If the tipping point for your kids being unable to function in society is ‘I didn’t open them a checking account’, you have much bigger problems than what is on the surface…
In addition, selecting a financial institution is kind of a big choice, customers are usually very ‘sticky’ and never migrate once they have one selected, and I feel it should absolutely not be made by the parent. While the parent might still value checks, be okay with paying monthly fees, and is blissfully unaware that their bank too is selling their personal information, their child may want to go with a credit union or even something like a brokerage for the no-fee commitment, the atm-refund policy, no commission on trades, or the local 24/7 customer service; the kind that banks require you to have a quarter mil before they will answer the phone beyond 5pm EST. Not that I am speaking from experience or anything, noo, that is silly, silly-willy. (fuck you, BofA and Chase)
Also, you usually can’t get an account at all until you are 16+. They’ll laugh you out of the building.
I git my name put onto a credit card as a kid to help do things like buy groceries. After I went to college, parents had financial issues and the credit card that my name was on didn’t get paid. My credit was great except for non payment on that credit card.
So, yeah. It can be better if the parent doesn’t have to open a credit card so that a kid can buy things which require a tap and cash isn’t accepted.
Idk man it seems to make sense to me for a parent to use but to each there own.
It makes sense for a parent who values convience at the expense of everything, sure.
It doesnt make sense for parents who want their children to learn how to live independently.
If the tipping point for your kids being unable to function in society is ‘I didn’t open them a checking account’, you have much bigger problems than what is on the surface…
In addition, selecting a financial institution is kind of a big choice, customers are usually very ‘sticky’ and never migrate once they have one selected, and I feel it should absolutely not be made by the parent. While the parent might still value checks, be okay with paying monthly fees, and is blissfully unaware that their bank too is selling their personal information, their child may want to go with a credit union or even something like a brokerage for the no-fee commitment, the atm-refund policy, no commission on trades, or the local 24/7 customer service; the kind that banks require you to have a quarter mil before they will answer the phone beyond 5pm EST. Not that I am speaking from experience or anything, noo, that is silly, silly-willy. (fuck you, BofA and Chase)
Also, you usually can’t get an account at all until you are 16+. They’ll laugh you out of the building.
Just things to consider.
I git my name put onto a credit card as a kid to help do things like buy groceries. After I went to college, parents had financial issues and the credit card that my name was on didn’t get paid. My credit was great except for non payment on that credit card.
So, yeah. It can be better if the parent doesn’t have to open a credit card so that a kid can buy things which require a tap and cash isn’t accepted.