Kid Bank Accounts?

Question

Ok, so my 11 year old wants a bank account how old do you have to be? She has a savings account but she doesn't use it. She is mature enough to handle a "card".

Also how does she make money? Like $20 dollars a week? And don't tell me that I should give it to her!

Please do not judge me about don't doing it! And don't tell me that my child isn't mature enough!

Answer 1

I know you dont want to hear this... but your child ISNT mature enough to have a bank account on their own.

Any account with a minor has to be a custodial account, with you on the hook for any overdrafts should the child go buck-wild with their "money".

I'd set up the account where it is their money, but YOU have to draw it out when the time comes... at least until they are into their teenage years....

Answer 2

Yeah I don't think most banks will let a minor have a checking account. Some might, but you would have to be a signer on it and basically that means if the balance goes negative you get stuck paying the fees. Basically anything goes wrong with it and it is your fault since the other is a minor. Most banks allow for a savings account to be opened with a signer. There is just alot less that can go wrong with a savings account.

Answer 3

You may have to put the account in your name. Banks are very aware of the laws related to minors and contracts, which is all a debit-, credit- or checking account is. They are very unlikely to let an 11 year old open an account without an adult to be responsible for any shortfalls.

Eleven is probably a little young for unsupervised babysitting, but she could probably be a Mom's Helper - keep younger children occupied so Mom can get other things done - or run a vaccuum, wash dishes and windows, sweep, dust, help clean a garage or basement, yard work, walk dogs, . . .

She could put together a flyer and bring them door-to-door (remind her, don't put it in a mailbox or mail slot unless it has a stamp), or you may know aquaintances to approach. (And, no, you shouldn't just give it to her - you're giving her room and board, clothes, laundry service, housekeeping, taxi service)

Answer 4

If a parent gives any minor child the use of a card, any card, the parent should have her head examined. No 11 year old is a mature person regardless of the parents' opinion. If such is the case the immature one is the parent . Asavings account is all the child should have. No debit, no credit, no prepaid card, no phone card no nothing.

Answer 5

ok to get a debt card since she will chances are use it more than 6 times a month you have to get her a checking account to do that you will have to go with her and become a trustee on the account --- (that will make you responsible for any nsf) next you will get her a card

next about the job -- at her age have here go into the neighborhood and tell all of the folks she will do any dirty job for money -- she might be surprised of the jobs she can line up -- yesterday i could have used her cleaning out the garage and today i could use her moving snow!!! good luck on both deals!!!t

Answer 6

haha dont give him a card...if he has like over 500 dollars then make him a savings account to build up interest. he can do random jobs like shoveling sidewalks for neighbors, (paper route - best thing for a kid his age) i did one but after a few years it gets boring - but lots of money. but DONT give him a card...lol

my bad change all the he to she

your kid isnt mature enough!!!!!!!!!