Food stamps, student checking account, HSBC?

Question

Ok, here’s my story. I am a 14 yr old that just recently got her first job. When I got my first pay check [from Chase bank], I started to think about saving up for college and what not since my family is on foodstamps. I want to open up a bank account at HSBC since that’s the bank my parent’s account is at. I want to join their student program which is called ‘student checking’. If I joined this, I think my account will affect the amount of money we receive from the government. My family is broke, so we really need the help. If I joined this student checking plan, would the government take away the food stamps? My next pay check is for about 2 and a half weeks and I’m going to make about 250 dollars. I’m really confused but I still want to start thinking about the future. Please help me! And only answer if you know your answer is absolutely true because I don’t want to do the wrong thing and make things worse for my family. Thank you so much!!

Here are the things the student checking account provides:

Student Checking Benefits

No minimum balance

No monthly maintenance fees.

No HSBC ATM withdrawal fees.

Free incoming wire transfers.

HSBC Debit MasterCard® with PayPass™ *.

24 hour access to your accounts with free Personal Internet Banking and Bill Pay.

Access to HSBC's international network

Optional Overdraft Protection

* Customer must be eighteen years or older to qualify for the HSBC Debit MasterCard® with PayPass™ Customers under eighteen years of age will receive an ATM card. MasterCard and PayPass are registered trademarks of MasterCard International Incorporated.

Answer 1

It will only affect your parents case if yours and their resources (cash, stocks, checking, savings accounts) total $2000 or more. Also your parents will need to report your income from your job but the good thing is if you stay in school the income will not affect the amount of food stamps they get, the income will be excluded, but only if you stay in school and only if they report the income. If they decide not to report the income it will show up in a couple of months on the reports the welfare office gets and they will not be eligible for the special exemption so make sure they know this so they feel ok with reporting it.  

Answer 2

Whatever is in your account will count toward the entire household's resource limit, which is $2000 ($3000 if your household includes an elderly or disabled person).  As long as the total stays below this amount then you can continue to receive food stamps.  

Answer 3

The most important thing you must do is to contact the food stamp people and make sure that your income will not be counted into the family money and effect your benefits.  As to the bank you use that really doesn't matter as much.