Bank account/banking card for minor

[krayziebone33]

Hello everyone,

I am very interested in teaching my 12-year-old little sister the value of money, namely the difference between spending and saving. I would also like to teach her how to balance an account and how to use a debit/ATM card. My question is are there currently any banks, or even independent entities, that would allow me to open a joint account with her so I can begin to show her how to manage an account or debit/ATM card? I lived with a roommate who was able to get a debit card and he had his money direct deposited onto it every pay period, but it was not tied to any banking institution. I never found out how he was able to obtain such a card. Can anyone help me? Thanks in advance.

[cicy33]

I don't know of any bank where you can get a minor a checking account but why not open a small one in your name and just not use if for yourself and then when she is old enough you can close it and have it reopened in her name. You may be able to get a joint account and just have her name on it. Not sure though.

[Taribor]

Maybe try a credit union instead of a bank. Here is what USAA offers (and I think you get to write three checks per month, obviously the adult in charge of the account:



"Teen Checking and Savings let you start your teen on the path to financial responsibility.

With a USAA Teen Checking account, teens get automatic ATM fee refunds and a free debit card, and they can even make deposits from home.
A USAA Savings account pays interest while teens save up to buy things they want.
my.usaa.com — A website designed exclusively for teens where they can transfer funds, make deposits from home, and view their account statements online.

USAA also offers financial education in its award-winning quarterly youth magazines and free podcasts developed specifically for teens."



This is just my credit union, but I'm sure many others offer similar programs.

[krayziebone33]

Maybe try a credit union instead of a bank. Here is what USAA offers (and I think you get to write three checks per month, obviously the adult in charge of the account:



"Teen Checking and Savings let you start your teen on the path to financial responsibility.

With a USAA Teen Checking account, teens get automatic ATM fee refunds and a free debit card, and they can even make deposits from home.
A USAA Savings account pays interest while teens save up to buy things they want.
my.usaa.com — A website designed exclusively for teens where they can transfer funds, make deposits from home, and view their account statements online.

USAA also offers financial education in its award-winning quarterly youth magazines and free podcasts developed specifically for teens."



This is just my credit union, but I'm sure many others offer similar programs.

This sounds like exactly what I was looking for. I thank you for posting this information.

[safari]

Check out Young Americans Bank. It offers checking, savings, debit and ATM cards to kids 12+.

[krayziebone33]

Check out Young Americans Bank. It offers checking, savings, debit and ATM cards to kids 12+.

Many thanks to you as well. I will look into them too. My mother and I are going to start giving the 12-year-old a weekly allowance and I want to teach her how to use that money to her advantage and how to manage it so she gets the maximum out of whatever we give her while still getting what she wants. Again, I appreciate the link.

There appear to be quite a few fees associated with Young Americans Bank, but I don't think its anything that we cannot manage.

[markio26]

your 12 yr. old sister is very blessed to have you helping her with her savings and management... you sound really concerned and will be a great example for her to follow... way to go.......

[NYChamps]

Bank Account

You can get a prepaid Visa card at any Ace Express location.

This card allows direct deposits to be made onto it.

Regarding a bank account. You don't say your age, but my son (16) was able to open his own account at Sun Bank. All he needed was his state ID.

Hope this helps.