1. Choosing a Bank
When you choose a bank, there are a many criteria you will want to look at
Position
Number of branches
Ease of access
The position should be accessible to your home, but also have enough branches so that- in the case of an exigency you can get to your bank.
I opened an account with Elevations Credit Union when I was attending CU Boulder. It was accessible and credit unions are really great to bank with. still, after I graduated and moved, there were no branches around me, which made effects veritably inconvenient. I ended up opening an account with US Bank since they’re in about every King Soopers, where I do my grocery shopping.
This is especially important with kiddies because you do not want them to have to drive too far just to bank.
Also, ease of access into the branch is important. I flash back having a Norwest( now Wells Fargo) account, and getting in and out of the bank’s parking lot was terrible. I had several near- miss auto accidents and dreaded indeed going to the bank.
2. Checking or Savings Account
As you will learn in the unborn composition about saving and budgeting, there should be an account that’s used for saving and investing.
This means that it’s important to have BOTH a checking and savings regard.
The reason a checking account is important, is so that kiddies can learn how to write checks, and have a designated spending account away from a designated savings regard.
Checking accounts are important for paying bills( be it online or via correspondence) and will give kiddies the occasion to learn how to write checks. Indeed if check jotting is not as current as it formerly was, it’s still important.
I was shopping one day and realized I forgot my portmanteau, which had my credit cards and cash. I started to horrify because I demanded some food. Fortunately, I keep a couple of checks in the auto and was suitable to save myself by writing a check. they still come in handy!
3. freights & minimal Balances
Some banks have freights to have an account and others don’t. Obviously get the bone that does not since your sprat should not have a huge account. Likewise make sure there is not a minimal balance or a veritably small($ 10 or lower) minimal balance.
Just as important is how overdrafts are handled!
When I was in council, it noway failed my peers( who had not learned how to balance an account) would routinely spark their overdraft protection and the hefty freights that went on with it.
They would look at their balance online and it would show$ 10. also they’d check it again a many days latterly and it was at$ 30.
It was the magical growing bank account; and they noway wondered where the redundant plutocrat came from. Until the end of the month when they had over$ 200 in overdraft protection freights!
I would suggest NOT getting overdraft protection and rather making darn sure they can balance their account( which we’ll cover in a unborn composition).
4. What About a disbenefit Card?
Then is my studies on kiddies having disbenefit cards it makes it much, much harder to balance the bank account while making it much easier to overspend and run into trouble.
Are ATM machines accessible? Yes, but I’ve noway formerly used one in my entire life. Part of tutoring kiddies life chops is to educate them to be prepared. I keep an redundant$ 10 in cash plus a many checks in my auto. It wouldn’t bother me if it got stolen.
still, stay at least six months after opening their account so they can learn” the old fashioned way” and understand how the disbenefit card affects their account when they actually start using it, If you are determined that your sprat gets a disbenefit card.
