Anonymous wrote:

Anonymous wrote:if you kid pays bills online, they need a checking account usually. mine has those and I'm not sure if they have paper checks at all. they must, I guess. .But dont confuse checking account with paper checks

My kid has a checking account but no checks. I think the name is just a holdover.

Yep. Same.

Anonymous wrote:if you kid pays bills online, they need a checking account usually. mine has those and I'm not sure if they have paper checks at all. they must, I guess. .But dont confuse checking account with paper checks

My kid has a checking account but no checks. I think the name is just a holdover.

if you kid pays bills online, they need a checking account usually. mine has those and I'm not sure if they have paper checks at all. they must, I guess. .But dont confuse checking account with paper checks

^^ that will ONLY take a check

Anonymous wrote:Few people need a savings account. They have a lot of rules because they want to invest your money. Government is printing money faster than your saving account can earn.
Get a fee free checking and send the kid some money when needed. They should also have your great credit score at this point and going off of it as an 18+ year old.
Our kid will be on his own at 18 as the credits he can claim on his taxes will pay for a lot of his college.
Roth IRA and investment account are given.

This thread has gone off the rails. Kids have high interest savings accounts in addition to regular savings accounts. There’s no need to have a checking account unless you have lawn service that won’t take a check. There’s also no need to fund your kids checking account. Weird. Have them get some skin in the game. My kids never had access to my cc and they have good scores because they know how to work and manage their $$.

Anonymous wrote: No debit cards who does that? Financial literacy 101

Bank account checking or a savings to pay rent and utilities if needed

Credit card for all other purposes

Yes your kid pays that bill the6 are an adult
If you want to pay it for them put some money in their bank account

I’m a pp and I give my kids lump sums at the beginning of the semester because I don’t pay their rent. They both have used debit cards to do that or however they pay it, I have no idea.

I’m also a landlord and my tenant pays me on Venmo (20s) and last tenant paid me on PayPal (30s).

Anonymous wrote:Mine has all of his account consolidated at Fidelity. Cash management with a debit card, Roth IRA, and investment account. Makes it easy to have it all together.

Same here. Everyone in our family (3 kids) have Fidelity accounts. The cash management accounts are technically checking accts but none of us besides DH have actual checks.

Mine has all of his account consolidated at Fidelity. Cash management with a debit card, Roth IRA, and investment account. Makes it easy to have it all together.

This thread is weird. Mine is 19, has a debt card linked to his money market/savings account. Doesnt really have more than $2k in there from summer jobs.

Doesn’t need checks, Venmos people when need be. Can get a credit card but imo that can really wait til they have a paying job more than summer waiting tables. Will still probably have over a 760 credit score when they need it.

We pay for their apartment out of 529/ our checking. (we would pay by credit card/ points but the off campus housing charges a big for that.

Also have an IRA for them but just opened it. They don’t need a brokerage account and if you have that much extra money lying around, it’s should be in the parents’ name.

Basically, they are under my money control until 22/ when they graduate undergrad.

Mine has how own checking and savings accounts. He’s also listed as an authorized user on my CC and occasionally uses it if he needs something done to his car that’s $$$.

Few people need a savings account. They have a lot of rules because they want to invest your money. Government is printing money faster than your saving account can earn.
Get a fee free checking and send the kid some money when needed. They should also have your great credit score at this point and going off of it as an 18+ year old.
Our kid will be on his own at 18 as the credits he can claim on his taxes will pay for a lot of his college.
Roth IRA and investment account are given.

Anonymous wrote:At most banks, the bill pay feature works only with "checking" accounts, but he can also have the credit card company "pull" form the accoutn instead, just not sure if that works on a savings account. Good thing for him to figure out as part of adulting!

It should be easy to link a checking account to the savings account. My daughter does that and it’s great. You won’t be late on a credit card payment if you forget .

No debit cards who does that? Financial literacy 101

Bank account checking or a savings to pay rent and utilities if needed

Credit card for all other purposes

Yes your kid pays that bill the6 are an adult
If you want to pay it for them put some money in their bank account

^ PTO ably = probably. Autocorrect is weird.

Rising junior in HS has an account at our credit union with a savings account, checking account (it’s just called that - DC doesn’t actually have paper checks), and a low-limit credit card. The limit can be raised after DC turns 17 next year. The credit union has an app and DC can see and manage all the accounts in one interface. It’s not difficult, I don’t even think of it as more than one “bank account”. Right now, because DC is a minor, I can also see all of those accounts along with my own when I log into the app on my phone, but DC only sees their own. We will PTO ably maintain that oversight for at least the first year or two that DC is in college while they learn to manage finances independently.