Why You Need A Checking Account Asheville NC Banks Offer
If you have a young person in your household earning some income for the first time, whether it's a summer job or part time employment after school, you might be tempted to put his paycheck in your own account and dole the money out as he needs it. You will probably get the argument that it's his money and he should be able to spend it the way he wants. He will most likely want to cash his checks. This could be a good time to sit your child down and discuss the rights and responsibilities that come with making money and suggest opening a checking account Asheville NC banks have to offer.
It might be hard at first for your youngster to understand why he should let a stranger keep his money. Check writing may be a foreign concept to him. He probably doesn't think he will even need to know how to fill one out. It is up to you, as the adult, to explain why these accounts are important, the different kinds there are, and how much it costs to have one. The financial lessons you teach your child today will benefit him later in life.
Convenience and safety are the primary benefits to banking accounts. You might point out that it's dangerous to carry large sums of cash in your pocket. Thieves know about paydays. They also know that kids tend to cash their paychecks, which makes them easy targets.
You have easy access to money when you want it by using an ATM or going to the bank and withdrawing funds. You can even write a personal check. At some point you will want to borrow money, to buy a car perhaps. To do that you will need a bank account.
He can go online whenever he wants to check his balance. He can pay his bills electronically. None of this will cost him anything.
If his workplace offers direct deposit, your kid can sign up and have his paycheck deposited automatically each payday. He won't have to wait in line at the teller window to make the deposit himself. You can ensure him that his money will be safe, even if someone robs the bank. The FDIC guarantees it.
There are different kinds of bank accounts depending on the individual's personal situation. You can get free checking if you maintain a certain balance. You might be able to open your account online and do all your business that way, which means you won't be charged and can transact business at any time of the day or night. Your bank might even have student accounts available with free checking with no minimum balance and some cool extra stuff.
You also need to explain how your child can avoid paying fees, as much as possible. You need to stress how expensive it is to overdraw and have a negative balance. The minimum balance can be important too if the bank charges a fee when he falls under it.
It might be hard at first for your youngster to understand why he should let a stranger keep his money. Check writing may be a foreign concept to him. He probably doesn't think he will even need to know how to fill one out. It is up to you, as the adult, to explain why these accounts are important, the different kinds there are, and how much it costs to have one. The financial lessons you teach your child today will benefit him later in life.
Convenience and safety are the primary benefits to banking accounts. You might point out that it's dangerous to carry large sums of cash in your pocket. Thieves know about paydays. They also know that kids tend to cash their paychecks, which makes them easy targets.
You have easy access to money when you want it by using an ATM or going to the bank and withdrawing funds. You can even write a personal check. At some point you will want to borrow money, to buy a car perhaps. To do that you will need a bank account.
He can go online whenever he wants to check his balance. He can pay his bills electronically. None of this will cost him anything.
If his workplace offers direct deposit, your kid can sign up and have his paycheck deposited automatically each payday. He won't have to wait in line at the teller window to make the deposit himself. You can ensure him that his money will be safe, even if someone robs the bank. The FDIC guarantees it.
There are different kinds of bank accounts depending on the individual's personal situation. You can get free checking if you maintain a certain balance. You might be able to open your account online and do all your business that way, which means you won't be charged and can transact business at any time of the day or night. Your bank might even have student accounts available with free checking with no minimum balance and some cool extra stuff.
You also need to explain how your child can avoid paying fees, as much as possible. You need to stress how expensive it is to overdraw and have a negative balance. The minimum balance can be important too if the bank charges a fee when he falls under it.
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When you are searching for information about a checking account Asheville NC residents can come to our web pages online today. More details are available at http://www.theoteencreditunion.com now.
posted by Vittoria @ November 04, 2018
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