checking accounts? Debit cards?

[Anonymous]

which banks permit checking accounts for minors?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Have a joint checking account with your daughter, both of your names on the account. Keep very little money in the account. Give your DD a debit card. Transfer money in as you decide it's needed, from a separate savings or checking account. Link the accounts so you can access the joint account but your DC can not access your accounts (also so no one else can if debit card is lost)

My DD is a senior in high school and this is what we do now so she can get used to managing her money. In a tight spot I can transfer money to her very easily. She also has a savings account with money she has earned that can be transferred as well. But she is learning to stay within a budget. I would be very nervous giving her a credit card because she would run up debt, its way too tempting.

This is exactly what we did when our daughter was a high school senior.

She's now a college freshman and has a debit card and we transfer money into checking when she needs it. It has worked out very well. Would also be afraid of giving her a credit card and her running up debt.

[Anonymous]

Would prepaid credit cards work? I would be concerned about linking credit cards and especially debit cards to my accounts.

[Anonymous]

Capital One will give checking to a 17 year old with a college acceptance letter without a parent on the account. For college I recommend getting an account with free ATM withdrawals on campus so the fees don't add up. For my DC this was a credit union in campus with very low min balance requirements. Many kids just wait and set up accounts when they get to school. My DC has a local savings account here and a checking account at college, both with debit cards. No credit card. In an emergency I could deposit funds in his local account.

[Anonymous]

Anonymous wrote:Capital One will give checking to a 17 year old with a college acceptance letter without a parent on the account. For college I recommend getting an account with free ATM withdrawals on campus so the fees don't add up. For my DC this was a credit union in campus with very low min balance requirements. Many kids just wait and set up accounts when they get to school. My DC has a local savings account here and a checking account at college, both with debit cards. No credit card. In an emergency I could deposit funds in his local account.

I will check with my credit union and see what the requirement is. My credit union only requires a $5 minimum in savings and no minimum for checking. Since DS has had a 'kitty' account since birth, this should be an easy transition. I was so busy looking at large credit card companies, my credit union was right under my nose. They also have an excellent interest rate for credit cards. I prefer DS stay with the credit union because of the account he's had for years. A great way to start off with a long track account.

[Anonymous]

Anonymous wrote:Would prepaid credit cards work? I would be concerned about linking credit cards and especially debit cards to my accounts.

My college-age DS has an account at Capital One, as do I. My account is linked to his, and I can use my ATM card or online banking to deposit money in his account, but his debit card only allows him access to his own account.

[Anonymous]

Anonymous wrote:which banks permit checking accounts for minors?

Several. If you're in NoVa, Burke & Herbert advertises this:

http://www.burkeandherbertbank.com/personalbanking/checkingsavings/studentbanking/student_banking_package.aspx

[Anonymous]

We opened a bank account for my DD when she was in 9th grade and is now in 12th grade - a checking and a savings account. I am on the account and it is linked to my account. i transfer her allowance into the account automatically each month. We just opened the same for my DS. She is responsible for keeping track of the money and also putting some of her money in her savings account. She has to pay for almost everything she wants with her account - movies with friends, dinner with friends, any shopping she does,etc. She has learned quite well how to manage her money. Once it's gone for the month, it's gone...

OP - you need to get an account for your DD now. She needs to have some time to learn how to manage her money before she goes off to college. We use BB&T Bank, but I'm sure other banks have similar programs. It's very easy - only takes about 20 minutes to set the whole thing up. After that set up automatic transfers through your online banking options. It's very easy!

[Anonymous]

I was able to open checking account/debit card in my kids names with me as the joint owner when they were 15. I added them to my visa when they got the driver's license at 16. I didn't give any cash. They have money they earned over the summer in the checking account for every day spending and they have my visa to use for books, food, toiletries, supplies and the occasional meal not in the dining hall. They have to call me if they need to use my visa to buy something that we previously did not discuss.

[Anonymous]

Another advantage to a debit card vs a credit card. My kid called to tell me he'd lost his wallet. You'd think I'd be freaking out. Well, not so much. He only had $38.00 in his account. And he never has much money in his account. I transfer small amounts of money in frequently.

Students frequently lose things - and then find them again. Sure enough 2 days later the RA contacted him. The wallet had been turned in. Everything in place.

I hadn't cancelled the card which turned out to be very convenient. I wasn't concerned re losing $38 and he doesn't have overdraft protection.

[Anonymous]

Anonymous wrote:I was able to open checking account/debit card in my kids names with me as the joint owner when they were 15. I added them to my visa when they got the driver's license at 16. I didn't give any cash. They have money they earned over the summer in the checking account for every day spending and they have my visa to use for books, food, toiletries, supplies and the occasional meal not in the dining hall. They have to call me if they need to use my visa to buy something that we previously did not discuss.

which bank, please?

[Anonymous]

Suntrust

[Anonymous]

Anonymous wrote:

Anonymous wrote:I was able to open checking account/debit card in my kids names with me as the joint owner when they were 15. I added them to my visa when they got the driver's license at 16. I didn't give any cash. They have money they earned over the summer in the checking account for every day spending and they have my visa to use for books, food, toiletries, supplies and the occasional meal not in the dining hall. They have to call me if they need to use my visa to buy something that we previously did not discuss.

which bank, please?

OP - I would think almost all banks have programs for parents to open joint accounts with their children. Have you asked your bank? It's very simple and not a unique program. The real question you should ask is whether there will be a branch near your child's school, And that is not for them to be able to go into the bank (let's face it - bank tellers may not be around for much longer. It's all going online….), but your kid will probably want to be able to get cash from the ATM machine and in the long run it will be better to avoid the ATM fees from a different bank since those can add up over time...