If one of your kids is working, for a paycheck, for the first time, you may be tempted to deposit his paychecks in your banking account. This probably won't sit very well with your kid. He will think that he should be able to spend his money any way he sees fit. He is probably going to prefer cashing his checks each week. This could be a golden opportunity for you and your child to have a conversation about the responsibilities associated with money. You might explain the reasons a checking account Asheville NC banks can open is a good idea for him.
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.
Safety and convenience are the two biggest benefits to banking accounts. You can point out how dangerous it can be to carry a large sum of cash around with you. Most thieves know when it's payday. Kids who have just cashed their paychecks are 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.
People access their bank accounts online all the time. If you want to know what your balance is, all you have to do is go online and look. You can pay bills 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.
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.
Safety and convenience are the two biggest benefits to banking accounts. You can point out how dangerous it can be to carry a large sum of cash around with you. Most thieves know when it's payday. Kids who have just cashed their paychecks are 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.
People access their bank accounts online all the time. If you want to know what your balance is, all you have to do is go online and look. You can pay bills 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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