Starting your child’s financial journey early is important. Introduce them to smart money habits by opening a bank account in their name. Setting up a checking account with a debit card helps them learn responsible money management.
At Latvian Credit Union, teens 13 to 17 years old are eligible to open a teen checking account with a debit card. These accounts require a parent or legal guardian as a joint owner.
RULES FOR OPENING A TEEN ACCOUNT AT LATVIAN CREDIT UNION
AGE REQUIREMENT
The teen must be 13 to 17 years old to open a Teen Checking Account with Debit Card.
JOINT OWNERSHIP
A parent or legal guardian must be a joint owner on the teen’s checking account.
ACCOUNT OPENING
To open a Teen Checking Account, both the teen and the joint owner (parent or legal guardian) must complete a new member account application.
The following are required:
Minor: Social Security number, Valid ID (driver’s license, passport, birth certificate, etc.)
Parent or Guardian: Social Security number, Government-issued photo ID
Latvian Credit Union is a membership-based organization. Please check eligibility requirements.
No minimum balance and no monthly service fee.
ACCOUNT USAGE
Teen Checking Accounts are joint accounts. Teens have equal control over the account, including debit card usage, online banking and mobile app access. Teens may also securely pay retailers using a Digital Wallet App on their phone.
PARENTAL CONTROLS
Parents can set up spending limits and monitor activity on the teen’s debit card through online banking. Parents should ensure teens understand the importance of protecting their PIN and card details.
ACCOUNT TRANSITION
When the teens turn 18 the account will transition to a regular adult checking account.
WHAT TEENS CAN DO WITH THEIR ACCOUNT AND DEBIT CARD
SAVINGS
Having an LCU account helps teenagers learn about financial management. They can deposit their allowance, gifts, or other earnings to save for specific goals, such as buying a new phone or going on a trip. Additionally, teens can receive direct deposit from sources like their job.
SPENDING AND PAYMENTS
Teens can use their debit card for in-store and online purchases, and digital subscriptions such as music or gaming services. They can transfer money to friends and family using peer-to-peer (P2P) payments on their app, Apple Pay, Google Pay, and others.
CASH ACCESSIBILITY
LCU has over 23,000 surcharge-free ATMs as part of the MoneyPass ATM network. Teens can use ATMs to deposit and withdraw cash.
MOBILE APP
On the LCU App, teens can securely access account balances 24/7, make purchases, transfer funds between LCU accounts, and send/receive money from other banks. They can add their debit card to their mobile wallet and deposit checks directly from their phone with Remote Deposit Capture.
ACCEPTED INTERNATIONALLY
The LCU VISA debit card can be used both domestically and internationally, and it has no foreign transaction fees.
NO-FEE TEEN ACCOUNT
No monthly fees, no minimum balance requirements, no overdraft fees. Transactions that would overdraw the account will be declined.
PARENTS’ ROLE IN TEEN BANK ACCOUNTS
CO-OWNERSHIP
The parent or guardian acts as a co-owner of the account with complete access and management rights. Both parties are authorized to make deposits, withdrawals, and utilize online banking services.
INVOLVEMENT
Parents can guide their teenagers through financial education, teaching them how to manage their bank accounts successfully. They can also encourage responsible and safe debit card use – talk about not sharing PINs and being aware of online scams.
DEPOSIT MONEY
Parents can transfer money to their teen’s bank account through various methods, including P2P and A2A transfers, checks, direct deposit, Apple Pay, Google Pay, and others.
CONTROL
Parents can set daily spending limits and ATM withdrawal limits. Parents receive notifications about unusual or suspicious debit card activity.
MONITORING
Parents can sign up for online banking to review their joint account balance, transactions, and monthly account statements. With the Latvian Credit Union Mobile App, parents can see all the transactions in real time.
