If your youngster is working a paying job for the summer, or after school, for the first time, you will probably be tempted to have him deposit his check in your bank account so you can monitor how he uses the money. He will most likely object and argue that this is money he earned, and he has the right to spend however he wants. Most kids like the idea of having cash in their pockets. This might be the time to have a discussion with your child about how to manage money and the merits of opening a checking account Asheville NC bankers have to offer.
It might be difficult for a young person to understand how it will benefit him to let someone else hold his money. He has probably never written a check and doesn't expect to have to anytime soon. You can point out the benefits of these accounts, the different types and the fees associated with them. Teaching youngsters how to handle finances responsibly will help them avoid expensive mistakes in the future.
Convenience and safety are the primary benefits to banking accounts. You might point out that it's dangerous to carry large sums of cash in your pocket. Thieves know about paydays. They also know that kids tend to cash their paychecks, which makes them easy targets.
You have easy access to money when you want it by using an ATM or going to the bank and withdrawing funds. You can even write a personal check. At some point you will want to borrow money, to buy a car perhaps. To do that you will need a bank account.
Banking online is fast, safe, and easy. If he wants to know how much money he has in the bank, he can go online and look. He can pay any bills he has electronically.
If the company he is working for has direct deposit, he can sign up and have his money automatically transferred on payday. He won't have the hassle of waiting in line at the bank to physically deposit the money. Even if someone robs the bank, he won't have to worry that his money is safe. The federal government, in the form of the FDIC, insures it.
Banks offer different kinds of accounts to accommodate the different needs of their customers. If your kid maintains a certain balance, he won't be charged for his transactions. Accounts can be opened online. A lot of people prefer this because they can transact all their business online no matter where they are or what time it is. Many banks offer students accounts. These are specifically geared toward young people. They normally offer free checking without a minimum balance.
There can be some fees associated with these accounts, but with some planning you should avoid most, if not all, of them. You don't want to get overdrawn because that can cost you around $35 per transaction. If you don't maintain the minimum required balance, the bank might charge you a fee of $25 or so.
It might be difficult for a young person to understand how it will benefit him to let someone else hold his money. He has probably never written a check and doesn't expect to have to anytime soon. You can point out the benefits of these accounts, the different types and the fees associated with them. Teaching youngsters how to handle finances responsibly will help them avoid expensive mistakes in the future.
Convenience and safety are the primary benefits to banking accounts. You might point out that it's dangerous to carry large sums of cash in your pocket. Thieves know about paydays. They also know that kids tend to cash their paychecks, which makes them easy targets.
You have easy access to money when you want it by using an ATM or going to the bank and withdrawing funds. You can even write a personal check. At some point you will want to borrow money, to buy a car perhaps. To do that you will need a bank account.
Banking online is fast, safe, and easy. If he wants to know how much money he has in the bank, he can go online and look. He can pay any bills he has electronically.
If the company he is working for has direct deposit, he can sign up and have his money automatically transferred on payday. He won't have the hassle of waiting in line at the bank to physically deposit the money. Even if someone robs the bank, he won't have to worry that his money is safe. The federal government, in the form of the FDIC, insures it.
Banks offer different kinds of accounts to accommodate the different needs of their customers. If your kid maintains a certain balance, he won't be charged for his transactions. Accounts can be opened online. A lot of people prefer this because they can transact all their business online no matter where they are or what time it is. Many banks offer students accounts. These are specifically geared toward young people. They normally offer free checking without a minimum balance.
There can be some fees associated with these accounts, but with some planning you should avoid most, if not all, of them. You don't want to get overdrawn because that can cost you around $35 per transaction. If you don't maintain the minimum required balance, the bank might charge you a fee of $25 or so.
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