Tuesday, August 10, 2010 - 7:28 PM
Opening A Joint Account With A MinorEvantage Bank
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My 16 year old son has been working this summer and has quite a bit of cash saved up. I've been looking at online checking accounts since he uses his bank debit card often. Narrowed to this bank since they don't require bill pay or direct deposit. It doesn't look like I can open an account with/for him. Any one know if minors can be joint owners? Or if there are other high yield accounts that minors can have. (We live in Colorado). Thanks.
1 posts since
Aug 10, 2010
Rep Points: 1
2. Thursday, August 12, 2010 - 1:20 PM
I had a checking account in 8th grade and my sister was in 7th. I made sure my children had a checking account after they proved to me they could take care of a savings account and did their budget. 50% went to the bank for after graduation, 25% went to long term savings for things they might want (by the time they saved the money for something they changed their mind) and 25% went to church, spending etc.
Opening accounts for minors is a branch managers perogative. Do you have a relation with a branch? Today it isn't the banks that not give your son a checking account if it is their policy, I think it might be merchants who would not want to take a check. How about a checking account with a debit card only? Don't sign on to overdraft protection. No direct debits until he has proven he can balance his account. Make sure you explain to him about debits not posting right away.
Actually the checking account I had was my Christmas present. It was the only thing under the tree that year. My father said you girls have proven your self with your budget and now it is time to expand on that. We were at that time already babysitting and delivering papers etc. buying our own school clothes that my mom didn't make.
183 posts since
Jan 16, 2010
Rep Points: 568