Teenagers need bank accounts

November 14, 2012 in Best of Both, Finances, teenagers, traditions by MyBestofBothWorlds

My younger daughter Kristen recently had a  milestone birthday, she is now an official teenager.  With this big birthday, comes a BIG trip compliments of my Mom, her Gramma.  They are going to go to Alaska this summer, just the two of them, just like her older sister Kaitlyn did over five years ago when she became a teenager.  Since this is now tradition, so is opening a bank account to begin the process of saving up so she will have spending money on this fantastic trip.  In my opinion, teenagers need bank accounts to teach them the importance of saving, the value of finance and having a goal.  I saw first hand the great sense of personal satisfaction and accomplishment demonstrated by my older daughter, when she purchased her own lap top and used the money from her savings account.

Kristen was excited about going to the bank and opening the account.  We were a bit delayed due to Hurricane Sandy and the Nor’easter, but none-the-less made the time this past weekend to visit our local branch office.  Once we were called to the customer service area, I explained the purpose of our visit and the customer rep was great, she addressed Kristen directly, introduced herself and even shook her hand. Beverly our rep, explained the process to Kristen and asked Kristen the required information to complete the documentation.  Kristen produced her school identification and presented a check that she was given by her aunt and uncle as a gift.  Beverly explained why it was so important for teenagers to have bank accounts and the options that were available in terms of interest with a passbook saving vs. a statement saving account which gets mailed on a quarterly basis.  Kristen wasn’t familiar with the term quarterly statement and Beverly explained how the statement would be mailed to our home every three months.

Beverly then walked Kristen through the appropriate way to complete a deposit slip and how to properly endorse a check.   She then explained what steps she would take to make a deposit or a withdrawal in the future, by standing on line, waiting for a teller having ID and completing the appropriate paperwork. While Kristen was excited about getting her own account she was a bit apprehensive about having to be the point person and the one doing what had to be done.

At the conclusion of our transaction, Kristen stood up thanked Beverly and extended her hand, it was a very proud Mama moment for me.  That’s my girl!