I thought I was going to go down to amegy bank and open up a checking account for my 14 year old with a check/debit card to go with it. I was told they only offer savings accounts for anyone under 17 with a ATM card.

That does me no good, I want to be able to move money into kids account so she can use when she is out and needs food, wants to buy something etc. One of her friends parents use greenlight which looks like it charges $5 a month which seems dumb.

What else is out there?

https://www.capitalone.com/bank/checking-accounts/teen-checking-account/

historyrepeats said:

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https://www.capitalone.com/bank/checking-accounts/teen-checking-account/

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I was just looking at that...do you use it?

classof2019 said:

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historyrepeats said:

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https://www.capitalone.com/bank/checking-accounts/teen-checking-account/

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I was just looking at that...do you use it?

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Some family friends of ours do and they have liked it. I believe there is a max spend per day on the teen side, so might want to look into that.

Make it a joint account with you/daughter and only put her name on the checks.

This is what we did for me ~30 years ago - in fact, we added my grandmother so that the account would get the "Senior Citizen" perks (free checks, interest bearing on a lesser balance, etc.)

I didn't have any problems with this method until I attempted to purchase a house and the underwriters wanted to know why I had my account set up this way.

Ezra Brooks said:

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Make it a joint account with you/daughter and only put her name on the checks.

This is what we did for me ~30 years ago - in fact, we added my grandmother so that the account would get the "Senior Citizen" perks (free checks, interest bearing on a lesser balance, etc.)

I didn't have any problems with this method until I attempted to purchase a house and the underwriters wanted to know why I had my account set up this way.

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They wont allow it, or atleast amegy bank wont. It has to be a savings account to have her on the account which then you can only get a atm card.

I use Akimbo, but when I go to their website now it is all about organization card management. I don't know if they don't offer the card for individuals anymore (?). I still use it with my kid, and it's great. The $ is available for him immediately, so it is great in a pinch (I'm sure there is a holding period if you transfer a lot, but under $100 is always available immediately). You can also turn off access to the kid card anytime you need to or if the card goes missing.

I use Wells Fargo's Teen Checking account for some of my grandchildren. Works great for what you describe.

We just opened up accounts at Bank of America for our kids. ATM card but no checks. No fees either. Called a student account or something and linked to ours so we can transfer and monitor easily.

T Durden said:

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We just opened up accounts at Bank of America for our kids. ATM card but no checks. No fees either. Called a student account or something and linked to ours so we can transfer and monitor easily.

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This is what i did a few months ago after getting advice from many on here. Has worked out perfectly.

What good does a ATM card do? I want her to be able to use it at chic fila or buy a movie ticket.

I don't want her pulling cash from a shady ATM machine or getting fees.

Its a debit card with access to ATM if cash is needed.

The loaded card info in Apple Wallet and away they went.

Edit. Plus we showed them all the fees for not using a BofA ATM machine. Some good conversations actually. Good change of pace from all the other bull crap ones.

Or you get them an Ally account and no fees for ATM's.

Even better lesson!

Debit cards are also Credits Cards. My kids had them for their HS and College Years. We bank at Chase

I should probably find something like that and change myself as well, but since I don't get charged any fees for anything I haven't been motivated.

We do just what you desire with BofA, although I really don't like BofA. Our teen has an account with a debit card. Her account is linked to ours so we can transfer money into her account from our mobile app or online and the transfer happens immediately. You can transfer money out of the account in the event of a lost or stolen card. It works really well.

Amegys plan is just a ATM card, it is not a debit card that can be used at stores...or at least that is what they told me.

A debit card would be fine if its also an ATM card. I will check out BofA although that capital one program at the top of this thread does the same thing. I dont bank at BofA so may not be as easy to transfer money.

understood. ATM fees were a bigger deal to me back in the day, but I maybe "pulse" money (remember those?) once a month at most anymore.

Correct. My kids loaded their card on Apple Pay so no need to Pulse (i still say it too). Plus as far as I know they aren't hitting the strip clubs or buying weed so no real need for cash like their old man.

We have had joint checking with Bank of America for years and pay zero fees. We were able to add kid's accounts that sit "under" ours and we pay no fees there for anything (monthly, ATM, etc.) App works great as well and the kids can see just their account.

Chase has the same for teens. Have one for my oldest with his own debit card. Free too

We have Ally Bank custodial accounts for my young kids which include debit cards.