Credit Card and Checking Accounts for Teenagers... not like the old days!

   / Credit Card and Checking Accounts for Teenagers... not like the old days! #11  
We started both our Grand Daughters with a $100.00 checking account with a debit card when they turned 16 years of age. We intend to do the same with the two Grand Sons when they reach that age. We told them to use the debit card for emergencies. We also told them if they wanted to add more money, until they got a job, they could help their Grandmother for extra money, or help me outside. So far - So Good.
 
   / Credit Card and Checking Accounts for Teenagers... not like the old days! #12  
ultrarunner said:
Some of our new meters only take plastic... no more coins.

I might be because some of the meters charge $6.00 an hour for parking...
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I have never seen any parking meters in County, not even downtown Yanceyville. I have traveled all over this County, and I haven't seen any Parking Meters anywhere. If they are around, I must have missed seeing them. We're lucky in that aspect.
 
   / Credit Card and Checking Accounts for Teenagers... not like the old days! #13  
creekbend said:
We started both our Grand Daughters with a $100.00 checking account with a debit card when they turned 16 years of age. We intend to do the same with the two Grand Sons when they reach that age. We told them to use the debit card for emergencies. We also told them if they wanted to add more money, until they got a job, they could help their Grandmother for extra money, or help me outside. So far - So Good.
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That sounds like a good plan. They will develop some self-restraint about spending money, and probably have a sense of not wanting to let down the people who entrusted them with a responsibility.
 
   / Credit Card and Checking Accounts for Teenagers... not like the old days!
  • Thread Starter
#14  
creekbend said:
I have never seen any parking meters in County, not even downtown Yanceyville. I have traveled all over this County, and I haven't seen any Parking Meters anywhere. If they are around, I must have missed seeing them. We're lucky in that aspect.
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The $6 an hour meters are in the SF Bay Area... mostly, there are little kiosk every block or so where you buy time and place the slip on the dashboard... doesn't work too good if you dive an open Model T Speedster as I do on ocasion...

The problem with the old style meters is they needed to be emptied too often with the higher rates and a lot were simply stolen with pipe cutters.

Good deal on the accounts for the Grandkids...

I got my nieces and nephew set up with the credit union... had to get Mom in and then she sponsored the Grandkids...
 
   / Credit Card and Checking Accounts for Teenagers... not like the old days! #15  
the way I understand it, the reason you have to be 18 to open your own checking acct is thats the legal age to be bound by a contract. I have no problem with that.. We opened an account for my daughter when she turned 17, we had it closed after she had signed up for gym membership with automatic withdrawal. After her 12 month contract was up, they still kept withdrawing and the bank said they could not stop it ?? I' was WT%? So we had her close her account.

Just before she started Nursing school, she found she couldn't get a loan, since she had a "thin " (no) credit file, so I got a CC with her name from one of my accounts, Checked her credit last week and after only 6 months of carrying her on My cc account, she has a 649FICO.:thumbsup:

I try my best to teach the kids about their credit score. Sucks, but it is one of the most important #'s you will deal with in life. I've been up and down, good deals and bad deals, good credit is hard to beat.

The problem my kids had at 1st, was being able to see the Debit cards as cash, hurts allot more when you pull out "green" to pay for items. One of the biggest sale angles the CC companies did to me was, (trying to sell me card reader for the business) advertising the fact of Credit cards induce " impulse buy's".
 
   / Credit Card and Checking Accounts for Teenagers... not like the old days! #16  
Banks don't give toasters away for opening an account anymore either........I haven't had toast since 1971!:D
 
   / Credit Card and Checking Accounts for Teenagers... not like the old days!
  • Thread Starter
#17  
Unless you are an emancipated minor by decree or marriage... there is little that can be done if the items purchased are not considered necessities... food, shelter, clothing.

I guess we were just impressed the Bank Manager was willing to stick his neck out for my minor brother and told him as much...

Same with a checking account...

It is often said kids grow up too fast... might be true in some ways... certainly not the case across the board.
 
   / Credit Card and Checking Accounts for Teenagers... not like the old days!
  • Thread Starter
#18  
jerrybob said:
Banks don't give toasters away for opening an account anymore either........I haven't had toast since 1971!:D
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I did get a DVD player by opening an account... then at tax time the bank sent me a separate interest statement for $130 on it... the deal is Best Buy sold the same identical unit for $79
 
   / Credit Card and Checking Accounts for Teenagers... not like the old days! #19  
ultrarunner said:
I did get a DVD player by opening an account... then at tax time the bank sent me a separate interest statement for $130 on it... the deal is Best Buy sold the same identical unit for $79
Click to expand...

I hope you told them where they could put their dvd player!:2cents:
 
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