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  1. #31
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    Quote Originally Posted by GloriaInTX View Post
    Seriously to me that wouldn't be worth the trouble of keeping up with an account that has $13 in it. I'd rather just open one when it was actually needed.
    What trouble is involved? You don't really have to do anything.
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  2. #32
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    Quote Originally Posted by GloriaInTX View Post
    Seriously to me that wouldn't be worth the trouble of keeping up with an account that has $13 in it. I'd rather just open one when it was actually needed.
    Ummm...I didn't open them with $13 in them. I can't close that specific one because it is joint with her father and me. We both have to agree to close it or to take his name off. Thus, since he also has access to the money, there is $13 in it. When she receives birthday and Christmas money she deposits it into her other account. Also, I transfer both girls' allowance in to their bank accounts that they have debit cards attached to. It's automatic so I don't even have to remember and I never have cash to give them.

    My mom has an account for them too. $25 per birthday and Christmas, $5 for Valentine's Day and Easter is $60/year. $1000 over 18 years isn't a bad.

  3. #33
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    Quote Originally Posted by freddieflounder101 View Post
    What trouble is involved? You don't really have to do anything.
    No? It doesn't require going down to the bank to open the account, then keeping up with statements for years for an account that is not being used? I just don't see the point. If you don't use it how is that gaining them any practice in having a bank account? Just the fact that they have an account somewhere in their name that you opened for them magically teaches them how to manage money? If the kids are using the account and putting their money in it I can see having one... but just opening an account and sticking $10 or something in it for 10 years makes no sense to me.
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  4. #34
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    Quote Originally Posted by GloriaInTX View Post
    It was his very first job and he was still in high school. He hadn't needed one before that. They paid him by debit card so he was fine with that while he had that job. He wasn't working that many hours anyway since he was still in school so it wasn't a lot of money. He got a checking account by the time he started his next job. Sorry I just don't think that is so strange.
    Can I ask what happens if the card is lost or stolen or skimmed? Or if there is a double-charge or other mistake (running it as $122 instead of $12). Does he have the same recourse?
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  5. #35
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    Quote Originally Posted by GloriaInTX View Post
    No? It doesn't require going down to the bank to open the account, then keeping up with statements for years for an account that is not being used? I just don't see the point. If you don't use it how is that gaining them any practice in having a bank account? Just the fact that they have an account somewhere in their name that you opened for them magically teaches them how to manage money? If the kids are using the account and putting their money in it I can see having one... but just opening an account and sticking $10 or something in it for 10 years makes no sense to me.
    Actually, ING has been entirely online. Opened the account online, got a $50 bonus for opening the account, and never once had to mail, fax, or take any paperwork to a brick and mortar building. Come to think of it, the nearest branch of my bank is about 100 miles away. Haven't been to an actual branch since July of last year.

  6. #36
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    Quote Originally Posted by ethanwinfield View Post
    Can I ask what happens if the card is lost or stolen or skimmed? Or if there is a double-charge or other mistake (running it as $122 instead of $12). Does he have the same recourse?
    Honestly I don't remember. He didn't have that job for that long and it was probably 5 years ago.
    Mom to Lee, Jake, Brandon, Rocco
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  7. #37
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    Quote Originally Posted by GloriaInTX View Post
    No? It doesn't require going down to the bank to open the account, then keeping up with statements for years for an account that is not being used? I just don't see the point. If you don't use it how is that gaining them any practice in having a bank account? Just the fact that they have an account somewhere in their name that you opened for them magically teaches them how to manage money? If the kids are using the account and putting their money in it I can see having one... but just opening an account and sticking $10 or something in it for 10 years makes no sense to me.
    Nope. You can do it online. I'm not sure what effort "keeping up with statements" requires....typing something into a website?

    Look, if it served no purpose for you then good on ya! For me as a kid growing up, I would save my money and put it into my account. (And that was back when there was no internet or online or even bank machines initially!)

    Anyway I have always found it useful, which is why my kids have accounts. Right now I "manage" them and they are linked to ours and the kids aren't learning anything from them. But managing them, for now, means receiving statements or checking online. No real effort whatsoever. I move money into them from time to time from my account, which I can do through an app and it takes about 2 minutes.
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  8. #38
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    Quote Originally Posted by freddieflounder101 View Post
    Nope. You can do it online. I'm not sure what effort "keeping up with statements" requires....typing something into a website?
    My son is a little older. Online banking has progressed a lot in recent years. 5 years ago I wasn't even managing my own checking account online.
    Mom to Lee, Jake, Brandon, Rocco
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    Granddaughters Kylie 10/18/2010 & Aleya 4/22/2013


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  9. #39
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    I go to the bank, like never. Money goes in, bill payments come out, statements come electronically. The only time I ever go is when I get my medical expense reimbursement cheques in the mail. I can opt for direct deposit on those too, just haven't yet. I suppose we will have to go when our mortgage is up for renewal. Actually, our mortgage lady came to our house when we signed last time.

    Also, I remember a story about a bank tracking down some distant relative of a guy who had a little bit of money in an account for a couple hundred years or something like that, maybe a few hundred bucks. Except by the time the bank found the account and tracked down the living relative the balance was in the millions of dollars, all thanks to the interest that had compounded. I am going to do that - stash maybe a thousand bucks in an account - like a time capsule. Maybe it will be worth a fortune in another two hundred years and my decendants will be set up nicely for a while.

  10. #40
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    Quote Originally Posted by GloriaInTX View Post
    My son is a little older. Online banking has progressed a lot in recent years. 5 years ago I wasn't even managing my own checking account online.
    I know! I still remember standing in line at the bank to cash checks & whatnot. Now I don't ever, ever go there. I used to only go there to get foreign currency or travelers checks when I traveled and now you don't have to do that either! 3 cheers for progress.
    Laurie, mom to:
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