a very good idea.
2007-10-17 03:57:04 · answer #10 · answered by Anonymous · 1⤊ 0⤋