will banks give debit cards to 16 year olds?--update

[SparklyUnicorn]

In their own name...from their own accounts?

 

Just wondering.  I'm taking my kid to a credit union today to open up an account.  Worst case I'll have to put it in my name too because I'd like him to have a debit card.

 

--

 

I had to be on the account.  No big deal.  I won't have a card or anything.  DS was ok with that.  I suppose I could have tried another bank, but this place had good terms for someone without much money, and it's nearby. 

 

 

Edited January 22, 2018 by SparklyUnicorn

[Sharpie]

I believe they will as they allow 16 year olds to open their own checking account.  I opened a checking account for my younger child but had to put my name on the account, which was my desire, and a debit card was offered. 

 

[BlsdMama]

Our credit union does.  Call them and ask what they need to set it up.  I have to be on her account until she's 18 but it isn't a big deal.  She's had a debit card since she was 14ish.  Needed a picture ID though.

[Julie Smith]

My boys got debit cards on their accounts a few years ago.

 

They are currently 12 and 13.

 

They didn’t need a picture or anything. I didn’t ask for one, they got it as part of opening a bank account.

Edited January 22, 2018 by Julie Smith

[SparklyUnicorn]

Ok cool.  He does have a non driver ID so he is set there.

 

 

[Jaybee]

Both of our boys have had one for several years. It is linked to our account, so when we go online to check ours, we can see theirs as well. It makes it easy to transfer, as well.

[foxbridgeacademy]

Regions does, DS's account is under ours but it's still in his name and he has his own debit card.  His checks get direct deposited.

[HomeAgain]

DS got his when he was 14 or 15.  He started with a savings account and the for his birthday he got a checking account with a debit card (we give privileges as the main birthday gift).  The bank had a special child's account where limits were set (no overdraft).  When he turned 18 it automatically converted to a regular checking.  We are still listed on the account so I use it to put money in for college expenses, but he can't transfer money from/to our accounts because he is not listed as an account holder on those.

[EKS]

Our bank did.

[Lady Florida.]

Our credit union would only do it if either dh or my name was also on it, until ds turned 18.

[ashfern]

Our credit union did but our name is also on the account.

[Pawz4me]

Our boys had checking accounts with debit cards when they were 12 or 13.

 

ETA: The checking accounts were set up in their names but with me as custodian.

Edited January 22, 2018 by Pawz4me

[regentrude]

My kids had no problems opening checking accounts at 16 in their own name, with debit cards.

[Wilma]

DS got his when he was 14 or 15. He started with a savings account and the for his birthday he got a checking account with a debit card (we give privileges as the main birthday gift). The bank had a special child's account where limits were set (no overdraft). When he turned 18 it automatically converted to a regular checking. We are still listed on the account so I use it to put money in for college expenses, but he can't transfer money from/to our accounts because he is not listed as an account holder on those.

I would love to hear more about this giving of privileges as birthday gifts!

[SparklyUnicorn]

I just want to say props to all of you for helping your kids this way. One of the best things my parents did for me growing up was get me a checking account, debit card, and a credit card when I was 16, along with teaching me how to responsibly manage it. I started my life out with established credit, never got into cc debt, never needed a co-signer for a car or anything, and was so much further ahead that a lot of my friends who had no credit, then got in over their heads with credit cards being waved in front of them on college campuses. And it was all thanks to my parents doing that in high school. :)

 

Yeah my parents never did this for me.  I didn't have trouble figuring it out, but I would have liked having SOME help and so I am trying to be helpful.

[BlsdMama]

I don’t think most of our parents did. It wasn’t popular. I had a checking account with paper checks but no debit card. I’m sure my parents had an ATM, but I remember them writing checks. It’s more of a comment on current and past times than parenting decisions I think. ;)

[Sharpie]

I just want to say props to all of you for helping your kids this way. One of the best things my parents did for me growing up was get me a checking account, debit card, and a credit card when I was 16, along with teaching me how to responsibly manage it. I started my life out with established credit, never got into cc debt, never needed a co-signer for a car or anything, and was so much further ahead that a lot of my friends who had no credit, then got in over their heads with credit cards being waved in front of them on college campuses. And it was all thanks to my parents doing that in high school. :)

 

It has been a challenge where I live to find a financial institute that will issue checking accounts to minors, even with a parent on the account.  I was able to do it for my then, 14 year old, but I went back to this same credit union to open one for his younger sibling and been told they have changed their policy and no one under the age of 16 can open a checking account even with a parent.  I have called around to so many local financial institutions and so far am batting zero.  I would love to have all my kids have checking accounts long before they are 16 to learn how to handle money and ledgers, etc.  It is something I saw when I worked in the financial world as a huge need. 

 

My parents gave me a substantial allowance by the time I was 14 and I was expected to handle that money to pay for clothing, personal hygiene supplies, entertainment money, etc.  It was an excellent tool for me to learn how to budget, save, and provided a priceless life skill.  I'm forever grateful. 

[SparklyUnicorn]

I don’t think most of our parents did. It wasn’t popular. I had a checking account with paper checks but no debit card. I’m sure my parents had an ATM, but I remember them writing checks. It’s more of a comment on current and past times than parenting decisions I think. ;)

 

No my parents literally never helped me with any practical matter.  I filled out my own financial aid forms, did my own taxes, opened up my own accounts, pursued what I needed to get a driver's license....etc etc....

 

Maybe I'm spoiling my kids.  LOL

[Carol in Cal.]

Both of our boys have had one for several years. It is linked to our account, so when we go online to check ours, we can see theirs as well. It makes it easy to transfer, as well.

Yes, this is the main way that we provided money for food in college (DD lived in a dorm apartment so she had to do all her own food shopping.)

[Garga]

Mine got his at age 14 when he got a job.  They probably allow them sooner, but he didn't have enough money before then to make an account worth it.

[HomeAgain]

I would love to hear more about this giving of privileges as birthday gifts!

 

Not to go too off track here....

When oldest ds was little we wanted to find a way to mark the years that was more meaningful than gifts.  Every year the kids pick what they want to do that day, then the year is marked with a new privilege and a new responsibility.  It's everything from being able to ride their bike outside alone to a watch, cell phone or a bank account or email address...things that show that they are old enough to handle it.  At the same time, a new responsibility is given - checking in at intervals, taking care of making appointments, picking out and paying for their own lessons/clothes/necessities.  Often, if we give a gift, it ties in (like the year ds19 got his checking account, we doubled his usual allowance to start him off).  DS7 will receive a bigger gift with his privilege this year when he turns 8: getting to leave the street when he rides and getting a larger bike to replace his outgrown one.  At the same time, he will have the new responsibility of passing safety lessons and taking care of his bike himself - adding air to tires, putting it away, and using a combination bike lock for when he visits friends.

It's just an easy way for them to feel like they are growing up.  And slowly but surely we transfer autonomy to them so when they are adults they're a little more confident than I was when I started out.

[AppleGreen]

My two oldest both have debit cards and their own accounts. Like someone said upthread, it is linked to our account, so we can see activity. It useful to have it linked to our account because one of our children is saving up for something, and it is easy to transfer the money of the account into ours when milestones are reached.

 

 

[Ottakee]

You can have it set up so that it will NOT give you the overdraft protection, etc. I told them that if there isn't enough money I want the card denied.....so we aren't stuck with lots of fees.

[Mimm]

Some will. I had to call a few places before I found one. My kids bank at a different place than we do, and I want to switch over our accounts to my kids' place.

[Lanny]

Well here in Colombia they will. However, the Debit card DD had, when we went to the USA in 2016 didn't work there. She tried it in a number of different ATM machines. And, probably to pay for things she was buying once or twice.  She may go to the USA in June so thank you for reminding me that if she does, we need the bank to issue a debit card that is good in the USA and not just here in Colombia.