How to Help a Teen Open a Bank Account
Parenting Tips for Teaching Business Etiquette and Life Skills
Nov 16, 2009
Teenagers are reaching important milestones that are full of opportunities for making decisions in an adult world. When teens open a bank account, they can learn life skills and business etiquette that will help them feel and be self-sufficient. The parenting tips below will help parents plan ahead so that teenagers can learn and practice life skills when they open a bank account.
Parenting Tips to Help a Teen Choose a Bank
Many parents think that the bank that is best for them might also be best for their teenager. But the opposite may be true. Parents can teach teens how to shop around for the best banking product that fits a teen’s needs. Parents can explain that banks are similar to mall stores. Banks all offer similar, but different sales promotions for their products. Some banks offer free checking accounts to teenagers and other banks do not. Parents can suggest that teens visit bank websites before making decisions about where to open a bank account.
Location can be an important factor that will help a teen choose a bank. Are the bank locations and ATM locations close in proximity to where a teen works, lives and goes to school? It’s best for teens to manage their bank deposits and withdrawals. Some parents make the mistake of encouraging a teen to choose a bank that is convenient for the parent instead of the teen. If the bank is convenient for a parent, the parent may get in the habit of doing bank business for teens that teens can be doing for themselves. One of the most important parenting tips to remember is that teens do not learn life and decision making skills if parents rob them of the opportunity to do so.
ATM withdrawal fees, cost of checks and overdraft fee protection may also be factors to consider when a teenager is making decisions about banking.
How to Help a Teen Prepare to Open a Bank Account
Parents can help a teen learn and practice life skills from opening a savings or checking account by preparing a teenager ahead of time. A great way to prepare a teen is to ask a list of questions and tell him or her to go on line to a bank website to find the answers.
Parents can ask the following questions:
- "How much money do you need to take with you to open a bank account?"
- "What type of identification do you need to take with you to open a bank account?"
- "How old do you have to be to open the account by yourself?"
- "Do you need someone to co-sign on your account?"
Parenting Tips to Help a Teen Answer Questions at the Bank
Another one of the best parenting tips is for parents is to ask questions to check for understanding and to help a teen practice answers he will need to say at the bank. This way, teens will be making decisions ahead of time and feel confident during discussions at the bank. Although a parent may want to do most of all of the talking to bank employees, a teen will get to practice business etiquette and feel successful if a parent stands back and lets the teenager speak to the bank teller and account manager.
Before going to the bank, parents can ask a teen some of the questions that will likely be asked by a bank account manager:
- "What kind of account would you like to open?"
- "Who will co-sign for your account?"
- "What is your social security number? How will you be making your deposit today to open your account?"
Business Etiquette to Open a Bank Account
Before going to the bank, a parent can help a teen practice simple business etiquette like making eye contact with the bank teller and account manager and speaking slowly and clearly. Parents can demonstrate how an introduction should be done and when to shake hands.
Parents can also explain that it is not customary to shake hands with a bank teller or while doing business over a tall counter, but that meeting with an account manager over a desk is usually done with introductions and a handshake at the beginning and with a handshake and thank you at the end. Although these business etiquette gestures seem commonplace to parents, many teens have not had opportunities to practice these skills and appreciate simple explanations.
Parenting Tips to Help a Teen
Helping a teen open a bank account does not mean making decisions for a teen or doing things for a teen that he or she can do. Although teens may struggle with decisions such as which bank to choose, parents can best teach life skills to teens by not making decisions for them. When teens say “I don’t know” and look at a parent for an answer, parents can reply with empowering statements such as “This is your decision” and “Do you need some time to think about it?” A teen may need more time for decision making than parents think.
When a teenager is ready to open a bank account, parents can plan ahead to teach life skills and simple business etiquette. Parents can help teens experience success by following the parenting tips above that explain how to break down a large task into learning several different life skills.
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