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Opening first checking accounts! Audrey and Owen have been using Greenlight (and Busy Kid) cards for the past couple years but we decided it was time for actual checking accounts. We opted to open them up at @Fifth Third Bank because we already have a couple accounts there so it will make transferring funds and helping them manage their new accounts easier. While there we also opened and connected new savings accounts for each of them so they can easier transfer between their accounts, on their own. Here’s what you need to know: 💰 The minimum age for a checking account is 13. 💰One parent is added onto the account to help manage it. 💰No minimum opening deposit and no minimum balance required. 💰 The option to have overdraft coverage or not. (We opted for no overdraft coverage and for transactions to simply be declined if the funds are not available) 💰 The entire account is accessible through the app so they can stay on top of their money situation. 💰Link savings accounts so they can transfer money on their own starting at 16. From 13-16 the parent on the account will have to approve transfers from savings to checking. 💰 You have the option to open secured credit cards to begin building their credit before they even turn 18! It was a really easy process and we appreciated the time the personal banker at our branch took to explain it all to our kids. Definitely worth the learning to actually go into the branch to set up the accounts! Now that we know we can open accounts at 13 we won’t wait to open a checking account for Everett once he turns 13 this fall. Financial literacy | homeschool | homeschooling | unschool | unschooling | life learning #financialliteracy #raisingteens #parentingteens #homeschool #homeschooling #unschool #highschoolhomeschool #financialeducation #fifththirdbank #fyp #homepage #parentingtips #homeschooltips #wholesomefamily
Duration: 51 sPosted : Thu, 28 Mar 2024 13:50:57Views
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