Kids and savings accounts and morals, oh my!
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Thread: Kids and savings accounts and morals, oh my!

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    Posting Addict Spacers's Avatar
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    Default Kids and savings accounts and morals, oh my!

    Both of our kids have a savings account at Chase, but DH is the official owner because minors can't have bank accounts. He takes each of them in to our local branch a few times a year to deposit their piggy bank money and checks from grandparents, and he has fond memories of doing the same with his grandpa, who would pull out his wallet & match, right then & there, whatever DH was depositing. DH doesn't do that, but he loves the memory! We no longer want to support Chase (see a couple of articles below) and are going to move his money to the credit union I belong to. And then DH was told that the kids' accounts at Chase can't stay open if he has no account there.

    Both kids also have a savings account with my credit union but there is no local branch. I have direct deposit, I do most of my banking online, and if I need cash I use my card at the grocery store or at a network ATM. I said, let's just move all the kids' money to their savings accounts at my credit union; when they make a deposit, we can either buy their coins for laundry money and take dollar bills to the network ATM, or keep the cash & transfer money from my checking account to their savings accounts. We can even show them online as we do the transfer. The alternative is to keep a balance of at least $300 in DH's savings account at Chase, which defeats the purpose of trying to escape from Chase in the first place!

    What would you do? Is it more important to kids to be able to walk into a bank and deposit their money with a real teller and get a receipt for it, or is it more important to take all of our money out of a financial institution that we can not in good conscience support?

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    Hmm. Could you find another local bank that would allow children's accounts?
    Rivergallery likes this.

    ~Bonita~

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    Posting Addict ange84's Avatar
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    Do your schools do school banking there, or any banks offer kids programs? When I was at school a bank had a program for school kids and I believe they still do it in some form. We used to have deposit books we took to school with our money in and put it in a bag which was collected on banking day and returned the next day.
    My Mum and I have a trust account for DS, but we don't take him to put money in yet, we just do it ourselves.
    Wendy




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    Posting Addict Spacers's Avatar
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    There are no banks in California that will allow a minor to open an account without an adult as the legal owner. There are no other banks in our neighborhood that will waive monthly fees without direct deposit, which DH can't do since he doesn't have a job, unless you lock up a chunk of money with them, which we'd rather not do. We really want to get away from big banks altogether, hence the move to the credit union. It really seems the only options are staying with Chase solely so the kids can deposit money into their accounts in a branch, or moving everything to my credit union. I just don't get his fascination with going to the bank. That's something I avoid like the plague!
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    Posting Addict GloriaInTX's Avatar
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    Maybe he could get them a reloadable VISA card and take the cash down and put it on the card. I don't know much about them so you would probably have to do some research on the fees. They might think it is kind of neat to have a debit card with their name on it.

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    Posting Addict GloriaInTX's Avatar
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    dp

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    I don't think that its a big deal to have a physical bank to walk into. Odds are that they won't be around by the time our kids are adults anyway. We just show our kids how we deposit their checks they get online into their accounts anyway, and print out a copy of their statement for them to keep in their room. Their piggy bank money does not get deposited, it is theirs to spend when it gets large enough, we do it on big events like last day of school or if we are buying gifts for other needy kids at christmas.

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    Quote Originally Posted by Spacers View Post
    There are no banks in California that will allow a minor to open an account without an adult as the legal owner.
    I am curious as to why? I would think many 17 year olds would have enough money to want a bank account.

    ~Bonita~

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    Is there another credit union nearby? Our credit union allows us to open savings accounts for kids without our accounts there. We just did it there because we love them and it's our CU. Plus it is free.
    Mom to Elizabeth (6) and Corinne (4)

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    Mega Poster mom3girls's Avatar
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    Our kids have never been to a bank to deposit money. They count the money and then we put it in. The older kids have an old fashion bank book they have to keep, for a math lesson. They like that they can get online to see their balance.
    Lisa
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