January 15th, 2025
Together, we can make your teen money-smart!
The teenage years are a time for gaining new skills, greater independence, and more responsibility. MyComs Teen Checking Account is a checking account for teens that helps them take big steps toward all of their savings goals. As parents keep a watchful eye, teens learn about money management, get their own debit cards and digital banking access, and begin growing into financially responsible adults.
Empower your teen with a MyCom Federal Credit Union Teen Checking Account. Don’t wait to get your teen started with a checking account! Open your account online or visit our office today.
Are checking accounts still useful when people rarely write checks? While checks are becoming rare and may even seem like an old-fashioned thing to teens, the checking account remains a highly useful financial instrument. Because checking accounts are set up specifically to be fluid, money can move in and out of the account in a wide variety of ways, from direct deposits to ATMs to debit cards, and more. With a growing number of mobile payment apps, moving money from one point to another is more digital than ever. So even if your teen never writes a paper check, having a checking account is still an important money management tool.
Why use a debit card rather than just getting a credit card? The chief benefit of a debit card over a credit card is that the money you have is the money you can spend. It can be difficult for teens to test out their new financial legs without having some guardrails in place. A debit card offers a way to track spending within your own account, using online or mobile banking. Consider setting limits on the account so that it cannot be overdrawn. While it is annoying to have a purchase denied, it offers a good lesson in spending within your means, an especially valuable one for teens. Jumping into the world of credit cards is potentially a more advanced set of skills, since debt requires understanding payments, terms, and interest. So, sticking with a debit card, with its inherent spending limits, can get your teen off to a good financial start with significantly lower risk.
MyComs Teen Checking account does not earn dividends. No minimum balance required. 1Deposits made within the first 30 days matched up to $100. Matched funds will be deposited within 30 days into the Checking account. Only one bonus incentive per teen. ²Fees from the ATM owner/network still apply. Matched amount may be taxable as interest income and reported on IRS Form 1099-INT. Consult your tax advisor. Offer may end at any time. All terms and conditions subject to change without notice. Membership eligibility required.