Kid's bank accounts?

iVillage Member
Registered: 06-25-2003
Kid's bank accounts?
4
Mon, 07-17-2006 - 8:03pm

Peter has been saving money. He has more than $300 accrued from

-Paula

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iVillage Member
Registered: 02-20-2001
Mon, 07-17-2006 - 8:46pm
Both my kids have UGMA(unified gifts to minors act)

 


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iVillage Member
Registered: 10-03-2004
Tue, 07-18-2006 - 7:05am

Dear Paula,

Well since Malcolm was little he has had an account under my credit union, which is through one of my actor unions. I wonder why you wouldn't let Peter have a checking account. He probably wouldn't USE the checks much, would he? Who would he write the checks to? Anyways, Malcolm wouldn't because he has no need to write checks at this point.

Malcolm did alot of modelling when he was little, so he actually has a sizable chunk of change in his bank account. And he is saving his allowance, birthday money etc. AND he never spends it because he doesn't really WANT anything.

I never looked closely into interest, etc. But then all I did was ask my credit union when we needed to deposit the money that Malcolm was earning that needed to be cash. Needless to say, by the time Malcolm was 2, he no longer was OK at modelling casting calls, etc. This was before we knew anything was up, though.

Sars

Avatar for betz67
iVillage Member
Registered: 03-26-2003
Tue, 07-18-2006 - 7:10am

Paula,

We ran into this problem as well. Our kids had old kids accounts at Wells Fargo (we opened them before Wells Fargo bought out our old bank and changed everything but they left the accounts to apease everyone who banked there before) before we moved, we closed them out thinking we'd be able to get something similar in SC. Evidentally, those types of accounts aren't opened anymore. We finally just put our kids' money into college savings accounts. Then, when we went to open a checking account for Warren, age 14 1/2. He went on a youth trip this summer and we wanted him to be able to get We couldn't do it. He has to be 15 and have an official picture ID, his school one won't work. He also will have to have a minimum balance ($100-500) and will get steeper fines than a regular account. We ended up getting him a Visa BUXX card so that he wouldn't have to carry so much cash and he could still have access to his $$ from an ATM.

I don't have any advice, just hope you figure out something!

Betsy

iVillage Member
Registered: 06-03-2006
Tue, 07-18-2006 - 6:46pm
people have told me good things about "ing" (the orange ball) for children's accounts.