How You Can Open A Bank Account For Your Child

Saving AccountCredit: Free Stock Photos

Most important projects normally take several steps to accomplish. Most rewarding projects take time, demand a good number of basic steps plus consistent effort and hard work especially when it comes to children. To succeed you have got to prepare well, set clear objectives, work effectively and persevere. It can often feel like a full time job raising children and making decisions that benefit them. One thing your children should know is how to run a bank account.

Here is how one can open a bank account for their child just using five easy steps.

Step 1. Collect all the information on your child including a birth certificate, social security card, and/or proof of residency, passport, etc. The reason why this is important is that the bank will ask for these things to open an account. Do not refrain from or forget about this or you will not be able to open the account.

Step 2. Make sure you have all of your information as well. This step is often overlooked and usually makes opening an account impossible. The reason the bank needs both you and your childs information  is to make sure you are who you say you are and the child is yours.

Step 3. Have at least 25 dollars to deposit. The reason why is  most banks require you to make a minimum deposit of $25 when opening an account. Additionally you will want to decide whether or not you will be opening a savings account or checking account. If you open a savings account than you will need $300 dollars for the deposit.

Step 4. Prepare yourself to be at the bank for more than 30 minutes. I have a 3 year old and it is difficult keeping him occupied for 3 minutes so come prepared; snack, toys, etc. To break that down into some more detail, I would have a snack, drink, and some toys just in case it takes awhile.

Step 5. If you are opening a savings account or checking account, ask to be joint if you want your child to be able to access account or ask to be the primary on the account if you want you child to not withdraw money with out your permission. Moreover, it helps you keep track of what your child is doing with his/her bank account and also gives you a way to teach them.

At last, if you follow the above mentioned steps conscientiously, you can expect to succeed and experience that success along with the fruits it brings! Now smile and enjoy the rewards you have won! Most people never take this step for their children.

In case you got off track and failed to go by the above advice, ah well, that is life, I suppose. Not all succeed, just those that really are determined to.