Banking for Teens

By: Kali Shoemaker

Important things to look for when choosing your bank...

  • security of your funds
  • fees
  • ease of deposit
  • ATM fees
  • interest rates
  • online banking features
  • minimum balance requirements
  • branch availability
  • customer service
  • availability of funds

How to get a debit card/open a checking account

  1. To open an account, gather personal information before you go to the bank
  2. Fill out an application from your bank of choice
  3. Activate your card

Checking Accounts and Debit Cards

Checking accounts and debit cards are very important because...

Checking accounts:

  • funds are easily accessed
  • services and fees vary depending on the bank you choose
  • convinent
  • spending plan tool
  • safety
  • reduces the need to carry large amounts of cash

Debit cards:

  • electronically connected to your bank account
  • money is automatically withdrawn from your account
  • requires a PIN
  • account number- links purchases made with your account
  • expiration date
  • magnetic strip
  • authorized signature
  • verification number- 3 digit code

Benefits and Dangers of having a Debit Card


  • does not allow overspending
  • convenient
  • used like credit card


  • you can lose track of your balance
  • opens checking account up for credit fraud
  • others can gain access if the card is lost

How to keep track of spending/record transactions

To keep track of your spending and record your transactions it is best to write everything down on your check account register. This is very important so that you can keep track of your balance and what you are spending your money on. This is a very good habit to have!

Different types of expenses

Fixed- you have to pay for these expenses every month and they stay the same price (i.e. rent, phone/cable bills)

Variable- you have to pay for these expenses every month and they do not stay the same price (i.e. gas, groceries)

Discretionary- things that you do not have to spend money on but you choose to (i.e. eating out, movies, shopping)

How to make deposits and withdraws

To make deposits and withdraws you can go to your banks ATM or go inside of the bank. Most banks also have a "drive thru" where you can just drive by an ATM or drive by and talk to a person inside and deposit or withdraw your money that way.

Deposits- putting money into your bank account

Withdraws- taking money out of your bank account

If you lose your debit card

If you loose your debit card or if it is stolen then you should immediately call your bank and they will deactivate the card and send you a new one!

Helpful Vocab/Terms

account number- links purchases made with your account

verification number- 3 digit code on the back of your card

magnetic strip- where the card is swiped, stores data from your account

expiration date- when your debit card is good until, once this is up you need to get a new debit card with a new expiration date from your bank

bounced check- when you write a check that is over the amount of the current balance of your account

check account register- where you record all of your transactions/purchases

checkbook- holds checks and check registers