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Posted on: November 30, 2018 at 8:54 AM
Categorized in: Checking Accounts

Why Your Teen Needs a Checking Account

If you have a teenager hounding you for their own checking account, you’ve already heard all the ways it would make their life easier. But what’s in it for you? As it turns out, a lot!

For many teens, having their own checking account is less about making their parents’ lives easier, and more about their personal freedom. But MIDFLORIDA’s teen checking accounts have features that benefit both the teen and the parent!

Nice and easy

Eliminate the need to hand over allowance in cash by quickly and easily transferring funds directly into your teen’s account through online banking. And don’t worry—teen accounts have no minimum balance requirement. So, if allowance is ever revoked as a punishment, you won’t get socked with fees when their account runs low.

Goal diggers

Teens who learn how to responsibly manage their money become financially independent adults. By giving them the opportunity to practice budgeting and develop healthy spending habits during their formative years, you’re increasing their chances for success later in life. You can concentrate on meeting your own goals—early retirement, anyone?—the sooner your child achieves financial independence.

Preventing overdrafts is one way that MIDFLORIDA’s teen checking accounts help force them to spend responsibly. If your child doesn’t have enough funds in their account to cover a purchase, their transaction is declined. They learn an embarrassing lesson and you’re both saved the pain of an overdraft fee.

Get the ball rolling

Are you convinced yet that your teen needs their own checking account? If you think your child is up for the challenge, visit a branch near you or start the process of opening their account online.