Kids and Banking??

[imsayin]

Chicago Tribune had an article today on good finance/investing books for kids. Here is the article: Investng/Finance for kids

 

[dcfromva]

We got a note home about the banking program at our kids' school. We were all ready to let them sign up. BUT, the account is set up in the childs' name only. Mom and dad not only cannot withdraw $$ on the childs' behalf, but cannot even request a balance. They will not talk to anyone but the child about the account. No option to select another authorized user.

Az Pirates,
Wow--that sounds strange to me. I don't see how that can be legal since kids can't own any assets without having some sort of a custodial account (until they become adults)...


-DC

 

[mum of two pirates]

I happen to be bank day mom at my ds school, started three weeks ago, we have washington mutual. The account has the kids name and no one elses on it. they are encoraged to bring even a penny and every two deposits they make they get a prize, even if it is a penny. the first set of prizes are a book cover a pencel , a puzzal, a plain (maybe). I told my 2 ds that whatever they put in I will double it, so the last week they each put in a buck and so did I. My 1st graders teacher is going to do it as part of her math program. So I will do it at his school also on the day I vol. He is 6 and said mom I still have $40 from my bday I think I will put that in. Great lol. anyway whatever they have in by next christmass will be what they get for our two week trip to wdw and the cruise. I think it is fine that only thier names are on it, Lots of kids have split famileys and one parent cannot take the money out. Mum of two pirates

 

[kichan]

Thanks everyone for your comments and advice. I live in Orange County, NY, and so far, Commerce hasn't opened a branch in the area yet (the closest branches are in Rockland County), but I'll definitely look for them, because it sounds as though they are opening up many more branches soon. I wasn't sure if at-school banking was still done, but I'm glad to hear that it is still around - I might bring it up at the next PTA meeting.