Many people have decided to open one of the many free checking accounts for students that are being offered. It will teach them responsibility and help them to learn how to budget money.
You can refer to any financial expert and they will all recommend the same thing. By the time your child is 16 they should have their own money that they are responsible for and they should be banking.
Free checking accounts for students are helpful in so many ways.
Rules and Restrictions
Banks are not out to make friends they are a for profit business so although they will offer free bank accounts for students there are always some kind of catch to the deal. A good rule of thumb is to help your student to understand the terms and conditions and encouraging them to read the fine print.
Some things you can expect with free bank accounts for students are; limited transactions, restricted check writing abilities and restricted customer service options. Now these restrictions may not be true of all banks but they are some of the most common restrictions.
The penalties that are dealt when the rules and restrictions are not adhered to can be steep so it is really important that your student understands the rules and regulations. Again this can not be stressed enough the bank is a for profit institution and will very rarely waver from their fees and penalties so it is important to stay within their guidelines for management of the account.