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Some parents may not consider allowing their young teen to get a checking account at all, but there are valid reasons why it can be good for them to have one. It can teach them how to use checks, ATM cards & debit cards responsibly while they are still under your direct supervision (as opposed to when they go off to college and aren’t…) Some of the factors to consider in deciding when your teen should get a checking account are:

Their age. At least in the U.S., a teen can’t have “signing privileges” on an account until they are at least 13. This means that 13 is the absolute minimum age at which a checking account could even be considered. And until they are 18, it’s you — the adult — that is ultimately responsible.

Their level of maturity & responsibility. Consider whether or not they are responsible for their physical belongings. Do they lose stuff? Do they expect others to replace the things they’ve lost? Do they get their homework done on time? Do they take care of their household responsibilities without prompting? If they are mature enough to handle these basic areas of responsibility, chances are they can begin to handle even more responsibility.

Their financial state. Do they understand what a checking account IS, and what having one (and an ATM or debit card) means? Have they taken classes or spent time with you learning about handling money? Do they have a job or other source of income? Do they understand what happens if they write a check or make a withdrawal and they don’t have enough money in the account? (It may seem obvious to you, but someone who hasn’t had an account might not understand that the bank will let them spend more than they have — they’ll just be charged for it.) If the answers to all of those questions are yes, they are probably able to handle a checking account.

If you decide to allow your teen to have a checking account, you may want to start by monitoring the statements, canceled checks, and receipts together. You’ll likely need to be a signer on their account as well.

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