Blog   Tagged ‘checking account’

Financial Words of the Week: Back to School – Joint Accounts & Online Banking

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FWOTW

Back to School Series

When a high school graduate moves away from home, an adjustment period inevitably follows. Paying bills, maintaining jobs and making sure their checking accounts remain positive, can cause college freshmen and new-to-the-work-force employees to struggle with finding a balance.

Whether you’re in this situation yourself or you have a child who is adapting to this new life, opening a joint checking/savings account and online banking can be helpful tools for a smooth transition.

Many banks offer free accounts for college and high school students that do not charge a monthly fee for maintaining an account. The minimum balance requirements are often more flexible since many students don’t have the income to satisfy typical account requirements. By opening a joint account, a parent or guardian can easily track spending and transfer money.  One of the best ways to do this is by utilizing online and mobile banking, which is free at most banks. You can see full transaction history and statements, transfer money from one account to the next, or see how much you have saved … all from your computer or smart phone. Many banks even have options for those who do not have smart phones that utilize text messaging commands.

By working together with your family’s bank, you can ensure you and your student have the right foundation for great educational and fiscal responsibility.

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UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.



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It runs in the family: Teaching your kids about money

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As a parent, did you know you are an important part of teaching your kids about savings and money management? You can set an example by practicing good spending habits, but you should also consider talking to your kids regularly about money.

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You don’t have to wait until your kids are teenagers. You can start talking to them about the basics of money as early as preschool. Here are some tips about how to talk to your kids about money at any age:

  • From ages three to five you can teach kids that money can be exchanged for things. Explain to them the difference between pennies, nickels, dimes and quarters.
  • From ages five to nine you can start giving them an allowance. This is also a good time to explain bank accounts and what it means when a bank account earns interest.
  • From ages nine to 13 you can help them open a savings account. Encourage them to save their allowance towards a goal (a new toy or a DVD). You might even consider setting up a matching savings plan like most companies do with a 401(k). This is also a good time to start talking to them about the idea of keeping a minimum balance based on the savings account requirement. You can also introduce the concept of keeping savings in case of emergency. Even though they won’t need to pay for an emergency at such a young age, you can explain the importance of keeping a nest egg.
  • From ages 13 to 15 you can expand your children’s allowance to include more expensive items like clothes or gifts for friends. This is also a good time to introduce entrepreneurship. Encourage your kids to earn their own money with jobs for neighbors and friends.  Arrange for them to have an ATM card so they can withdraw money from their savings account.
  • From ages 15 to 18 and up you can help your children open a checking account with a debit card. Teach them how to manage their account online or with mobile banking. You can even go old school and show them how to use a check register. This is also a good time to talk fiscal responsibility about when they go off to college. Be very clear about what expenses you will pay for which ones they will cover.

Explaining money management to your kids can start out with something as simple as giving them an allowance. If you talk to them regularly, teach by your own fiscally responsible example and give them the right tools, you will do more than teach them about money basics. You will instill in them a respect for earning and saving money that will hopefully set them on a path to being financially independent and responsible in adulthood.


Ms. Pierson serves as executive vice president of Consumer Banking. She joined UMB in 2011. She received a Master of Business Administration from Rockhurst University and a Bachelor of Science in Industrial Engineering from the University of Missouri. Ms. Pierson is actively involved in the community, having served on a number of boards including the Kansas City Area Development Council, LISC of Greater Kansas City, the University of Missouri Industrial Manufacturing Systems Engineering Board and the Lee's Summit Education Foundation Advisory Board.



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