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re: Teen Checking Account?
Posted on 8/7/24 at 1:45 pm to DavidTheGnome
Posted on 8/7/24 at 1:45 pm to DavidTheGnome
quote:
Overdraft protection. Every account has this, whether it's turned on or not is another story but they should all offer it.
Exactly and I'm seriously questioning if this poster really has a teen with a Chase high school checking account. Because one of the first things the Chase banker tells the parent at time of opening is that this type of account physically cannot be over drafted for everyone's (Bank, teen, parent et al) protection.
This post was edited on 8/7/24 at 1:48 pm
1
Posted on 8/7/24 at 1:47 pm to Sao
You should really start credit card responsibility when you start a checking account with a teen as well. Start building them a credit history so they aren't reliant on you or someone else for cosigning freakin everything.
Posted on 8/7/24 at 1:48 pm to DavidTheGnome
quote:quote:
Ability for the parents to set spending limits.
Assuming they're working and it's their money id be pissed if my parents said what I could do with it and how much. Independence not helicopters
Valid point. But considering teens with a job probably only make around $9 an hour and only work limited number of hours a week due to a combination of school, extracurriculars, and labor laws...at least some of the money that gets deposited into their account is coming from their parents.
quote:I don't have Cashapp, but transfers from Paypal or Venmo take a day or 2 to actually show up in your checking account unless you want to pay the fee for an instant transfer. But if I transfer directly from my account to the teen checking account, the money is there immediately.quote:
Linked to a parent's account for easy transfers.
Cash app them
quote:Protection from naive 8-10 year olds getting scammedquote:
Some teen accounts block peer-to-peer transactions (ie. Venmo, Paypal, Zelle).
Why?
At first for my daughter we used the Chase First Checking. That one was really geared towards younger kids and had a lot more parental restriction options and didn't allow for P2P transactions. It had some cool features, but really was geared towards kids 13 and under. When she got older, we switched to the Chase High School checking that gave her more freedom and allowed P2P transactions and have fewer limitations.
Posted on 8/7/24 at 1:49 pm to Locoguan0
Capital one was much easier to setup than chase. Chase was requiring a branch visit to finalize, that may have changed in the last year or so.
Posted on 8/7/24 at 1:54 pm to Dam Guide
quote:
You should really start credit card responsibility when you start a checking account with a teen as well. Start building them a credit history so they aren't reliant on you or someone else for cosigning freakin everything.
At 13?
Posted on 8/7/24 at 1:57 pm to Locoguan0
Why stop at opening a checking account? Would not setting up a custodial Roth so their contributions can earn better interest under an MMA also help tans teach them about finances? By the time they’re 50 if they’ve been steadily making contributions and investing while and letting interest accrue, that account’s funds should have them pretty much set up for an earlier retirement or more financial freedom.
Posted on 8/7/24 at 1:59 pm to Locoguan0
Campus Federal CU. Works well for high schooler.
Posted on 8/7/24 at 2:02 pm to FizzyPop
quote:Sorry if I used the incorrect banking terminology. By overdraft protection I meant it won't let you overdraft the account.
Exactly and I'm seriously questioning if this poster really has a teen with a Chase high school checking account. Because one of the first things the Chase banker tells the parent at time of opening is that this type of account physically cannot be over drafted for everyone's (Bank, teen, parent et al) protection.
Would you like me to send you a screenshot from my Chase app to prove that I do have a teen with high school checking through Chase?
Posted on 8/7/24 at 2:03 pm to Locoguan0
We just got our 15 y/os debit cards.
Posted on 8/7/24 at 2:13 pm to Hangover Haven
Piggy backing, what is the best savings account to set up for a newborn?
Posted on 8/7/24 at 2:43 pm to Locoguan0
Yes as soon as they got part time jobs. Also set up Roths for them.
This post was edited on 8/7/24 at 2:44 pm
Posted on 8/7/24 at 2:44 pm to Locoguan0
My mom set me up with regions when I was 15. It was completely in my name. No access for her besides being able to just bring one of my deposit slips to the bank. What a glorious time to be working and not have any bills besides beer and weed.
Posted on 8/7/24 at 3:08 pm to biglosdaddy
quote:
Piggy backing, what is the best savings account to set up for a newborn?
My understanding.
529 account, better tax breaks but more restrictive on funds use as in education only.
UTMA, custodial investment account that is transferred to kid once they're of age. Fewer tax advantages, but no restrictions on use. A UMTA account might also cause an issue with financial aid/scholarships as the fund is technically assets of the child.
High Yield Savings account, shop around, there are lots to choose from and they're offering great rates right now.
Posted on 8/7/24 at 3:10 pm to madamsquirrel
quote:
I set accounts up for my children when they started working jobs at 16 at Hancock Whitney.
same. After college I removed myself from the accounts once they had grown up jobs. I was on the accounts in college to transfer money to them if needed.
same for me w Hancock Whitney. Set them up at 15. I can transfer if needed. Oldest heading off to college and I'm not going to remove myself until he's done.
Posted on 8/7/24 at 3:11 pm to Locoguan0
I set one up through campus federal. That’s where she gets her allowance and any Christmas/bday money gets deposited. It’s a great way to teach them budgeting.
She gets 200 a month but I don’t buy shite. She wants her hair cut? Budget it. New shoes? Budget it. Door dash? Budget it.
Of course I bend the rules a bit here and there and buy her some kicks or a meal, but for the most part she is responsible for all of it.
She’s developed a much better respect for money and has surprised me on a few occasions, saving a decent amount for some larger purchases.
She gets 200 a month but I don’t buy shite. She wants her hair cut? Budget it. New shoes? Budget it. Door dash? Budget it.
Of course I bend the rules a bit here and there and buy her some kicks or a meal, but for the most part she is responsible for all of it.
She’s developed a much better respect for money and has surprised me on a few occasions, saving a decent amount for some larger purchases.
Posted on 8/7/24 at 3:28 pm to Shexter
I have capital one money account for my son. It has worked well.
Posted on 8/7/24 at 3:43 pm to Locoguan0
quote:
checking account set up for your teenager? If so, what bank are you using? I
USAA Youth Checking and Youth Savings
Posted on 8/7/24 at 4:48 pm to Locoguan0
son opened an account at a local credit union when he turned 16 and got a job. No attachments to me or his mother. It's his own account. As the teller at the bank said, he's a young man and he needs to take care of this on his own. More specifically, when she started asking him questions for his account application I started answering for him and she politely told me to go to waiting area and let the young man take care of himself.
Posted on 8/7/24 at 4:57 pm to Locoguan0
I got my son a teen debit card. That is much easier. Capital One has it, I can move money to him, set limits and see every purchase he makes.
Posted on 8/7/24 at 5:01 pm to Locoguan0
I think there is one called Step banking, Step.com, that was originally designed for teenagers. It helps them build credit as teens by just banking.
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