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 hard at first for your youngster to understand why he should let a stranger keep his money. Check writing may be a foreign concept to him. He probably doesn't think he will even need to know how to fill one out. It is up to you, as the adult, to explain why these accounts are important, the different kinds there are, and how much it costs to have one. The financial lessons you teach your child today will benefit him later in life.
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.
There are a number of different kinds of accounts banks offer their customers. They can offer free checking for customers who maintain certain balances. Online accounts give you the ability to conduct all your banking business online at your convenience. A student account is perfect for young people who usually maintain low balances. Banks offer them free checking and other perks.
You also need to explain how your child can avoid paying fees, as much as possible. You need to stress how expensive it is to overdraw and have a negative balance. The minimum balance can be important too if the bank charges a fee when he falls under it.
It might be hard at first for your youngster to understand why he should let a stranger keep his money. Check writing may be a foreign concept to him. He probably doesn't think he will even need to know how to fill one out. It is up to you, as the adult, to explain why these accounts are important, the different kinds there are, and how much it costs to have one. The financial lessons you teach your child today will benefit him later in life.
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.
There are a number of different kinds of accounts banks offer their customers. They can offer free checking for customers who maintain certain balances. Online accounts give you the ability to conduct all your banking business online at your convenience. A student account is perfect for young people who usually maintain low balances. Banks offer them free checking and other perks.
You also need to explain how your child can avoid paying fees, as much as possible. You need to stress how expensive it is to overdraw and have a negative balance. The minimum balance can be important too if the bank charges a fee when he falls under it.
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