Banks with HS or Teen checking accounts?

[Kitzka]

So, i want to start DD on budgeting, saving, learning how to use money when she starts babysitting. I personally feel that this is a "card" world and she needs to learn that a debit card is not the same as a credit card and I would like to get her a checking account that she can use and save money.

I was wondering if any of you knew of any banks that offered High School or Teen checking accounts. I saw that Chase has one but was wondering if there are any others.

thanks

Lara

 

[Darcy03231]

My bank (Citizens) let me open a free account for DD when she was 15 as long as my name was on it too.

 

[RitaE]

I had a really hard time with this when oldest DH was a teen. Our bank would let him have a checking account (joint with my name), but they would not issue a Debit Card for him. We tried one or two different prepaid Visa cards, but the fees were just ridiculous.

The only reason I cared all that much was I felt sorry for him filling his car up. I finally found a re-loadable gas card through Amoco with low fees. I think there was a fee to set up the account, but all deposits to the card after that were free. The cheapest station in our town tends to be the Amoco anyway, so we set that up for him.

 

[Inigo]

My bank offers accounts, with debit cards, to teens. It's a locally owned bank with branches in just two counties. I love the great service. If I need anything, I know everyone at the two branches in my town.

 

[mom2travel]

We bank at Wachovia and were able to set up a savings account for DS which has a debit card attached. Because he is a minor, there is no minimum balance, even with my name on the account too

 

[WDWBarb]

Bank One does High School checking. They allow a debit card on the account. I really like Bank One - been with them forever!

 

[Aristomommy]

I researched this recently and USAA was the best. DD10 has a savings account that is linked to a (Visa or Mastercard, can't remember) card that you can load money to without charges. The website has nice features about savings calculators and graphs. DD has the kids account, but they also have a teen version with checking and a debit card. There are conditions to join USAA (military) but I believe anyone can open a savings account.

 

[MrsPete]

So, i want to start DD on budgeting, saving, learning how to use money when she starts babysitting. I personally feel that this is a "card" world and she needs to learn that a debit card is not the same as a credit card and I would like to get her a checking account that she can use and save money.

I was wondering if any of you knew of any banks that offered High School or Teen checking accounts. I saw that Chase has one but was wondering if there are any others.

thanks

Lara

Funny that you'd ask this today. I've been thinking the same thing, and I was just wondering where to set up such an account. My mother pushed me to get a checking account my senior year in high school, and it was good preparation for college -- but I agree with you that today everything's become "cards", so that's the lesson our kids need most.

I was going to check with my local credit union and Bank of America (the two places where we have accounts). The credit union has the lowest rates on, well, everything, but Bank of America is everywhere.

 

[FozzieFan]

In my experience it is difficult to get a minor a checking account for themselves because it puts the bank at risk. The bank can't legally pursue negligent use of the account until the signer is 18 so A LOT of banks won't offer those accounts to anyone under that age.

In many cases the bank will allow you to put your name on the account, therefor putting the responsibly on you if anything happens with the account. They will issue you an atm card, (which you could then give to your child with the pin #) but for the same reason the will not issue a card to minors.

I would think that your best bet to find an account would be a local community bank or possibly credit union. Hope you can find something to help teach your daughter finances, you'd be surprised how many adults I see who have no idea how a debit card/checking account work

 

[SmileWoman]

Bank of America offers CampusEdge Checking. It is designed for students starting at 16 years of age. Parent can be on but does not have to be on. Free debit card is issued to any student 16 yrs or older. No min balance requirement, no service charge for 5 years. Free online banking. Student cannot have a credit card until they are 18 years of age.

 

[Green Tea]

SunTrust does. Wachovia does. Mine had them when they were pretty young.

It is so easy for me too. I have their allowence tranferred from mine automatically. If i will pay for domething when they are out, i can instantly transfer a certain amount. I recommend getting it where you bank. They got debit cards in their own names although i am jointly on each account. Works great bc i can see where they are spending. They also have checks. I am not printed on the check either.

 

[Piecey]

Bank One does High School checking. They allow a debit card on the account. I really like Bank One - been with them forever!

Chase bought/merged with Bank One in 2006...

But they still have High School Checking w/ debit cards!

They've also got A ++ Online Banking and mobile banking that for most teenagers, is a wonderful thing. They can see their account status instantaneously.

 

[WDWBarb]

Chase bought/merged with Bank One in 2006...

But they still have High School Checking w/ debit cards!

They've also got A ++ Online Banking and mobile banking that for most teenagers, is a wonderful thing. They can see their account status instantaneously.

Geeze - I must be tired. But I did say I'd been with them forever

 

[TiredX2]

DD just turned 10 and we were able to get her a savings account and checking w/debit card to BECU (Boeing Employees Credit Union). Parents do not have to be "members". The greatest part is that "Young Savers" (under 18) earn 7.5% on their first $500.

 

[onelostsockie]

Not sure your location, but I had one at Regions Bank when I was 17 with my mother also on the account.

When I was 17, it was so cool to whip out my Visa in front of my friends to pay for whatever!
The greatest lesson I learned from that account was about the $27.50 overdraft fee. It happens.
I'm 21 now, and I still don't use cash unless I HAVE TO. It's so much easier to pull up my transactions online.

 

[SomedayI'llBe]

Ditto on the Bank of America. I've had my checking account since I was 15 (the manager of our bank waived the age limit because my parents had been there so long), and I love having my debit. I can use it everywhere, because it's a Visa, and I don't have to worry about a statement. It gives me practice for a credit card down the line. I can also use it for online shopping, or direct deposit. It's really great.

 

[santa's surpriz]

I work for Key Bank and we do offer student checking. It's a good program, no foreign ATM charges & we refund $6 of the other bank's fees at the end of the statement cycle. OUr account opening process includes what I call the fear of God letter. Basically goes over responsibilities of balancing the account and the repercussions. We do not offer debit cards until 18. It goes back to the VISA/MC logo bc they require the minimum. Plus if you have a dispute, it creates complications. Banks are more strict about refunding fees that should have avoided by due diligence. I will issue an ATM card, but only with the parents approval. ATM cards can now be used just about every checkout, just enter the pin and skip the credit option. Also, you can transfer funds to/from another bank thru our online banking. If you wait until back to school season, we usually have a promotion to get a free Ipod (1099'd off course!)

When I lived in NC I worked for Bank of America when they launched their CampusEdge checking. It is a good program too.

My recommendation, do it well before they go to college so as a parent you can teach your child responsible banking. I absoultely hate when a parent opens an acct 1 week before leaving for college. 9/10 times, that parent is back in office asking me to waive $200+ in overdraft fees with in the first 2 months bc the child messed up. IMO, that is just poor parenting. You cannot expect a child that has no experience managing money to be successful. Be sure to teach your child to reconcile their acct with online banking just as you should with a monthly statement. Online banking is not their register. Delays from merchants, especially gas will get them everytime if they only go by online or ATM balances.

 

[disneygals]

My dd has one through Wachovia. Her account is linked to ours and has overdraft protection, just in case.

 

[DebMcDonald]

Our local high school, which is HUGE has a credit union it in for the students and our students can get checking accts, debit cards, etc. Check out your local credit unions.

 

[Golf4food]

Most of our local credit unions offer such programs. I'd almost always prefer to work with a local CU vs. a monster mega bank for pretty much anything.