NO Savings Account unless you're 18 or over?

[Mizmoon]

I had my first checking account when I was 15-years-old. It was good because by the time I was an adult I knew exactly how it all worked.

I decided to do the same for my daughter but when I brought her into the bank I was told, in rather incredulous, condescending tones I might add, that "She can't have an account. She's not 18."

No checking account. Okay, I can understand that. But no savings account either. And no joint account with me. She's just plain not old enough to have any kind of bank account at all according to these people.

When did this happen?

[bleedingheart]

1. both my kids are under 10 and they have savings accounts

the accounts are held in trust through me...and they qualify for no penalty type savings because they are under 18 and therefore don't have to meet the minimum balance requirements that exist for adults.

[radwriter0555]

2. Then join a credit union and switch all your banking there. The rates and

benefits are countless.

Of course my daughter has a savings account and a debit card, in my name for now... but in trust for her.

Credit unions RULE.

[7th_Sephiroth]

3. take your bidness elsewhere

[SCDem]

4. I'd check more into that

check at another bank or check that bank meaning ask further up in the chain. That is absurd.

A child can get a paper route job as early as 11 years old .... where do you think they keep there money.

[tjwmason]

5. Is that law or policy?

There are tons of bank account over here targetted at under 18s - precisely so that they're ready and able to use them when they enter the big-wide-world.

No overdrafts under 18, or other forms of debt (except in special cases where the parents give guarantees) - but loads of account.

[havocmom]

6. All the kids in my town have savings accounts

Get a new bank! They are handing you bullshit.

All one needs to open an account is $$ and a Social Secrity number.

Edited to add: Many of the 10 year olds have checking accounts too.

[Worst Username Ever]

7. You should be able to with a co-signer.

A minor cannot sign a contract. Someone over 18 has to co-sign for them.

[joeybee12]

8. I must have been in the first grade when they started us with a savings

account...we brought in like a nickle every week or something like that.

Your teller sounds like a morAn.

[Wickerman]

9. My kids have had accounts for years

and the eldest just turned 14. I agree with above posters - go to your Credit Union. They have loosened rules enough that almost anyone can find a way in and they will open a joint account for any of your kids. Plus, they tend to save a lot on service costs. CU's are not for profit.

[uppityperson]

10. My credit union has me as secondary on child's account

Seems like this is a normal thing. Go to another bank or credit union.

[Left Is Write]

11. I've never heard of such a thing. All of my children are under 18

and they all have accounts (including my name as the adult).

I had a checking account in my own name without my parents' names on it when I was 17.

[Renew Deal]

12. Find a different bank

I had one when I was 16. That was 12 years ago. I know there are some other changes under the patriot act, but I didn't think that was sone of them.

[SoCalDem]

13. You just have to be the "main" person on the account.

My minor kids had accounts opened by ME ..but they could not open them in their own names because they were minors..

[LeftyMom]

14. Can't have been too long ago

I got a checking account in my teens, my younger sister got one in her teens. I'm thinking of getting Leftykid a savings account sometime in a year or so, and I don't imagine the credit union will give us a problem. He's four but he's learing about money.

Oh, my sister and I have been authorized users on my father's bank account since she was in diapers and I was in kindergarten. That way he could cash our birthday checks from relatives without hassle and when we got older we took deposits to the bank for him.

[Nite Owl]

15. Might depend on the bank

Before my sons were 18 they had savings accounts but they could only put money in, I had to sign to take money out for them. No checking until 18 unless they had a job and a paycheck to deposit. Think they had to be near 18 even for that though.

[miss_kitty]

16. Teaching them to spend it all at an early age

I'd call the branch manager and ask about that. Maybe you got a new person who was applying credit card rules to savings accounts. I cannot imagine a bank turning down money-no matter how small the amount or the age of the depositor.