Checking as a Learning Tool
Some parents may not consider allowing their young teen to get a checking account at all,
but there are valid reasons why it can be good for them to have one. It can teach them how
to use checks, ATM cards & debit cards responsibly while they are still under your direct
supervision (as opposed to when they go off to college and aren’t…)
Some of the factors to consider in deciding when your teen should get a checking account are:
Their level of maturity & responsibility.
Consider whether or not they are responsible for their physical belongings. Do they lose stuff?
Do they expect others to replace the things they’ve lost? Do they get their homework done
on time? Do they take care of their household responsibilities without prompting? If they
are mature enough to handle these basic areas of responsibility, chances are they can begin
to handle even more responsibility. Also consider if they have a job or other source of income.
Their financial state.
A checking account can be an excellent learning tool for a teenager to teach them the things
you wish you had known at their age. Here are some key lessons to review with your teen when
opening a checking account:
- A check or check card is not a substitute for cash
- Money ultimately comes from you earning it - either from a job or other source of income
- When a check is written, the money gets subtracted from your account (it may seem obvious to you,
but someone who hasn’t had a checking account might not understand that the checks / debit
cards are tied to an account)
- There are consequences when you overdraw from a checking account.
If you decide to allow your teen to have a checking account, you may want to start by monitoring
their statements, canceled checks, and receipts together.
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Related Links
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Questions?
Call us at 262-338-1888 or email info@ghcu4u.com
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