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.
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.
Banks offer different kinds of accounts to accommodate the different needs of their customers. If your kid maintains a certain balance, he won't be charged for his transactions. Accounts can be opened online. A lot of people prefer this because they can transact all their business online no matter where they are or what time it is. Many banks offer students accounts. These are specifically geared toward young people. They normally offer free checking without a minimum balance.
A lot of bank charges can be avoided with some planning. You should explain to your child how important it is not to get overdrawn. The bank will charge about $35 a transaction if you have a negative balance. If there are minimum balance requirements, and you dip below them, it could cost about $25.
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.
Banks offer different kinds of accounts to accommodate the different needs of their customers. If your kid maintains a certain balance, he won't be charged for his transactions. Accounts can be opened online. A lot of people prefer this because they can transact all their business online no matter where they are or what time it is. Many banks offer students accounts. These are specifically geared toward young people. They normally offer free checking without a minimum balance.
A lot of bank charges can be avoided with some planning. You should explain to your child how important it is not to get overdrawn. The bank will charge about $35 a transaction if you have a negative balance. If there are minimum balance requirements, and you dip below them, it could cost about $25.
About the Author:
When you are searching for information about a checking account Asheville NC residents can come to our web pages online today. More details are available at http://www.theoteencreditunion.com now.
No comments:
Post a Comment