Setting up a savings account

Question

I'm 17 and I've gotten my first job. I would like to set up a savings account and get direct deposit. I have a few questions:

1.) Would I need to have my mom come with me to set up my account? I already have my ID, social security #, and birth certificate. I don't see why she would need to come.

2.) Can I even get direct direct deposit with a savings account?

3.) Do I need to put money into it when I first get it so they wont close it?

Feel free to mention anything I will need to know, as well. :]

Answer 1

Seems like you are being very proactive.

1. Anyone under the age of 18 is considered a minor and cannot be held liable for losses associated with the account. This is why in most cases (not all) banks will require an adult to named on the account.

2. Yes. You should be given a starter kit when you open the account that contains withdrawal slips and deposit tickets. You can use one of these in place of a voided to check to provide to your employer for direct deposit. If they don’t give you one, be sure to ask for you rounting number.

3. Most savings accounts typically have a minimum opening amount and minimum daily balance. So a minimum amount you must open the account with and an amount you must have in the account at all times to avoid a fee. Be sure to get both of those, plus what the fee would be if you go under.

One more thing to consider, because you are opening a savings not a checking, you will most likely have withdrawal restrictions. The law says no more than 6 times and I have seen as little as two times. If you withdraw from your account more than that for the month, they can charge you. Find out how many withdrawals you are allowed and the fees for going over.

Regards