Back to School: Setting Up Your Child’s First Checking Account
Back-to-school season is one of the busiest times of the year for families. But it’s not just about shopping for school supplies – it’s also an ideal time to introduce older children to banking with their own accounts. Origin Bank is here to help you bolster your student’s financial literacy so they’ll be ready for financial independence. Here’s how you can get started:
1. Open an Origin Bank student checking account. Origin Bank’s student checking account is easy to set up and offers great value. Registrants get all of the perks of our Simple Checking Accounts without the $8 monthly service charge. Students between the ages of 18-25 will need to present a valid high school or college ID, though students under 18 aren’t required to do so in order to open a student checking account. Student checking comes with the entire Origin experience – free mobile banking, mobile deposits and mobile payment capabilities, along with 24/7 customer support and personal bankers available to assist with their individual financial needs. (Note that minors will need to have an adult with them to sign on the account, and the minor’s parent or legal guardian will need to sign a form to certify the child’s social security number.)
2. Explain personal banking basics. A personal account is also an opportunity for children to learn basic banking tasks, such as how to fill out checks and deposit slips. At this stage, you can also begin to talk to your kids about expenses and budgeting so they can learn how money is gained and spent and how debt works. To make the process easy, you can use Origin’s Personal Financial Management Tool to build a budget and create a plan for savings.
3. Reinforce healthy financial habits. Once you’ve opened a student checking account for your student, it’s time to reinforce those healthy financial habits. Most importantly? Saving. Help them set goals, and then let them see the time and work needed to meet those goals. Then, they can enjoy the satisfaction of watching their money grow.
Children who learn about banking early become money-wise adults, and parents play a vital role in educating their children about finances. One key component of this process is introducing your kids to student checking accounts. Not only will they gain firsthand experience with basic financial literacy, they do so with the comfort of a trusted guardian to guide them.
Visit Origin.Bank to learn more or stop by one of our convenient banking center locations with your child and let our team of trusted advisors help get them started on the road to good financial health.