What you guys think of this idea?

[ballmode]

For the kids.

Think of it in a variety of ways. Kids have debit cards, but their parents are the only ones who can put money into it. Let's say a kid has a job, that money can go into their account direct deposit but the parents still see the transactions.

A parent can take his/her money and deposit it into their child's account.

Many examples include:

Allowence

Emergency money at just a phone call to mom/dad

or perfect for gifts

It would help kids manage money since they get online alot and could see their account more often.

Any thoughts/opinions?

 

[mugs]

What you describe is basically a joint checking account.

 

[jlee]

Sounds like a typical joint checking account, except that (AFAIK) most banks won't allow a minor to have a checking account..

 

[mugs]

Originally posted by: CadetLee
Sounds like a typical joint checking account, except that (AFAIK) most banks won't allow a minor to have a checking account..

Not sure about that, I got one the summer before I started college, and I was 17 when I started college.

Visa also has their VISA BUXX card that is like what the OP describes except you can't do direct deposit I think.

 

[randomlinh]

Originally posted by: CadetLee
Sounds like a typical joint checking account, except that (AFAIK) most banks won't allow a minor to have a checking account..

err.. my sister has one @ 16 w/ my mom. I'm pretty sure it's fairly common, I knew quite a few people who had them back when. I think I had one too actually.. ha.. I can't remember.

 

[ZetaEpyon]

Originally posted by: CadetLee
Sounds like a typical joint checking account, except that (AFAIK) most banks won't allow a minor to have a checking account..

It's not a regular joint checking account. I had a custodial checking account which was essentially joint with my mom when I turned 16.

 

[TallBill]

Originally posted by: ZetaEpyon

Originally posted by: CadetLee
Sounds like a typical joint checking account, except that (AFAIK) most banks won't allow a minor to have a checking account..

It's not a regular joint checking account. I had a custodial checking account which was essentially joint with my mom when I turned 16.

Ditto. I was working though too.