Banking for teens

information about banking

Why should I get started

Banking is a nessasary life skill needed by all successful individuals. Having a bank account is needed for cashing checks and can help you adopt good financhal habits as a teen.

Do's and dont's of picking a bank

be sure to check out credit unions community banks and online banks.

open a new account and set up automatic transactions.

transfer money to your new account.

avoid banks that require.

No monthly fees .

No minimum balance requirement .

no limitations of number of transactions.

Debit cards

Debit cards may appear similar to credit cards but that isn't the case. debit cards take money directly out of the account and if you do not have sufficient funds the stores credit card scanner will show that you do not have the necessary funds to complete the transaction, even worse some companies may let you overdraw and may give you a hefty fee in the process.

Credit cards

When you use a credit card, you're really taking out a loan. Credit-card companies and banks that issue credit cards are letting you borrow their money when you use their cards. If you don't pay what you owe in full and on time that month, you'll have to pay interest on the balance you owe. You will be in debt.
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