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When your teen starts working, it is time to think about banks. The good news is that this is a great time to learn how to manage money, so that when your child heads off to school he or she is getting the very best opportunity to make the right decisions about how to manage money. The bad news is you'll need to be the one to teach them and that means giving them plenty of flexibility even when you know they are making the wrong decision. What Does He Need? The first thing to think about when it comes to selecting banks for teens is the actual need. If the child is working, he or she may benefit from having an account that allows them to deposit funds directly since even fast food jobs now offer direct deposit. You may also want to give them a checking account. This way, they can learn how to balance accounts and how to make their own payments. It may be time for your child to pay for a cell phone bill or a car payment, for example. This is a good way to teach them how to properly manage their funds coming in and going out. Think Savings Options You also want to ensure that the teen has the ability to make wise financial decisions. The teen may not actually have the ability or the need to start a retirement account or to actually start an investment account, but he or she may want to do those things in the future. It is a good idea to ensure the bank selected, then, offers a wide range of savings options. Even as a teen, he or she can invest in a certificate of deposit to earn a bit more money on their investment abilities. Think Flexibility Like any other customer of a financial institution, your teen needs to be able to manage funds properly. This means having access to ATMs and the use of a debit card. It may also mean selecting an account that provides for bill payment online. Your child may need to choose a facility that has later banking hours since he or she may be in school. The more options you offer, the more opportunities for your child to learn. You do not want your child to walk into life without any ability to manage money. That is the perfect way for the child to end up with significant financial concerns. Some banks help parents by offering flexible accounts that even include credit education. Don't overlook the importance of selecting the right financial institution for your teen's needs right now and into the future. If you or your teenager is considering banks in Fenton MI, there are many options. Start doing your research by visiting https://www.financialplusfcu.org.
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