Children ages 10 years old and older can open a checking account with Young Americans Bank. Learn more about the benefits of a checking account and decide if one is right for you by reading the information below!
Fast Facts: Young Americans Bank Checking Account
- Minimum opening deposit – $10
- Social security number of customer and sponsoring adult (if under 18) required or ITIN (Individual Taxpayer Identification Number)
- Must have a student ID or state-issued / government issued ID to open account
- Sponsoring adult (if under 18) must have valid photo ID
- No interest paid
- No monthly service charge
- Monthly statements mailed
- $12 overdraft fee (when you write a check and your account doesn’t have enough money)
- $12 return item fee
- Minimum age: 10
Contact Young Americans Bank for fee information.
What is a Checking Account?
A checking account is a safe place to keep your spending money so that you don’t always have to carry cash with you. Instead of paying with cash, you can write checks or use a debit card to spend the money that is kept in your checking account.
Benefits of Checking Accounts
There are three main reasons why you should consider opening a checking account:
- Safety and convenience – you don’t have to carry cash and checkbooks can be replaced if they are lost or stolen – cash cannot be replaced.
- Save time – you don’t have to go to the bank to withdraw money if you get an ATM or debit card.
- Budget your money – when you write a check, you create a written record of your payment in a check register. Writing down what you spend your money on can help you plan for the future.
