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: 07-15-2003
Thu, 04-19-2012 - 7:37am

Just chiming in real quick to say .... I got my first checking account at 13. (of course that was 17 years ago, eek) I also bounced my first check at 13. I got in SO MUCH TROUBLE with my parents. It was a lesson learned though, I never ever bounced a check again and I learned that I needed to earn money before I could spend it on the things I wanted.

I think I was at a good age to start with the checking account, I was pretty mature and was earning lot's of money through babysitting. However, I don't remember my parents spending any significant time with me discussing banking rules and penalties, discussing my bank balance and what I wanted to spend my money on, etc. I little more structure and guidance and I would have learned much more from the experience.


 


Daisypath Anniversary Years Ticker

Community Leader
Registered: 01-03-2004
Tue, 04-17-2012 - 9:10am

Serenity,

I, personally, would hold off on getting her a checking account at 13. The bank is marketing itself to very young customers these days for one simple reason: you tend to stay with the bank you open your first checking account. Credit card companies do the same thing.

You may reconsider getting her a checking account when she is old enough to get a job. And, then, frankly, I'd encourage you to have a debit card that absolutely rejects any purchase not covered by her balance. You should teach her how to keep a check register, too, because a debit is really just an electronic check. She'll be less likely to think money comes out of a hole in the wall machine and doesn't require any effort on her part to put it in the bank. ;)

Good luck and great job Mom for questioning the marketing tactics.

iVillage Member
Registered: 12-31-2010
Mon, 04-16-2012 - 12:19pm
I say it depends on the child and the parents. If the 13 year old is mature and into funding it could be a great way to motivate them - personally at 13 I already had a paper route, babysitting and was buying and selling bikes to trade up to my dream - a cool new 10 speed with curly handlebars! I had little note pads with goals and such at that time. But my brothers were into sports, not saving money.

I do like the student account at PNC - not to name banks, but I have an account for DS there and they have 3 buckets - checking, savings and a goal account you can save money into, then "punch the pig" when you hit your goal and want to buy something with it. It is managed online and really does a lot to teach students about money, it even connects to their smartphone. Kudos to PNC for developing this kind of account - but could a 13 year old handle it - hmmm, but a 16 year old SHOULD be handling it if they can handle a car!
-Marie
#Marie
iVillage Member
Registered: 07-27-2009
Sat, 04-14-2012 - 1:42pm

I have been looking into the ones that ING Direct offers. Sounds pretty similar to the one she mentioned at Chase :)

JenAaron.jpg picture by jen2075


iVillage Member
Registered: 03-15-2012
Sat, 04-14-2012 - 2:54am

I agree on both sides.

Community Leader
Registered: 08-25-2006
Fri, 04-13-2012 - 5:00pm

People choose to stick their heads into the ground and pretend it doesn't exist, but the

Serenity
Community Leader
Registered: 08-25-2006
Fri, 04-13-2012 - 4:44pm
Aquarius, it was Chase. I didn't get into the details since DD won't be 13 until January. But the parent is still attached somehow, because he said I could monitor the account.
Serenity
Community Leader
Registered: 08-25-2006
Fri, 04-13-2012 - 4:40pm

I think everyone has made valid points.

Serenity
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?
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


Pages