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

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Community Leader
Registered: 08-25-2006
Fri, 04-13-2012 - 4:40pm

I think everyone has made valid points.

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 - 5:00pm

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

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

I agree on both sides.

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: 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
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: 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.


 


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