It’s never too early to learn about ways to protect and keep track of your money. That’s why opening your first checking account is a smart step toward building a solid financial future.
Having a checking account means having access to some great features:
- It's safer than cash. You don’t have to worry about something happening to large amounts of cash that has been stuffed in a drawer, your locker at school, or your wallet when you go out. Money in a financial institution is safe. The NCUA even insures it. And having to use a debit card or check can make you think twice before buying things you might not need.
- 24/7 access. With a checking account, you can go online 24/7 to keep track of your money. You can even monitor your account with an app on your phone.
- Accepted almost anywhere. Checking account debit cards and checks can be used almost anywhere. But while they are safer than carrying large amounts of cash, you still need to protect them from theft and know that if something happens to them you’ll need to contact your bank immediately to report the problem.
- Access to cash 24/7. With a debit card, you’ll have access to ATMs for those times you need to withdraw some money - even when banks are closed.
- No fees to cash a check. Having a relationship with a financial institution can help you avoid charges for things like getting a paycheck cashed. Places like check-cashing businesses will charge you a fee for this type of service.
Having an account can help you on your way to your financial future:
- Opening and maintaining an account helps build a relationship with your financial institution.
- It also starts a financial history, which can help when the time comes to apply for your first car loan or rent your first place.
- What you learn about managing your money today teaches financial responsibility for tomorrow.
So what do you need to do next?
- Check things out. Start by asking your parents or friends about where they bank … and why.
- Research online. See what financial institutions offer for teens. Find out if there are any fees or required minimum balances so you know about that from the start.
- Know before you apply. When you find a financial institution that meets your needs, find out what information and documents you need when you apply to open your checking account. If you’re under 18, don’t be surprised if you need to have an adult as a joint owner.
- Learn about account perks and benefits. When doing your research, learn more about things such as direct deposit if you have a job where you get paid regularly.
Once you open your account and get your debit card, you need to be a smart consumer. And – just like people who have been at this for years - there’s the possibility that someone out there could try to trick you into giving them information about your account and try to get your money.
Here are some things you should know:
- Watch your account balance. Go online and check it often. You don’t want to spend more than you have in the bank because overdrafts can result in costly fees.
- Don't be so quick to reply. Your bank will never call, email, or text you asking for personal information like your account number, personal identification number, or account user name.
- Be on the lookout for fraudsters. Don’t fall for email or text message tricks where someone tells you that you need to click on a link or call a number NOW because there is something wrong with your account. Never click on links in an unsolicited email or text message.
- If you're not sure, reach out another way. If you’re unsure about whether the message is legitimate, contact your bank directly using the information on their website.
- Keep your information safe. Don’t write your debit card PIN or any other account information down and leave it in a place where it could be easily seen or stolen.
- Protect your login credentials. If you need to use a public computer to check your account for any reason, always be sure to log out of your account before leaving that computer.
Whatever your goals are, opening a checking account now can help you get there.
Baltimore County Employees Federal Credit Union offers teen checking to help youth get started on good financial footing. Visit our Checking page to learn more or apply online.