Checking Account for Teens

Checking Accounts for Teens

Experts encourage parents to teach kids about money management as early as possible because it’s unrealistic to expect you to magically know how once you leave school and are on your own.

You already have a Share Savings Account with the credit union – a great way to put aside money for the things you want. You may already have an ATM card, too. If you have a job or steady income (from babysitting or lawn mowing), then you may be ready for a Share Draft (Checking) Account.

The keys to successfully managing a Checking Account include:

	Understanding how checks are processed—with electronic processing, you can't count on a delay before checks clear the account. The money has to be there when you write the check.
	Knowing how to record checks in a register, read a monthly statement and reconcile the account monthly.
	Understanding there are fees for overdrawing the account and accepting the consequences if you do overdraw the account. (You may to do extra chores to pay off your overdraft fee.)

If you think you’re ready to open a Checking Account, talk to your parents or guardians. Click here to download the Share Draft (Checking) Account study guide. Then stop by the credit union with a parent/guardian to take the quiz.

After you’ve successfully passed the quiz, you’re eligible to open a Checking Account with a minimum deposit of $25. The M3 Checking Account has no monthly service charge and no minimum balance requirement.

Questions? Call us at 440-324-3400 / 800-451-6315.

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