How does the Taxman know how much is in your bank account?

What do I need to know before creating a bank account?

• I'm 15 years old and need a bank account. I'm going to need a bank account because I'm getting a job during the summer. All I want is a free bank account with no monthly or yearly fees regardless of how much money I have in my account. Which bank can give me an account like this?

• Answer:

  You cannot open a bank account. Your parent opens a custodial account for you. Unless you have a minimum daily balance of 1500 all banks charge fees