what are the restrictions? will i be able to use a debit card and/or write checks in my own name?
2007-12-25 05:55:10 · 4 answers · asked by TheBadArt 3 in Business & Finance ➔ Personal Finance
Having a cosigner on your checking account may mean that they would have to sign their signature for each check. I don't think that a debit card would be issued if they need to sign each check. You should call the bank tomorrow to get an idea.
2007-12-25 06:45:29 · answer #1 · answered by Steveo 5 · 0⤊ 0⤋
I'm sure your parents will have the answer to that one and there are probably bank rules that apply. The bank will have regulations and then there are State and Federal laws that restrict minors from entering into contracts. Best thing to do is have an in-depth conversation with your parents.
I am a parent and I never gave an account to any of my sons. I would never cosign for them either. I not only learned that in personal life but after being a REALTOR and seeing what has happened to parents who cosigned I know without a doubt that cosigning is one of the worst financial decisions a person can make.
2007-12-25 14:08:27 · answer #2 · answered by Othniel 6 · 0⤊ 0⤋
If your parents ticks the option "Can withdraw money without my signature" option, you can do whatever you want.
2007-12-25 13:59:29 · answer #3 · answered by Raptors 1 · 0⤊ 0⤋
there should not be any restrictions!!!j
2007-12-28 09:56:18 · answer #4 · answered by mister ed 7 · 0⤊ 0⤋