Piggy Bank: How to Open a Bank Account
Doing new things can be intimidating and for many young people, walking into a bank to open a bank account could be one of those things. Luckily many have older people in their lives who are there to assist in taking these things on. But I recently discovered that when we do research on our own and then come out successful on the other side, there is a sense of pride and ownership that develops. (My situation involved a shelf falling and paint spilling everywhere but nonetheless, I was thrilled with myself when I cleaned it up on my own without prior knowledge.) So, while you are there to help a young person or as a young person, you will seek the help of a trusted adult to open a bank account, knowing the steps may give you more confidence when approaching this step life.
You will want to make sure you have needed items with you when you go to the bank. They usually require two forms of current identification, one of which must be a government-issued identification form that bears a photo. And of course, you will need money to deposit; sometimes there is a minimum deposit so it would be smart to call and find out what the minimum is prior to going. A parent or guardian must accompany someone under 18 (19 in Nebraska, according to our sourced article at handsonbanking.com) and usually should have the two forms of identification too. Since some opening a bank account for the first time do not have a photo ID, ask your bank which forms of ID (identification) they do accept. Some of these forms of identification could be a birth certification, immunization record, student ID or social security card.
If you have additional questions, you should reach out to your local bank professionals, after all they are there to assist you! Taking this first big step in one’s financial future is exciting but with it comes responsibility of managing money so it would be a good idea to sit down with your young one at least once a month to review their check book/ balance so they understand where their money is being spent and as they save, commend them for doing so!