What's the best way to send money with a teenager on his first spring break trip?
Feb 28th, 2005, 05:26 PM
#21
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Does your son have any money of his own, a job, etc? If so, it might be a good time to help him arrange his banking services so this will all work out now and in the future.
Our son started with a passbook savings account that was not real practical for withdrawels. He now has a joint checking account with me (the joint part linking him to our account eliminated all fees for him), with his own ATM/debit/credit card. To above poster who was concerned about kid having access to their account balances - somehow this was done by bank to be a one-way link. That is, since his account is joint with me, I have access to his account but he does not have access to our account (since his name is not on that specific account). This worked for hiom at age 17 and now when he is at college.
Our son started with a passbook savings account that was not real practical for withdrawels. He now has a joint checking account with me (the joint part linking him to our account eliminated all fees for him), with his own ATM/debit/credit card. To above poster who was concerned about kid having access to their account balances - somehow this was done by bank to be a one-way link. That is, since his account is joint with me, I have access to his account but he does not have access to our account (since his name is not on that specific account). This worked for hiom at age 17 and now when he is at college.
Apr 4th, 2007, 10:05 AM
#23
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On the joint account issue - when I was a kid and through my college years, my mom's name was on my accounts rather than the other way around. Sounds like the same system Gail had with her son.
It worked out well because my mom had access to my accounts to put tution money in or whatever and she could help me learn to manage my money before I was fully out in the world.
It worked out well because my mom had access to my accounts to put tution money in or whatever and she could help me learn to manage my money before I was fully out in the world.
Apr 4th, 2007, 10:57 AM
#24
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Another vote for the joint account, separate ATM cards. You put the money in, teen takes it out. Easy peasy.
(He can also put money in when he gets a job.)
I have a well travelled teen (twice to europe in hs, a few long solo trips to visit family, now in college) and have had no problems with this system.
Apr 4th, 2007, 11:07 AM
#25
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I got my first ATM at age 16. It came in very handy during various school trips to Europe, Mexico, and Canada. Once I went away to college, it was very easy for my parents to put money in my account. Even easier for me to take it out
Apr 4th, 2007, 08:06 PM
#27
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Will US banks allow a 12 or 13yo to be on an account with an ATM card? I was going to buy my daughter a pre-paid Visa for our upcoming trip this summer, but now am thinking I should just open an account for her to use with her own ATM card.
