Checking Accounts

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.

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