Opening a savings account?

Question

my family is on foodstamps but i just got my first job and i was wondering, if i opened a saving account or wahtver account is available for a 14 yr old, would that end the foodstamps? if i were to open an account to put the money in and save up for college, would that affect the foodstamp? please only answer if you know its true.

Answer 1

THEY WOULDN'T TAKE A CHILD'S MONEY INTO CONSIDERATION.

A FEW DAYS AGO I GOT THE CHASE HIGH SCHOOL CHECKING ACCOUNT FOR THOSE 13-17. IT IS LINKED TO A PARENTS ACCOUNT. MY PACKAGE COMES WITH A VISA CHECK CARD. THERE ARE NO SERVICE FEES. ALL THE RULES APPLY WITH THIS ACCOUNT EXCEPT IF YOU OVERDRAFT IT IS TAKEN FROM YOUR PARENTS. SO BE CAREFUL. IT CONVERTS TO A FREE CHECKING ACCOUNT WHEN YOU TURN 19.

http://www.chase.com/ccp/index.jsp?pg_na...

Answer 2

You can only open a savings account with a parent or guardian on it with you and only they can withdraw the money you deposit into it.

You would be called a principle non signer, which means you can cash your check against the account, but any deposits you make can only be withdrawn by your parent. The money is meant for your benefit and when you turn 18 the account changes & makes you the primary account holder.

This can not be used against your parents. Since the account is set up to be used for the minor's benefit it usually reports under their social security number.

Answer 3

They would never count a childs money as parental income.  However, it used to be that kids your age and even younger would give most of the money, if not all of the money they earned to their parents when the family was in financial straights.  Just a suggestion you might think about.

Answer 4

they do count all monies coming into a household.i should know. i have had food stamps before. but also what you don't tell them they wont know. you can open a savings account for yourself and still be on food stamps. more than likely you aren't earning  a grand salary anyway so there's nothing to penalize you with. and i applaud you with wanting to save. you will have to have an adult on the account for you so that's a little issue. try your extended family that you trust to help open the account. that way your mom is not on it and doesn't have to account for the money.

also when time to go to school getting food stamps will help with getting financial aid. you will definitely qualify for a pell grant based on need. i had that too. just do good and don't mess it up as i did.

and help out with family but help yourself first. that way you will be alright.