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CFCCU Blog

Is Your Teen Financially Savvy? Part 2

By Hannah McElhose

Part 2 of 4 - Teens and Checking Accounts

Picture this: your teenager just got his or her first job!! This is such an exciting time and means they will soon have money regularly paid to them. But, what if they have nowhere to put it? Providing your teen access to a checking account gives you and your teen a big advantage, and getting that first job is a great time to teach them how to manage their finances responsibly. Opening a checking account also provides more convenience and protection than carrying cash.

On the flip side, some teenagers have busy schedules leaving little time for a job. That's okay too. It is still be beneficial for your busy teen to have his or her own checking account. By opening a joint checking account, you can monitor your teen's finances from your account. If you are a parent who is always giving your child cash, this could be an easy, more convenient method because all you have to do is transfer the money into his or her account.

Cedar Falls Community Credit Union offers free checking accounts with free debit cards. Teens are able to keep track of spending using the CFCCU Mobile App or Online Banking system. This provides a quick and easy way for your teen to see what they are spending their money on, which can help them with money management when they get to life after high school. There are many advantages to having your account information at your fingertips, including turning a lost card off with the click of a button. This layer of protection can give you peace of mind that your teen's funds are safe and secure at CFCCU.

Click here to read a current article from The Simple Dollar on why your teen should open a checking account.

Call or visit your local Cedar Falls Community Credit Union to open a checking account for your teen today.

123 W 4th St, Cedar Falls, IA 50613 (319) 266-7531
420 Viking Road Cedar Falls, IA 50613 (319) 277-3690
2000 Heritage Way, Waverly, IA 50677 (319) 483-2241

www.cfccu.org

Hannah Headshot small

Hannah McElhose is a Senior at Cedar Falls High School, where she is actively participating in the CAPS (Center for Advanced Professional Studies) Program. As part of her CAPS project, Hannah performed an anonymous survey of high school students about their knowledge of money, savings and checking accounts, credit and debit cards, and saving for college. Using her survey results, Hannah prepared a 4 part blog series titled, 'Is Your Teen Financially Savvy?'

Is Your Teen Financially Savvy? Part 3
Is Your Teen Financially Savvy? Part 1