016 The Basics of Checking Accounts

Why is it important to start a child's financial education early?

• To make them knowledgeable and responsible with money

• To teach them how to open a checking account

• To limit their access to money

• To encourage them to spend all their money

What feature do checking accounts for kids often offer?

• Parental controls and oversight

• Unlimited ATM withdrawals

• No minimum balance requirement

• Access to credit cards

How can parents help their child establish a banking and credit history?

• By utilizing banks with teen programs

• By giving them a large allowance

• By opening a savings account

• By teaching them how to write checks

What is a joint account?

• An account owned by multiple people

• An account for kids under 16 years old

• An account with no fees

• An account with unlimited ATM withdrawals

What should parents determine once they have chosen a checking account for their child?

• How the child should use the account

• How much money to withdraw at the ATM

• How to endorse a check

• How to read a bank statement

Why is it important for children to learn how to fill out a check?

• It is still a necessary skill

• It helps them save money

• It allows them to use a debit card

• It helps them monitor their accounts

What should children do when they receive a check as a gift?

• Endorse the check, fill out the deposit slip, and complete the transaction at the bank

• Use the check to buy something immediately

• Keep the check as a souvenir

• Give the check to their parents

What should parents teach their child about online and mobile banking?

• How to use the features available with the account

• How to avoid using online and mobile banking

• How to withdraw money from an ATM

• How to write a check

What should children learn from their bank statement?

• How to read and understand it

• How to deposit money

• How to endorse a check

• How to use a debit card

Why should children be aware of the danger of overdrafts?

• To avoid spending more money than they have

• To earn interest on their savings

• To use the mobile deposit feature

• To open a joint account