hey , i know a minor can have a bank account, but does the minor need a co-signer? and if so, can the co-signer be a minor as well?
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hey , i know a minor can have a bank account, but does the minor need a co-signer? and if so, can the co-signer be a minor as well?
Okay I don't know anything about bank accounts (which isn't good) but my friend opened her own account at 14-15. But she can only take money out if her father is there with her. She can only touch that money without him when she is 18.
I don't think you need a 'co-signor' on a bank account, since there isn't anyone taking responsibility for re-payment of something. But, you might need another's name on a savings account, kind of as 'trustee'. I know here in the US my brother is on the account for my neice...who is a minor.
That sounds about right. And I would seriously doubt another minor could be a co-signer. You thinking about getting a bank account?
My mom had to come in with me to get my account setup. But now, I have a debit card so I can take out money without her being there. I can touch as much as I want but I'd rather not or else she'd kill me :eek:
Well, I started out with a savings account when I was 13. My parents were on the account with me. Then when I got my first job at 16, I opened a checking account so I could deposit my paychecks and have money to do with as I pleased. I did not need my parents to sign onto that account. The ATM card didn't come until much later, probably when I was 20.
Even when I just had the savings account, my parents never put pressure on me to not to spend it. They just said that whatever money I made with my allowance and doing odd jobs, like mowing lawns and babysitting, I had to put part of it into savings.
If you need a co-signer, then I'm sure it isn't legal for another minor to be the co-signer, that way neither are of a "legally responsible" age.
It probably varies bank to bank, state to state, etc. Why not just call a local bank and ask?
I opened my bank account when I was 16 and my parents had no involvement with that. It may depend on the bank, but I didn't have to have a co-signer.
According to my husband who works in banking....
Yes the minor needs a co-signer and that co-signer must be a parent or legal guardian unless the minor is emancipated. And that takes a court order to do.
Hope that helps.
Denyce
I'm sure your husband right sense he works at a bank.Quote:
Originally posted by Denyce
According to my husband who works in banking....
Yes the minor needs a co-signer and that co-signer must be a parent or legal guardian unless the minor is emancipated. And that takes a court order to do.
Hope that helps.
Denyce
But now you have me wondering how my nephew got an account. I was told that in till the age of 16 you needed a parent on the account, after 16 you can open your own account. I wonder if it differs from state to state.