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No More Student Checking????

September 3rd, 2009 at 07:12 pm

My DD#3 (the car shopper) is opening a checking account, but she is only 17. And apparently there is no such thing as a student checking account, at least not like there used to be. She can't open any kind of account on her own until she is 18, I have to open the account and put her on as a co-signer. It seems that if a minor goofs around and costs the bank a bunch of money for NSF or other charges, they have no way to legally collect from a minor. (heavy sigh) What happened to the part where the parents lifted your loafers if you did something stupid with your bank account, or anything else? Well, at least she can get a good deal, every bank in town (that's 3) has totally free checking now. She also has a small savings account, but if you access it more than 5 or 6 times a month, then you pay a fee. Her employer is going to direct deposit only for their payroll, saves them money I'm sure. More paperwork for me tho.

3 Responses to “No More Student Checking????”

  1. campfrugal Says:

    We had the same problem with Banks for my 17 yo daughter, but found that our local credit union would open a checking for her. Might want to try that.

  2. Patrick (Toyguy 1963) Says:

    A long while back my nephew had the same problem. But I was really proud of myself cause as they were telling us he couldn't get an account on his own, one of the women that work at the bank walked by and told them that she knew me and give us whatever we want. So I felt
    important for once and my nephew got to open his account.

  3. Jerry Says:

    I was going to suggest the credit union route, as well... or if you have any military relations you might be able to go through USAA. We do banking and insurance through them and they are free for a lot of stuff. I hope that you are able to lead your daughter in the right direction and find a good account!
    Jerry

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