First Checking Accounts

This entry was written by Mid-Valley Money MOM, posted on Tuesday, October 20, 2009 Bookmark the permalink. Follow any comments here with the RSS feed for this post. You can post a comment.

Being a mom of a teenager, I find some of the new territory a bit scary.  My son turned 13 in August and promptly asked when he could get a checking account.  I am a bit old school and tend to believe checking accounts are for people who have regular sources of income.  However, being a financial educator, I realize that having a checking account, in good standing, can contribute to a good credit score. 

I am interested in what other moms have done or under what circumstances did you let your child get his or her first checking account?

3 comments for “First Checking Accounts”

  1. Gravatar of #13's Mommy!#13's Mommy!
    Posted Wednesday, October 21, 2009 at 11:03:31 AM

    My parents got us five kids savings accounts at an early age and taught us to save...but checking accounts? Not until very late teen years, prob 16 or 17. I have a 14 yr old who hasn't asked this yet....

  2. Gravatar of KristaKrista
    Posted Wednesday, October 21, 2009 at 3:54:25 PM

    I was in high school when I got my first account, and I hadn't even thought about when to open accounts for my kids! Any money they get now go into their 529 college savings, but I'm interested to hear what other moms think, too.

  3. Gravatar of RachelRachel
    Posted Thursday, October 22, 2009 at 9:34:23 PM

    My children are a too young right now. However, I think a savings account is a great idea. A checking account is a lot more responsibility. I think it would depend on the child's maturity and trustworthiness. Maybe start with a savings account for a year or so and then add the checking account once credibility is established and they can show why it is necessary.

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