Student Checking Account

You would have to open the account with your name on it as well as his since he is a minor. Why exactly were you turned away?

Fire is correct. We recently opened one for our son at First Southern Bank.

why a brick and morter? online banks offer "free everything" accounts these days with no minimum balance.

I opened one for my son at Compass many years ago. It was under my name, but is issued to him with a card and checks. I can manage it online, seeing what he spent and make surehe is keeping tabs on it. So far there have been no problems. It also allows you to transfer money to their account if they get in a bind and need some help (tuition, books, etc when they get to college).

quote:

Originally posted by teyates:
I opened one for my son at Compass many years ago. It was under my name, but is issued to him with a card and checks. I can manage it online, seeing what he spent and make surehe is keeping tabs on it. So far there have been no problems. It also allows you to transfer money to their account if they get in a bind and need some help (tuition, books, etc when they get to college).

Teyates,
No offense to your children but for some this may not be a great idea since it is in your name are you not liable for the account?

Yep....but you have to sign for anyone under 18 I believe. Besides the fact that I am responsible for it gives me the right to keep tabs on it, making sure he does not bounce a check, reminding him to keep a watch on it, and lets me monitor his spending.
He has had it for over 5 years since, he was in high school, and it has never been a problem. He seems to be pretty responsible thus far, so hopefully when it is fully in his name, things will go as smooth.
It is a seperate account number, not from my account, but can be linked by the bank to me so I can access it thru my account software.

quote:

Originally posted by Firedancer:
You would have to open the account with your name on it as well as his since he is a minor. Why exactly were you turned away?

Sun Trust said he needed to be 18. I dont mind being on it with him and being responsible. The reason I want a local brick and mortar is so that he can learn the banking process in general, I use online banks, but they arent always that convient either.

You have to be at least 18 in order to sign a contract. Minor Savings accts, for example, it is set up for the minor, but they are unable to withdraw any funds available until they are 19 or the parent says that it is okay.

Both my daughters had checking accounts before they were 18. I can see how a bank would be reluctant to give a 12yo an account, though.

You might try First Metro. They are local, and very helpful.

As stated, you shouldn't have a problem just adding him to an account (even setting up a separate one) that you are primary. There's no way you are going to get a bank/credit union to let him have it in his name alone because they couldn't hold him responsible since he's not old enough to sign/full understand a contract. My son has a checking/savings/debit card and I have it linked to my account so I can transfer money if needed. So far so good! I have only had to transfer allowance thus far. :-) Good Luck -

Yankee, your first mistake was thinking a 12 yr old could get an account without your name being on it. Second mistake was going to Suntrust because obviously they didn't take the time to explain it to you or you wouldn't be on a public forum asking advice. You did get good advice here but most of it is common sense.

Minor's under the age of 15/16 cannot: A) sign a contract & B) be verified under CIP regulations (which falls under the BSA-part of the Patriot Act) since they do not have a State issued driver's license. They can get an account with a parent's name on it assuming the minor has a valid SS# that the parent verifies. The State of AL says a person is a minor until they are 19 so until they are that age they cannot have a checking/savings account on their own.

It should be noted that although in other states a person reaches the age of majority at 18, it's actually is 19 in Alabama, and 21 in Mississippi and DC. Even if Suntrust stated 18, you'll still need to be there to sign off for it.

quote:

Originally posted by HIFLYER2:

quote:

Originally posted by teyates:
I opened one for my son at Compass many years ago. It was under my name, but is issued to him with a card and checks. I can manage it online, seeing what he spent and make surehe is keeping tabs on it. So far there have been no problems. It also allows you to transfer money to their account if they get in a bind and need some help (tuition, books, etc when they get to college).

Teyates,
No offense to your children but for some this may not be a great idea since it is in your name are you not liable for the account?

Yes, they would be liable for the account, but are parents not liable for everything their children do?

Good to hear that you are teaching him by letting him do it himself. Understanding how our economy works is the only thing that will save it......

Our bank wouldn't let my daughter either. So, she has a savings account, and when it gets to $500.00, it gets put into a CD. I did have her name put on the last checks that I ordered online, just because the bank said I couldn't. HAHA. I haven't let her try to cash one yet though.

quote:

Originally posted by Dade Quimby:
Yankee, your first mistake was thinking a 12 yr old could get an account without your name being on it. Second mistake was going to Suntrust because obviously they didn't take the time to explain it to you or you wouldn't be on a public forum asking advice. You did get good advice here but most of it is common sense.

Yankee? Just to be clear, I indended to be on the account, I didnt care if I was the primary or secondary (so I could transfer allowance) but they were not willing to give him a debit card with his name or issue checks in his name.

You can get checks with your name & his on it. The debit card will have your name on it but as long as his name is on the account, he can use it. I would be finding another bank.

quote:

Originally posted by Dade Quimby:
Yankee, your first mistake was thinking a 12 yr old could get an account without your name being on it. Second mistake was going to Suntrust because obviously they didn't take the time to explain it to you or you wouldn't be on a public forum asking advice. You did get good advice here but most of it is common sense.

I can't help but to LOL on this one!

quote:

Originally posted by unclegus:

quote:

Originally posted by Dade Quimby:
Yankee, your first mistake was thinking a 12 yr old could get an account without your name being on it. Second mistake was going to Suntrust because obviously they didn't take the time to explain it to you or you wouldn't be on a public forum asking advice. You did get good advice here but most of it is common sense.

I can't help but to LOL on this one!

ditto.

Did they say it was a law? Our 14 year old has a checking account. Our names are on it too, but not on his checks or debit card, so it appears to be his own, but we can help manage it. Sounds like that's what you intended. I think SunTrust handed you a line. Good thing you have so many "helpful" people on this forum.