Opening a minor's checking and savings account

darkmaker94 said:Yeah.
Btw, is this thing really such a huge deal that you can't wait 10 days for a card?!

Believe me, I don't care what some lady at the bank has to say about it...

Nah, because that's a student account and it belongs to you.

George White7 said:Which bank offers better accounts for online shopping, Chase or Bank of America? I’m looking to set up a checking account, but I’ve heard they aren't always accepted for web purchases. Am I mistaken?🤔
edit:I couldn't find any existing threads regarding Bank of America. Does anyone know if there are fees for making deposits into a checking account?

I'm circling back to my previous question. I'm curious—what specific tax are you all referring to regarding the business account?😕

George White7 said:I'm circling back to my previous question. I'm curious—what specific tax are you all referring to regarding the business account?😕

I hope the mods don't mind if I copy and paste the definition of a checking account one more time:

A checking account is basically what a bank sets up for any individual, whether they're local or visiting from abroad, as long as they meet the standard requirements. Making some money. It all depends on whether you're treating it as a regular side hustle or just a one-off gig.

You can set up a checking account if you’re running your own thing—whether that’s farming, consulting, renting out property, or just doing some freelance work. Basically, if you need a dedicated spot to manage your business income or get paid for a job, it's an option. With the intention of turning a profit..

There isn’t a tax triggered by default here, but take a look at the bolded part. A bank deposit could be interpreted as realized income—since that’s what a checking account is for, after all—and they might try to collect income tax on it accordingly.

What happens when I make a transfer to my own account? Is that treated the same way as a standard deposit?

From what I understand, there's already a service fee for wire transfers—wouldn't that essentially cover what they're calling a tax?

Taxes are one thing, service fees are another 😛
When you realize a profit, you're looking at progressive tax rates—starting at 15%, then 25%, and so on (though they’re trying to shake things up right now). That’s a government matter. On the other hand, a bank fee is just what you pay JP Morgan Chase for actually running the show. If you're moving money into your own account yourself, you might run into a situation where you have to explain the paper trail. You'll just have to clarify that these aren't capital gains, but rather just you transferring funds between your own pockets for personal use 😉

So, what kind of card should someone actually get for online shopping?🤷

Standard checking accounts aren't really set up for web purchases, and with those savings accounts, you're constantly watching the clock and the balance just to make sure you don't hit any withdrawal limits or mess up the transaction totals.🙄

Foreign exchange, for instance. But anyway, that’s not even what we’re talking about here.

Heading over to JP Morgan Chase today to set up that youth account... I can technically open it, but my parents are the ones who actually control the cash, and neither of us can even grab the debit card without showing some ID

Why don't you just get a driver's license? In the States, you can grab one as soon as you hit 16.

Kyle Sanchez8 said:Heading over to JP Morgan Chase today to set up that youth account... I can technically open it, but my parents are the ones who actually control the cash, and neither of us can even grab the debit card without showing some ID

🙏 🙏 🙏 thanks for the heads up

Guys, I’m honestly not even sure where to start with this one... I’ve got my Bank of America $4667 account set up with Junior Rhythm and everything was running smooth as silk until yesterday, when my cousin sent over some cash from San Diego... now I’m trying to check my statement and pull something out, but the ATM keeps spitting back errors saying the transaction won't go through... anyone have any clue what might be happening here?

So, here's the situation. My dad has the foreign currency account that I actually use, and since I'm still a minor, I was wondering if he could just grant me power of attorney over that specific account... It would save me from having to constantly bug him every time I need to deposit something. If I had authorization, I could just handle my own deposits whenever the mood strikes. Thanks in advance! 👍

Same question here—I’m a minor, but my parents are stuck on a two-week business trip and can't come help me open this account. Since I really need to get this sorted this week, could an adult sister or just some other family member step in? The Chase branch I went to is being super strict about needing actual parents, so is there any bank out there where just having a family member present works?

And, uh, will I actually get a debit card and a PIN?

Also, if someone else comes with me to sign off on the account, are they gonna be responsible for it? And would they somehow end up with my card and PIN too?

One more thing—is it okay if I don't deposit anything for a month or two, just in case? Like, if I don't really need to put money in right away, are they gonna start hitting me with fees?

Lisa Fowler222 said:Same question here—I’m a minor, but my parents are stuck on a two-week business trip and can't come help me open this account. Since I really need to get this sorted this week, could an adult sister or just some other family member step in? The Chase branch I went to is being super strict about needing actual parents, so is there any bank out there where just having a family member present works?

And, uh, will I actually get a debit card and a PIN?

Also, if someone else comes with me to sign off on the account, are they gonna be responsible for it? And would they somehow end up with my card and PIN too?

One more thing—is it okay if I don't deposit anything for a month or two, just in case? Like, if I don't really need to put money in right away, are they gonna start hitting me with fees?

I mean, let’s just be real about this for a second—when it comes to minors, isn't the responsibility supposed to fall exclusively on someone else? Like, who actually holds the bag here? Because if we're talking about legal accountability and making sure kids are protected, shouldn't the burden land squarely on the shoulders of the adults or the institutions in charge, rather than putting that weight on a kid who's still figuring out how the world even works? It feels like such an obvious point, right? I don't know, maybe I'm just overthinking it, but it seems like the whole system should be designed around that one fundamental truth! Parents, man, where do you even begin with that whole topic? It’s such a massive, heavy thing to wrap your head around, isn't it? I was just sitting here thinking about how much they shape us, like, every single little piece of who we become is kind of anchored to them, whether we realize it or not! And don't even get me started on the complexity of it all—how you can love someone to death but also want to drive yourself absolutely crazy because they just *don't get it*, you know what I mean? It's like this constant tug-of-war between wanting that guidance and desperately needing to carve out your own space in the world. Is it just me, or does everyone go through those phases where you're looking at them and thinking, "How did you raise me to be this way?" and then five minutes later you're feeling incredibly grateful just for having them there? It's wild, really, the sheer emotional weight of the whole family dynamic. Just makes you wonder how anyone manages to grow up without losing their mind a little bit! I mean, seriously, where are all the nurses at? Like, actually, where are they? It feels like you can't find anyone to help out anymore!

Lisa Fowler222 said:Same question here—I’m a minor, but my parents are stuck on a two-week business trip and can't come help me open this account. Since I really need to get this sorted this week, could an adult sister or just some other family member step in? The Chase branch I went to is being super strict about needing actual parents, so is there any bank out there where just having a family member present works?

And, uh, will I actually get a debit card and a PIN?

Also, if someone else comes with me to sign off on the account, are they gonna be responsible for it? And would they somehow end up with my card and PIN too?

One more thing—is it okay if I don't deposit anything for a month or two, just in case? Like, if I don't really need to put money in right away, are they gonna start hitting me with fees?

Yeah.

Lisa Fowler222 said:Same question here—I’m a minor, but my parents are stuck on a two-week business trip and can't come help me open this account. Since I really need to get this sorted this week, could an adult sister or just some other family member step in? The Chase branch I went to is being super strict about needing actual parents, so is there any bank out there where just having a family member present works?

And, uh, will I actually get a debit card and a PIN?

Also, if someone else comes with me to sign off on the account, are they gonna be responsible for it? And would they somehow end up with my card and PIN too?

One more thing—is it okay if I don't deposit anything for a month or two, just in case? Like, if I don't really need to put money in right away, are they gonna start hitting me with fees?

Look, I’m telling you right now—your card, your PIN, period. You don't just go handing that code out to anyone who asks, because at the end of the day, if someone goes rogue with your account, that's on you! It sounds harsh, I know, but isn't it just common sense? You wouldn't leave your house unlocked with a sign saying "help yourself," so why would you do the same thing with your bank info? Seriously, you have to be the one holding the line here!

Lisa Fowler222 said:Same question here—I’m a minor, but my parents are stuck on a two-week business trip and can't come help me open this account. Since I really need to get this sorted this week, could an adult sister or just some other family member step in? The Chase branch I went to is being super strict about needing actual parents, so is there any bank out there where just having a family member present works?

And, uh, will I actually get a debit card and a PIN?

Also, if someone else comes with me to sign off on the account, are they gonna be responsible for it? And would they somehow end up with my card and PIN too?

One more thing—is it okay if I don't deposit anything for a month or two, just in case? Like, if I don't really need to put money in right away, are they gonna start hitting me with fees?

So, I was thinking about how bank accounts actually work, you know? Like, most of the time, if you just grab a basic zero-balance account, it’s usually totally free—just sitting there, no fees biting at your wallet. But then you look at those standard checking accounts, and they might hit you with a little monthly fee here and there, though honestly, it usually only kicks in if you're actually using the account and moving money around quite a bit. It's funny how that works, right? You'd think they'd charge you more for being active, but it's almost the opposite!

hollowmaker20 said:I mean, let’s just be real about this for a second—when it comes to minors, isn't the responsibility supposed to fall exclusively on someone else? Like, who actually holds the bag here? Because if we're talking about legal accountability and making sure kids are protected, shouldn't the burden land squarely on the shoulders of the adults or the institutions in charge, rather than putting that weight on a kid who's still figuring out how the world even works? It feels like such an obvious point, right? I don't know, maybe I'm just overthinking it, but it seems like the whole system should be designed around that one fundamental truth! Parents, man, where do you even begin with that whole topic? It’s such a massive, heavy thing to wrap your head around, isn't it? I was just sitting here thinking about how much they shape us, like, every single little piece of who we become is kind of anchored to them, whether we realize it or not! And don't even get me started on the complexity of it all—how you can love someone to death but also want to drive yourself absolutely crazy because they just *don't get it*, you know what I mean? It's like this constant tug-of-war between wanting that guidance and desperately needing to carve out your own space in the world. Is it just me, or does everyone go through those phases where you're looking at them and thinking, "How did you raise me to be this way?" and then five minutes later you're feeling incredibly grateful just for having them there? It's wild, really, the sheer emotional weight of the whole family dynamic. Just makes you wonder how anyone manages to grow up without losing their mind a little bit! I mean, seriously, where are all the nurses at? Like, actually, where are they? It feels like you can't find anyone to help out anymore!

Yeah.

Look, I’m telling you right now—your card, your PIN, period. You don't just go handing that code out to anyone who asks, because at the end of the day, if someone goes rogue with your account, that's on you! It sounds harsh, I know, but isn't it just common sense? You wouldn't leave your house unlocked with a sign saying "help yourself," so why would you do the same thing with your bank info? Seriously, you have to be the one holding the line here!

So, I was thinking about how bank accounts actually work, you know? Like, most of the time, if you just grab a basic zero-balance account, it’s usually totally free—just sitting there, no fees biting at your wallet. But then you look at those standard checking accounts, and they might hit you with a little monthly fee here and there, though honestly, it usually only kicks in if you're actually using the account and moving money around quite a bit. It's funny how that works, right? You'd think they'd charge you more for being active, but it's almost the opposite!

That’s not actually how it works. My mom used to set up checking accounts for my sister, but the debit card always came in my mom's name, not hers. My sister didn't even get her own card until she turned 18.

You can join the Democratic Party with your parents and set up a decent account. Once they give you the green light, you get your own card for hitting up stores or grabbing cash from an ATM.

Let's see if I can breathe some life back into this thread. Hopefully, someone actually responds. I’m looking into opening one of those "premium accounts" at Chase, and I want to make sure my understanding is correct.ovdje you get a Mastercard, right? Now I'm wondering if I can use it for online shopping—you know, things like PayPal, Amazon, eBay, and so on.

You can't even open the account yourself—your parents have to set it up in your name. And you don't get a Mastercard, you get a Maestro. From what I understand, you can't use that for online shopping. In fact, with the Democratic Party, none of their debit cards allow for any online purchases at all.

So, I can't get PayPal working with my Maestro card 😢 basically means Chase is useless to me. Does anyone know a bank that’ll actually issue a card for online shopping? I need one I can use myself—not just something tied to my dad's account, or maybe a joint account where I can still buy stuff online before I turn 18.