Student checking account at 13??

Community Leader
Registered: 08-25-2006
Student checking account at 13??
18
Fri, 04-13-2012 - 12:42pm

Took DD12 to the bank so she could deposit money into her savings account, and the teller told me that at 13, she/we can get a student checking account.

Serenity

Pages

iVillage Member
Registered: 03-15-2012
Fri, 04-13-2012 - 1:00pm

There are better ways to teach children about money than having a checking account imo.

iVillage Member
Registered: 04-16-2008
Fri, 04-13-2012 - 1:13pm

If the debit card does not allow overdraft, it may be a learning experience for your DD to swipe the card and be denied if she does not have sufficient funds to cover the purchase. (If she were to do that; she may be very responsible and make sure that there is always enough in the account first).

iVillage Member
Registered: 09-26-2007
Fri, 04-13-2012 - 1:19pm

My DS (12) got a visa buxx card last year so that he would learn to manage things like his allowance and gift money. His allowance is auto deposited and he can deposit extra money any time. He checks the balance before he chooses to buy something and he plans how much he wants to keep on his card for things like an upcoming vacation. It also has advantages that cash does not, such as replacement if it gets stolen. I really think it depends on the child, but it's not necessarily a bad idea.

iVillage Member
Registered: 11-18-2008
Fri, 04-13-2012 - 1:19pm
I think that sounds like a good idea! We all need to have checking accounts eventually anyway, why not let them learn about spending and balancing a checkbook and all of that with one that sounds a little safer than a normal "grown up" account?
Photobucket

Avatar for mahopac
iVillage Member
Registered: 07-24-1997
Fri, 04-13-2012 - 2:39pm

I like the simplicity of your approach, but I think for many of us, it's outdated.

Your kids might be too young for you to realize that by 18, their entire lives will be managed electronically.

Avatar for mahopac
iVillage Member
Registered: 07-24-1997
Fri, 04-13-2012 - 2:41pm

I think there actually have been some banking rule changes.

Community Leader
Registered: 07-26-1999
Fri, 04-13-2012 - 3:38pm

My ODD has had one since she was 15 and its been great for her, especially since she travels back and forth from Texas to Michigan quite often and having large amounts of cash on her, or having to rely on always asking my parents for money when she was visiting them and wanted to go out shopping with her friends was a hassle.

Photobucket
iVillage Member
Registered: 11-14-2008
Fri, 04-13-2012 - 4:15pm

I have mixed feelings about this for more than one reason. I think they need to learn about cash first. And then it would depend on the child and their understanding and maturity to take it further. I also think if we put them in the electronic mind set with cards they still have to have the firm rules in place (taught by the parents) as to what everything is for. They should have a savings account and a checking account. Savings are not to be spent(unless it is for a

iVillage Member
Registered: 07-27-2009
Fri, 04-13-2012 - 4:16pm

I think that it is an excellent idea (depending on the child). Our world is constantly changing and adapting. This is just

JenAaron.jpg picture by jen2075


iVillage Member
Registered: 08-24-2006
Fri, 04-13-2012 - 4:27pm
I have had large amounts of cash lost or stolen from me more than once and thus am quite biased against using it. I agree with everyone who thinks it's a good idea to get kids acquainted with how the world works right now and allow them to learn to manage within that, using stages that gradually allow for more and more freedom. I have a 12 yo dd as well, and I think it would be useful for her. If you don't mind my asking, which bank was this?

Pages