HI...I'm 13 and am wanting to know a bunch about banks and me...

Question

Hi.I have a few questions about bank accounts.I was wondering that if I opened up a bank account,how much money I would have to put in it and how much I would have to KEEP putting in it like each month or whatever to not have fees to pay...the minimum you have to put to not pay fees each month or something like that.And I was wondering if I could get a credit card and use it.At all.If I can get a credit card,do I need a parent's permission or signature or whatever everytime I want to spend it.I live in Illinois if that helps.And can I get checks?Like if I want to use a check to spend...do I have to have a parent's signature too?Can I get paypal if I have an account or do I also need a credit card?thanx in advance...

Answer 1

Legally speaking, you can open a savings account, and nothing else without the help of an adult.  You shouldn't have to pay any fees to open an account.  As for checking accounts, typically $100 minimum to open the account, and no other deposits are required to maintain the account.  Avoid banks that charge any fees.  Plenty of banks offer free checking.  

The only way you can use a credit card is to be listed as an authorized user on someone else's account.  Credit of any kind cannot be offered to anyone under the age of 18.  

Paypal requires a credit card to set up an account.  

Tread lightly, your questions sound as if you're up to something that will turn out badly for your parents.....

remember, they are ultimately liable for any scam you are part of, and careless use of credit could land both you and them in big legal trouble.