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 difficult for a young person to understand how it will benefit him to let someone else hold his money. He has probably never written a check and doesn't expect to have to anytime soon. You can point out the benefits of these accounts, the different types and the fees associated with them. Teaching youngsters how to handle finances responsibly will help them avoid expensive mistakes in the future.
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.
People access their bank accounts online all the time. If you want to know what your balance is, all you have to do is go online and look. You can pay bills electronically.
With bank accounts, workers can usually have their paycheck automatically deposited on payday. You don't even have to sit in line at the bank window waiting on a teller to help you. Your money is safe in the bank because it is insured by the FDIC. Even if the bank is robbed, you will not lose any money.
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.
There can be some fees associated with these accounts, but with some planning you should avoid most, if not all, of them. You don't want to get overdrawn because that can cost you around $35 per transaction. If you don't maintain the minimum required balance, the bank might charge you a fee of $25 or so.
It might be difficult for a young person to understand how it will benefit him to let someone else hold his money. He has probably never written a check and doesn't expect to have to anytime soon. You can point out the benefits of these accounts, the different types and the fees associated with them. Teaching youngsters how to handle finances responsibly will help them avoid expensive mistakes in the future.
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.
People access their bank accounts online all the time. If you want to know what your balance is, all you have to do is go online and look. You can pay bills electronically.
With bank accounts, workers can usually have their paycheck automatically deposited on payday. You don't even have to sit in line at the bank window waiting on a teller to help you. Your money is safe in the bank because it is insured by the FDIC. Even if the bank is robbed, you will not lose any money.
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.
There can be some fees associated with these accounts, but with some planning you should avoid most, if not all, of them. You don't want to get overdrawn because that can cost you around $35 per transaction. If you don't maintain the minimum required balance, the bank might charge you a fee of $25 or so.
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