What do i need to do to open a bank account and i'm a minor (15).?

Question

I want to open a bank account because I just got a really good job and I kinda need one. I know that you need a parent to sign or open one with you but I was also wondering if...

I get an atm card,

if it will cost anything,

if i will be able to deposit without my parent present

and which bank to open it at.

Can someone please help me on this?

Answer 1

you get a free ATM card with the account, or at least i did and i went with american savings bank. and you and your parents actualy fill out paperwork to be turned into the bank determining if you need your parents with you or not to make a deposite or withdrawl, or if your parents need you to make a deposite or withdrawl.

getting the account usualy (but not always) will have a 10-30 dallor activation fee, and you almost always have a minimum accaount balance (an amount of money you must have in the bank), if the account has less than the minimum balance in it you get a fee taken out of it every month until it is dry and suspended, this minimum balance is usualy 100 dollars or so.

and thats about it.

Answer 2

Go down to bank with mom and find out. All of them are different.  

Be careful with the ATM card.  Easy to spend all your hard earned $$.  Open a checking and savings.  Put some in savings each time.  It will add up fast.  Don't touch savings for at least 1 year.  you will be amazed at how much you saved and will then be less likely to spend it because you will see how hard you worked to get it there.

Answer 3

I got a checking account a year ago bcuz of school. With BB&T i did have to get a parent to go in with me and make it because i was underage (under 18). however it didn't cost anything to create the account. you do get an atm/check card, plus checks for ur account. and u can deposit money at anytime even without ur parents by just going into the bank and giving them ur account number.(or just hand them ur ID and ur Bank Card). now which bank all depends where u live and what banks are there, mostly u want a bank that u see often, but one that also has good rates? u never have to pay for ur account u just deposit and take out money really, so just go with whats convenient. unless ur looking to save ur money then u might want to research who has the best interest rates.(thats the amount of money they add to ur account over time) you will also be able to review ur account online (see how much money u have at any time, where u spent money, how much u spent) and should be able to make transfers of money between checking and saving account all without parental supervision online. u also get ur history sent to u in the mail of all the places u spent money and how much u spent, watch out for that bcuz parents are nosey and will open that.

Answer 4

take your parent to the bank ... they'll answer all your questions.

Answer 5

TODAY 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 6

You need to bring someone over the age of 18 with you to open the account with you. Depending on the bank, you may get an atm card. Cost depends on the bank, but most banks now offer a free checking account. You will be able to deposit without your parent present if that is how they sign it up for you.

Answer 7

Because you're a minor, you will have to ask an adult to co-sign and open a bank account for you. Otherwise, you will have to wait until you're 18.

1. Yes, you can get an ATM card.

2. It will depend type of account you open and the bank you choose. Most banks now will have some type of free accounts with free ATM cards. But make sure that you check all the rules  before you sign up for a no-fee checking account. Some no-fee accounts requires minimum balance or certain number of activities per month. If you dip under the min. balance or go over the # of acitivities, you will get charged a fee.

3. You will not need your parents to make deposits. But you will need ID to make withdraws (except ATM machines.)

4. I would recommend a larger national bank, wherever your parents already has their bank accounts. Because I don't know where you live, I can't recommend anything specific.

Since you're only 15, please make sure that you and your parents are aware that:

- when you go to college and are ready to apply for financial aid, any money and/or investments in your account will be taken into consideration. It could (not always) hurt your chances of getting financial aid.  So if you think you will save up alot of money before you go to college and use it for college expenses, I would recommend that you and your parents speak to a financial advisor about putting money into something else such as a 529plan.  But that's only if you will save up alot. In most cases I see, since you're 15, you will most likely spend it all before college :P