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Why My Account Not Opening?

Opening a bank account for a minor?

  • I am almost 16 and will have a paying job soon. I really want my own bank account, but there's a few things I'm not sure about that I would like to know... First of all, I would like my own bank account so I can deposit and withdrawal money any time I need to. BUT, I also would like to be able to buy/sell stuff online, like on eBay. It would be my own money, my own account. But here's the problem...paypal & ebay require you to be 18 or older to have an account through them to do that...and I do not want to use my Moms account, for she would help herself to my money any time she pleased, and wouldn't be comfortable with me using her account to order anything online. Is there any way I could work around this? Would there be any way my grandmother, or step father, could open ME an account but it be in their control? (giving them the authority to choose when I can use it, however an account for a minor works) Would this account be in their name, since its for a minor but they get to choose when it be used? (But it will not be using their own account that they already have) This is hard to explain, but does anyone understand what I'm asking? I don't want to use anyone elses already existing accounts, but I need an account that I can also use through paypal to shop online...which would have to also be in the name of someone over 18 in order to have a paypal account...(i will be sure to get parental permission!) but i just don't want to use any of their existing accounts. I want it to be my own, in a way. somebody help me out on this? is this possible? is there a better way to put this, if it exists? Thanks!

  • Answer:

    I know for a fact that you can open a savings account, with an adult co-applying with you. Your social security number will go on the account, not the SSN of the adult who opens the account with you. If your step-father or grandmother voices a concern over using their SSN on any account, be sure they know it would be in your SSN. My parents opened savings accounts for all of their children soon after each was born (in the late 50s to the mid 60s) where all of our birthday and Christmas money was deposited (against our wishes) and they signed over those accounts to us when we turned 18. Back then, SSNs were not required to open accounts for minors. When I opened a bank account for my son in 1988, I had to give them his SSN to open the account. I do not think, but don't know for certain, if a minor is allowed to open a checking account under any circumstances. A signature on a check makes it a legal document, and since minors aren't old enough to sign contracts it would be logical that a bank wouldn't give a checking account to a minor. The savings account would be in your name, usually with something like "in care of" or "guardian" by their name. You could never remove their name from the account, so you would definitely want to open a new account (and transfer your money to it) when you turn 18. There's no legal way to get around the PayPal requirement of being 18, legally an adult, to have an account with them. As an alternative, you could walk in a drug store and buy a prepaid Visa card that you could use to make online purchases. I know Walgreens sells them only because I've seen their advertisements. But, I'm betting they are not the only store that does. Any online store should take a prepaid credit card, because as long as there's money on the card to cover the purchase you want to make their attempt to pre-authorize your transaction(s) would work. The owners of eBay bought PayPal several years ago. I would expect them to use the same age verification system. Instead of trying to get around their requirement (doing something illegal) why don't you ask your step-father or grandmother to set up an eBay account for you to use. Hopefully, you can talk them into it. There will be account statements mailed to you monthly or quarterly, depending on the type of account you open. Be sure the mailing address you give the bank is a safe place for your statements to be mailed (where your mother won't see them.)

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You are to young so any bank account MUST be a custodial account. You could not withdraw money but you can use a debit card. You cannot use paypal or ebay until you are age 18 and there is NO legal way around it.

Ariaread

I opened mine when I was 11, my sister signed but she had no control over it. Why would someone else have control over it? And I'm sure you can lie on paypal about your age.

CandieBarr

Many major banks and credit unions will allow minors of a certain (e.g. 16 or 17) age to open checking accounts as long as the joint owner is 18 years or older. I would see what credit union is convenient to you. They generally have more straightforward accounts and don't charge as many fees. Navy Federal Credit Union, for example, will let you open an account with an adult; once you are 18, your adult joint owner can remove themselves without having to change accounts. To compare, I believe Wells Fargo would make you close the account and open another in order to remove a joint owner. If you decide on a credit union, make sure you meet their eligibility requirements. Some limit who can open accounts, such as a teachers credit union or firefighters credit union.

Leonel

You should be able to open an account with an adult as a co owner on the account. You will both have full access to the account and be able to have access to the money so be sure it is someone you trust not to take your money. By federal regulation, savings accounts have a limited number of withdrawals before a fee is charged ( two or three). Plus with a checking account you will be able to get a debit card. I would worry about paypal because I really do not think they check age too closely.

LULU

I am 15 years old and thought a similar thing. From what I have seen, each bank is different. My parents set up my savings account where I have to have their signature to withdraw money, but that could be lifted. Again it depends on the bank you use. your best bet is to get your step-father or grandmother to go with you to the bank and see what they have to offer

Joshua

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