February 9, 2010
What's MOA?
My Own Account is a teen checking account designed to give teens and parents MOA of what they want! MOA financial freedom, MOA access to their money, MOA security and most of all MOA financial guidance for a healthy future.
Why would a 13 or 14 year old teenager need a checking account?
Because they have money sitting around the house that's not in a savings account.
Why not?
Because they want to SPEND it on the latest and greatest technology, fashion or go somewhere exciting to hang out with friends and they need some dough to be on the go.
So why don't they just use cash?
They do…but as a mom, I really don't like my teen son to carry around the $100 cash he's been saving to spend at the game store or the mall. So, I end up worrying that he's going to lose the money or I carry it myself . But now, if he has a debit card and loses it, then he's only lost the card, not the cash. He's happy that he's still got his independence and I'm happy that he still has the cash!
Why else would any parent want to let their 13 or 14 year old have a checking account?
To teach them how to manage money! By having my son's lunch allowance transferred from my checking account to his MOA account every time I get paid, he has to be responsible for paying his bill and staying within the budget that I give him. If he manages his money, he may be able to save a little extra from his lunch allowance. If not, then the rest of the lunch bill comes out of his own money!
What other benefits may I see with a teen checking?
FREE LIFELOCK* identity protection for my teen and myself with this account! With identiy theft on the rise, I know we're protected. And with Online Banking, my son can see how much is deposited every time one is made. He can use the balancing wizard under the recon file in the E-Documents section to balance his check book. He can transfer money from his checking to his savings for that car he wants to buy. The best part of all this is that I'm on the account too, so I can see exactly how he's managing his money, transfer money into his account from mine anytime and give him the guidance he needs to be a financial success before he gets that first "real" paycheck and thinks Mom and Dad don't know anything.
MOA helps me teach my teen about financial responsibility, preventing identity theft, gives us tools to manage his account, gives me financial experts with free advice and gives my teen a sense of freedom and accomplishment.
So why not get a teen a checking account?
*LIFELOCK is a registered trademark. Parent or guardian signature required.
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