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Teen Checking Account?
Posted on 8/7/24 at 12:39 pm
Posted on 8/7/24 at 12:39 pm
Any parents on here have a checking account set up for your teenager? If so, what bank are you using? I know that several have specific accounts for teens. Also, have you found it to be a positive experience for your child (autonomy, financial responsibility, etc.)?
Thanks. I'll hang up and listen.
Edit: Thanks for the replies. The number of trolls was surprisingly low. My daughter is starting 9th grade this year and I want her to have some financial autonomy.
Thanks. I'll hang up and listen.
Edit: Thanks for the replies. The number of trolls was surprisingly low. My daughter is starting 9th grade this year and I want her to have some financial autonomy.
This post was edited on 8/7/24 at 8:29 pm
26
Posted on 8/7/24 at 12:42 pm to Locoguan0
I set my son up with an Avadian account when he started Chik-Fil-A. Can view his accounts and all activity.
Recently he was transferring so much money to his savings account from his checking that I thought he had broke up with his girlfriend
They aren’t going to learn to be fiscally responsible on their own.
Recently he was transferring so much money to his savings account from his checking that I thought he had broke up with his girlfriend
They aren’t going to learn to be fiscally responsible on their own.
Posted on 8/7/24 at 12:43 pm to Locoguan0
I set accounts up for my children when they started working jobs at 15-16 at Hancock Whitney. It is setup so I can monitor the account online, but they can't get to my account details.
Been positive experience for the most part ... they do get a little spend-happy at first, but then when they realize how quickly it can disappear they have become more responsible.
Been positive experience for the most part ... they do get a little spend-happy at first, but then when they realize how quickly it can disappear they have become more responsible.
Posted on 8/7/24 at 12:43 pm to Locoguan0
Chase high school checking with a savings account just so my son can learn how to move money via the app. I didn't tell him this because I want him to fear the thought of over drafting, but the HS checking is set up by Chase where the teen cannot actually overdraft it.
Posted on 8/7/24 at 12:43 pm to Locoguan0
My 17 y/o has a checking account - since he was 16 bc he has a job
It’s through Capital One, and we also have an account there. My husband has notifications set, so he gets a text anytime I use the account or my son uses his
It’s been positive bc my son pays for his own Spotify and occasionally orders things he has saved up for
It’s through Capital One, and we also have an account there. My husband has notifications set, so he gets a text anytime I use the account or my son uses his
It’s been positive bc my son pays for his own Spotify and occasionally orders things he has saved up for
Posted on 8/7/24 at 12:44 pm to Locoguan0
quote:
Teen Checking Account?
Might want to change that to Teen "Banking" Account....
Posted on 8/7/24 at 12:45 pm to SideshowBob00
quote: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.
I set accounts up for my children when they started working jobs at 16 at Hancock Whitney.
Posted on 8/7/24 at 12:45 pm to Locoguan0
I have my kids on the Cap One kids "Money" account. They each have their own card, and they can deposit money at the ATM.
Any time they use the card to purchase goods, the app sends me an alert.
It also has a savings thing that lets them set goals.
I've also set each of them up with a Venmo account so they can send their friends money for gas, food, etc.
So far, it's been working out great.
Any time they use the card to purchase goods, the app sends me an alert.
It also has a savings thing that lets them set goals.
I've also set each of them up with a Venmo account so they can send their friends money for gas, food, etc.
So far, it's been working out great.
Posted on 8/7/24 at 12:45 pm to Locoguan0
Chase has a great account for kids in high school. It’s free and they have to have a parent on it to watch over things but they get a debit card and can do a lot with the online banking. And yes, it’s great for them to start learning, especially while having some guardrails
Posted on 8/7/24 at 12:48 pm to Millivanilli
I’ll second this; very happy with the teen account from Chase.
Posted on 8/7/24 at 12:52 pm to Locoguan0
I set up a checking account yesterday at Wells Fargo for my son.
No bank charges until he turns 24.
He can use his phone to pay for things.
No bank charges until he turns 24.
He can use his phone to pay for things.
Posted on 8/7/24 at 12:57 pm to Locoguan0
Make sure you sit down with them nightly to ensure the checkbook register is filled out correctly.
Posted on 8/7/24 at 1:00 pm to Locoguan0
I had my own checking account setup as a teenager. No parents involved best I can remember. What would a specific for teens account entail thàt a regular one does not?
Posted on 8/7/24 at 1:04 pm to Locoguan0
I've been happy with the Chase high school checking. She gets her check from work direct deposited in the account and her own debit card. Its compatible with Zelle, Venmo, etc. I can easily transfer money from my account to hers. Her account info shows up when I log into Chase and she can use the Chase app on her phone to see her account, but she can't see my accounts. Its free, but I believe the parent also has to have a Chase account to be eligible for the high school checking account.
Posted on 8/7/24 at 1:07 pm to DavidTheGnome
quote:Overdraft protection. Ability for the parents to set spending limits. Linked to a parent's account for easy transfers. Some teen accounts block peer-to-peer transactions (ie. Venmo, Paypal, Zelle).
What would a specific for teens account entail thàt a regular one does not?
Posted on 8/7/24 at 1:09 pm to Tiger Prawn
Okay read through the thread, it seems these teenager accounts are setup so the parents can monitor them/be notified when they're used. I know I definitely didn't have anything like that at 16 thank God. My check was direct deposited into my account and I had checks and a debit card, but definitely no parents involved or able to access it.
Why would you want that? If your kid is 16 and making their own money I would be pissed if my parents were monitoring it. And I would think that's very helicopter-y and not teaching any sort of independence
Why would you want that? If your kid is 16 and making their own money I would be pissed if my parents were monitoring it. And I would think that's very helicopter-y and not teaching any sort of independence
Posted on 8/7/24 at 1:14 pm to Tiger Prawn
quote:
Overdraft protection.
Every account has this, whether it's turned on or not is another story but they should all offer it.
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
quote:
Linked to a parent's account for easy transfers.
Cash app them
quote:
Some teen accounts block peer-to-peer transactions (ie. Venmo, Paypal, Zelle).
Why?
Posted on 8/7/24 at 1:18 pm to Locoguan0
My 13 year old has one we set up her checking and savings at Pelican Credit Union.
Posted on 8/7/24 at 1:33 pm to Locoguan0
You can use Family Apple Cash to create an account.
This post was edited on 8/7/24 at 1:39 pm
Posted on 8/7/24 at 1:41 pm to bigpetedatiga
quote:
My 13 year old has one we set up her checking and savings at Pelican Credit Union.
I guess that's one way to get them used to fraud at a young age and having their SSN stolen after a data breach. Makes sense.
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