A parent’s guide to Teen Checking
Watching your children grow up is both exciting and a little scary. One day they are learning to tie their shoes, and the next they are asking for the keys to the car. As they gain more independence, teaching them how to manage money becomes an essential life skill.
It isn’t just about giving them an allowance anymore. It is about helping them understand how to save, spend, and track their funds responsibly. A teen checking account is the perfect tool to guide them through these important lessons while providing a safety net.
What is Teen Checking?
Teen Checking is a specialized account designed for kids and teens between the ages of 10 and 17. It gives your child the chance to learn the ropes of money management in a safe, supervised way.
With this account, your teen gets their first introduction to using a debit card, reading monthly statements, and managing their balance. It allows them to experience the freedom of having their own money while you remain involved to offer guidance and oversight.
About the account
How to open
Opening a Teen Checking account is a milestone you will experience together. Because your child is a minor, you cannot open this account online. You will need to visit a branch together to get everything set up.
Both you and your teen must be present since you will both need to sign the account opening documents. This is a great opportunity to introduce your child to the friendly staff at your local branch and show them that banking is a personal experience.
What documents do I need to bring?
To open the account, your teen needs to provide one of the following forms of identification:
- Valid unexpired state-issued learner’s permit or driver’s license
- Valid unexpired passport or passport card
- Valid unexpired state ID card
- Current year school picture ID card and a copy of their Social Security card
What happens when they turn 18?
Your child won’t stay a teen forever. When they turn 18, their account will automatically convert to our First Rate Checking account. This transition allows them to start receiving the benefits of a full adult checking account without the hassle of closing one account and opening another.
Will I still be a joint owner?
It is important to remember that as a parent, you are required to be a joint owner on the account until your minor turns 18 years old. Although the account will change from Teen Checking to First Rate Checking, Webster First does not remove joint owners from accounts. This means you will remain on the account until it is closed, unless you choose to remove yourself. This policy ensures you can continue to support your child’s financial journey for as long as needed.
How to sign up for online banking
In today’s digital world, knowing how to manage money online is just as important as balancing a checkbook used to be. Setting up online banking allows your teen to check their balance on the go and helps you keep an eye on their spending.
Follow these simple steps to get started:
Go to our website
Visit websterfirst.com and press the Sign Up button. Select Personal Online Banking from the options.
Fill out the application
Complete the online banking application using the primary account holder's information, which is your teen's details.
Link the accounts
Once the application is approved, you'll need to link your account with theirs to monitor their account activity and transfer money.
Two ways to link accounts
1.
If you are already a valued Webster First member with your own online banking profile, you will need to call our member service center at (800) 962-4452 or visit a branch to create a connection between your online banking profile and your child’s.
This type of connection will give you the ability to transfer money instantly into their accounts from your own. Perfect for emergency funds or allowance payments. You can even set up recurring transfers so they receive their allowance payments weekly or monthly.
2.
If you don’t have your own online banking account, access to the account can be shared this way: From the teen’s online banking account, click the “Services” tab, then select “Share Account Access” > “Add Person.” Enter your information.
This method can only be completed on a desktop and will only allow you to see the account from a computer, not your mobile phone.
Creating this connection is crucial to allow you to see and monitor your teen’s account activity directly from your own login to ensure they are learning and executing the best techniques for managing money.
Help them learn financial literacy
Opening the account is just the first step. To truly build financial confidence, encourage your child to use the resources available to them.
Webster First offers a variety of financial literacy tools right on our website and mobile app. You and your teen can explore financial calculators and read helpful articles together. These resources explain the basic products of banking and offer practical tips for saving money, building credit, and managing budgets. Taking the time to learn these concepts now will set them up for success when they are ready to take out their first loans or manage a household budget in the future.
Start their financial journey today
Giving your teen the responsibility of a checking account is a big step toward independence. It provides them with the practical skills they need to navigate the financial world with confidence.
Ready to get started? Visit your local branch today to open an account and set your teen on the path to financial success.