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Teens and bank accounts

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Another CE-inspired question!  Is it normal for a 15-year-old to have a bank account?  My parents had me set one up when I was around 13, and I thought that was pretty common, but CE has questioned whether it is.

Edit: And if the 15-year-olds you know don't have bank accounts, where would they keep savings of birthday and odd job/casual work money?
#1 - March 09, 2014, 03:13 PM
« Last Edit: March 09, 2014, 03:33 PM by Megan »
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Mine had savings accounts until they were old enough to have a job (16). Then they got checking.
#2 - March 09, 2014, 03:33 PM

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My kids had savings accounts at that age (5-10 years ago)
#3 - March 09, 2014, 03:34 PM
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I got a checking account at fifteen or sixteen--when I got a job. I had a savings account before that. Our daughter didn't get a checking account until she was sixteen and a half, but I would believe a fifteen-year-old character had one, as long as it felt new to her/him--maybe with starter checks?
#4 - March 09, 2014, 03:44 PM
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He doesn't need to have checks.  With a savings account in the US, can you go to a bank machine and withdraw from the account?  Or withdraw from a teller in the bank?  That's all I have him doing.

Thanks!  :)
#5 - March 09, 2014, 03:49 PM
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We gave our kids checking accounts, debit cards, checks, savings accounts when they were, I think, 8, 10, 12 and 14.  It was so cute when the 8 year old wrote her own checks to pay for books at the book fair.
#6 - March 09, 2014, 04:04 PM
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I had a passbook account from age 8 or 9 in the olden days. My teen nieces and nephews have long had accounts and babysat at age 12 or so and have had jobs from 8th-9th grade  as camp assistant counselors. Definitely have bank accounts and ATM cards.
#7 - March 09, 2014, 05:12 PM
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I think I was seven or eight when I had my first bank account.
#8 - March 09, 2014, 06:51 PM

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All of my kids (15, 13, 8, 5) have savings accounts. My older two have Amex debit cards (not tied to bank account for safety) where we can deposit their earnings. They also keep some of it in cash.
#9 - March 09, 2014, 08:05 PM

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Yup, I had a savings account that my parents set up for me as a kid. I could make deposits and withdrawals from it by going to a teller at the bank. I didn't have a checking account until college.
#10 - March 09, 2014, 08:09 PM
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This makes me wonder...could a really tech savvy teen have an account "somewhere" without having to have parental consent? Is there any way around this that a really savvy hacker-kid could get around?
#11 - March 09, 2014, 08:36 PM
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Well, there's Bitcoins cryptocurrency. They don't ask for ID.
#12 - March 09, 2014, 08:42 PM
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Heya, Megan! I'm a bank teller, and yes, a kid could go to an atm and withdraw money w/either their atm card(if the account is a savings only), or if it's a debit card(debit cards are for when there's also a checking- they then just make the selection at the atm of the cash either coming from savings or checking). And, of course, they would need to have pin # set up to use their card.
 
For withdrawals inside, they would typically be required to show ID. Most kids at that age have either permits or driver's licenses. We also accept school id's.
 
As for what LindaJoy said- if the teen was good at faking an ID to show them older, they prolly could! We require parents to be on an account until the child is eighteen. There are some exceptions if the child is 17 and will be 18 soon, and then that's up to a manager's discretion if they want to sign off on the teen being on the account by themself.
 
We do let people apply for an account online, but then they always have to come in and present their ID's and sign paperwork. If they don't do so after a certain amount of time, then the account is closed.
 
Anyhoo, some boring facts for you all there, hope it helps!  ;D   
#13 - March 10, 2014, 08:12 AM

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My kids have had accounts since they received checks - birth. These are custodial accounts. I had one as a child too.

I got a checking account when I started college at age18. I got a credit card right after that.
#14 - March 10, 2014, 08:23 AM
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I had an account set up in sixth grade.  I had it signed over to me, with parental concent, at 15 years old.  My situation with a volitile family was different than most and I moved out at 16.
 
My daughter has had one since her toddler years with only her money (mostly birthday and holiday gifts) put in it.  She is 12 and is somewhere in between 5-600 bucks.  Not a ton but it is 100% her earnings.
#15 - March 10, 2014, 09:20 AM
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Linda Joy, it's not only possible--our daughter did it. We figured out she had a credit card when packages started arriving for her.  :beating
#16 - March 10, 2014, 05:32 PM
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Ditto the debit card -- these kids may never write a paper check...as for opening accounts, it shouldn't be that imposing for a determined 15-year-old. My kid had an account on Poker Stars at that age -- until we found out and made him cash it in. Would the hurdle be that much higher for online banking?
#17 - March 10, 2014, 05:52 PM
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