Banking For Teens
Why Should Teens Have a Checking Account?
Having a checking account early in life teaches a teen how to operate one before they are on their own, and they should have their own by the time they get their first job.
But What Can I Do WIth a Checking Account?
A teen can check their balance, change their personal information, receive a debit card, deposit and mail checks, change their PINs, and much more depending on which bank is chosen.
How Do I Know Which Bank is for Me?
Choosing a bank as a teen is difficult, especially with many places to start looking. A bank that requires no fees under 18 and one that will give the most freedom with a checking account is a good place to start, but a bank account that has an informative website and helpful employees takes the cake. Always go with a bank account that is most willing to help when there is confusion.
What are the dangers?
Having a checking account and a debit card mean that fraud is always a possibility. If you lose your debit card, you should notify your bank as soon as you realize and they will cancel your card and send a new one, which costs around 5 dollars. To avoid this, always keep your card somewhere safe that you know you won't lose it.
What are the benefits?
Having a checking account gives you your own freedom to have and spend your money as you like, and it also gives a teen the freedom to experience what responsibility with money is. Having a checking account also lets a teen know how to not overspend and how to keep track of spending.
How Do I get started?
Many banks have accounts set up specifically for teen, and with these accounts there are usually no fees. Here are a few links to get started below.