If you have a young person in your household earning some income for the first time, whether it's a summer job or part time employment after school, you might be tempted to put his paycheck in your own account and dole the money out as he needs it. You will probably get the argument that it's his money and he should be able to spend it the way he wants. He will most likely want to cash his checks. This could be a good time to sit your child down and discuss the rights and responsibilities that come with making money and suggest opening a checking account Asheville NC banks have to offer.
It might be difficult for a young person to understand how it will benefit him to let someone else hold his money. He has probably never written a check and doesn't expect to have to anytime soon. You can point out the benefits of these accounts, the different types and the fees associated with them. Teaching youngsters how to handle finances responsibly will help them avoid expensive mistakes in the future.
Two of the biggest advantages to keeping your money in the bank are safety and convenience. You should point out the dangers of carrying a lot of cash around. Thieves know when people get paid. They also know kids with jobs usually cash checks and can be easy targets.
You can explain to your child that he will always have access to his money because ATMs are everywhere. He can also withdraw funds directly from the bank. He can write personal checks. Someday, he'll want to purchase a big ticket item, like a vehicle. To do this he will need to have an active bank account.
He can go online whenever he wants to check his balance. He can pay his bills electronically. None of this will cost him anything.
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 different kinds of bank accounts depending on the individual's personal situation. You can get free checking if you maintain a certain balance. You might be able to open your account online and do all your business that way, which means you won't be charged and can transact business at any time of the day or night. Your bank might even have student accounts available with free checking with no minimum balance and some cool extra stuff.
There can be some fees associated with these accounts, but with some planning you should avoid most, if not all, of them. You don't want to get overdrawn because that can cost you around $35 per transaction. If you don't maintain the minimum required balance, the bank might charge you a fee of $25 or so.
It might be difficult for a young person to understand how it will benefit him to let someone else hold his money. He has probably never written a check and doesn't expect to have to anytime soon. You can point out the benefits of these accounts, the different types and the fees associated with them. Teaching youngsters how to handle finances responsibly will help them avoid expensive mistakes in the future.
Two of the biggest advantages to keeping your money in the bank are safety and convenience. You should point out the dangers of carrying a lot of cash around. Thieves know when people get paid. They also know kids with jobs usually cash checks and can be easy targets.
You can explain to your child that he will always have access to his money because ATMs are everywhere. He can also withdraw funds directly from the bank. He can write personal checks. Someday, he'll want to purchase a big ticket item, like a vehicle. To do this he will need to have an active bank account.
He can go online whenever he wants to check his balance. He can pay his bills electronically. None of this will cost him anything.
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 different kinds of bank accounts depending on the individual's personal situation. You can get free checking if you maintain a certain balance. You might be able to open your account online and do all your business that way, which means you won't be charged and can transact business at any time of the day or night. Your bank might even have student accounts available with free checking with no minimum balance and some cool extra stuff.
There can be some fees associated with these accounts, but with some planning you should avoid most, if not all, of them. You don't want to get overdrawn because that can cost you around $35 per transaction. If you don't maintain the minimum required balance, the bank might charge you a fee of $25 or so.
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