The skinny on checking accounts for teenagers

By Marcie Geffner -

Many banks are so eager to sign up teenagers as new customers that they've introduced special starter checking accounts specifically for these young people.

A teen checking account can be a good choice, says Luke Reynolds, chief of outreach and program development for the Division of Depositor and Consumer Protection at the Federal Deposit Insurance Corp.

"If a consumer is receiving income and paying bills, he probably wants to open up a checking account so he doesn't pay the enormous fees that unbanked and underbanked people pay," Reynolds says.

Before a teen opens a checking account, he or she should first consider these points.

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