Getting your child a checking account with a debit card is a good idea at some point, but when do you know the right time? Here’s what to look for.
Back in the day, I got a paper paycheck every Thursday from my employer. It was a highlight of the week, for sure. What wasn’t fun was depositing my check. I had to scoot directly from work, arriving at the bank minutes before it closed.
If I ran late, it meant waiting two more days before I could make a deposit. Then I had to stand in line with everyone else on Saturday morning. I definitely had better things to do.
My kids got theirs at age seven! But as a teacher of personal financial management, I am a bit fanatical about educating my children. Here are some things to consider when deciding when to open a checking account for your children.
As a result, financial institutions are cutting out their free debit card rewards programs or attaching fees to them. The following financial institutions eliminated debit card rewards or ended new enrollment last year.