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This problem/market is very interesting and strange to me. In my country, you're able to open a bank account in 15 minutes, the only requirement is to have a pa
by TomMarius 8y ago
This problem/market is very interesting and strange to me. In my country, you're able to open a bank account in 15 minutes, the only requirement is to have a parent present if you're under 15, of course you have to present your identity, and you have to deposit just 200 to 1000 CZK (7.5 to 50 dollars, or 5 to ±30 beers). No credit checks, no solvency requirements, no debt-free only policy, nothing like that, you literally walk out with a working bank account (and a debit card will arrive by mail shortly after) that is completely free for everyone and for all use cases that an average person has.
Bank accounts are treated as marketing for other financial services so you will even get free money if you open it in a bank that currently has a promotion (usually around 200 to 500 CZK - 7.5 to 20 dollars, or 5 to 12 beers).
- hobbyjogger 8y agoPlenty of high school kids have bank accounts here. That's not the issue. The problem is that a personal bank account doesn't qualify as a non-profit under U.S. tax laws. So donors can't write off the donation and the kid would be assessed income taxes on the donation.
- TomMarius 8y agoHuh, that makes it even stranger. How do you e.g. share flats? Buy tickets for a concert as a group? Buy a plane ticket as a group? This is basic stuff...
- hobbyjogger 8y agoNone of those are donations, nor are they anywhere near being tax deductible. Again, you're focused on a totally different issue. There's nothing wrong with splitting costs or reimbursing a friend who bought you something. Splitting rent or cab fare, etc. is fine, but that certainly doesn't mean a H.S. kid can receive $50k in "donations" in his/her personal bank account without worrying about the tax implications. That's the issue the OP is trying to address.
- TomMarius 8y agoI see now, thanks.