Bank Account Rules For Your Kids.

Bank Account Rules For Your Kids.

1. Full parental access for their accounts until they turn 18 years.

2. Know their PIN - As times change kids can now easily change their PIN, make sure you are aware of their PIN all the time.

3. Make them aware that they can not share their PIN with anyone else.

4. Set rules on when/where the card or account can be used. This is where you educate them between a need and a want so that they can only use the funds when it is necessary.

5. Review the accounts together, either weekly, bi-weekly or monthly to know their spending habits.

6. Once the savings reach a certain amount, invest the funds in an account that earns interest. Take advantage of time and compound interest.

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