If you have a young person in your household earning some income for the first time, whether it's a summer job or part time employment after school, you might be tempted to put his paycheck in your own account and dole the money out as he needs it. You will probably get the argument that it's his money and he should be able to spend it the way he wants. He will most likely want to cash his checks. This could be a good time to sit your child down and discuss the rights and responsibilities that come with making money and suggest opening a checking account Asheville NC banks have to offer.
Sometimes kids have a hard time understanding what good it does them to let somebody else hold their money. Your youngster might never have written a check, and won't think he really even needs to learn how. This is where you can point out the merits of bank accounts, what the different types are, and what costs are associated with them. You'll be doing your child a big favor teaching him these lessons before he gets out in the world on his own.
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.
Even though the bank is holding his money, it still belongs to him. He can withdraw it anytime using an ATM or by going into his bank and taking the money out as he needs it. There is going to come a time when he'll want to borrow money to purchase something, like a car. He'll have to have a bank account for that.
He can go online whenever he wants to check his balance. He can pay his bills electronically. None of this will cost him anything.
With bank accounts, workers can usually have their paycheck automatically deposited on payday. You don't even have to sit in line at the bank window waiting on a teller to help you. Your money is safe in the bank because it is insured by the FDIC. Even if the bank is robbed, you will not lose any money.
There are different kinds of bank accounts depending on the individual's personal situation. You can get free checking if you maintain a certain balance. You might be able to open your account online and do all your business that way, which means you won't be charged and can transact business at any time of the day or night. Your bank might even have student accounts available with free checking with no minimum balance and some cool extra stuff.
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.
Sometimes kids have a hard time understanding what good it does them to let somebody else hold their money. Your youngster might never have written a check, and won't think he really even needs to learn how. This is where you can point out the merits of bank accounts, what the different types are, and what costs are associated with them. You'll be doing your child a big favor teaching him these lessons before he gets out in the world on his own.
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.
Even though the bank is holding his money, it still belongs to him. He can withdraw it anytime using an ATM or by going into his bank and taking the money out as he needs it. There is going to come a time when he'll want to borrow money to purchase something, like a car. He'll have to have a bank account for that.
He can go online whenever he wants to check his balance. He can pay his bills electronically. None of this will cost him anything.
With bank accounts, workers can usually have their paycheck automatically deposited on payday. You don't even have to sit in line at the bank window waiting on a teller to help you. Your money is safe in the bank because it is insured by the FDIC. Even if the bank is robbed, you will not lose any money.
There are different kinds of bank accounts depending on the individual's personal situation. You can get free checking if you maintain a certain balance. You might be able to open your account online and do all your business that way, which means you won't be charged and can transact business at any time of the day or night. Your bank might even have student accounts available with free checking with no minimum balance and some cool extra stuff.
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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