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Parents, Teens, and Money:3. Understanding Banking Services

  1. Credit 101: What credit is and why it's important
  2. Understanding credit cards
  3. Understanding banking services
  4. Understanding loans
  5. Creating a livable budget
  6. Contracts: Know what you're getting into
  7. Identity theft
  8. Other helpful resources
  • Discussion AID - Tips your teen can use to manage a checking account. Learn more
  • SHARED Activity - Demonstrate the importance of balancing your checking account. Get started

  • Let's step back and discuss the basic banking services that form the foundation for most people's finances. You may have opened savings accounts for your teens so they could learn to save for a rainy day. They'll need their own checking account before heading off to college or going out on their own to pay for rent, utilities and other financial obligations.

    Here is a basic primer on common banking services and terminology you should discuss with your young adults:

  • Different kinds of financial institutions

    Among the types of institutions where you can deposit your money are banks, savings and loans, credit unions, and Internet banks.

    Learn more >

  • Banking products and services

    Banks are financial institutions that allow customers to borrow and lend money.

    Learn more >

KEY Message - Always keep track of your account balances to help prevent costly fees and service charges caused by overdrawing your account.
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