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Activation requires you to (pretend to) be 18, AFAIK. Also they have quite hefty fees; a checking accout is free as long as you don't overdraft.
by superuser2 11y ago
Activation requires you to (pretend to) be 18, AFAIK. Also they have quite hefty fees; a checking accout is free as long as you don't overdraft.
- smnrchrds 11y agoChecking account are free? Well, chequing accounts are not :( Among the downsides of being in Canada is paying higher prices for anything that is not health care.
- Navarr 11y agoSucks to be you. My checking account even gives me interest!
- patmcc 11y agoLook at your local credit union - many (not all, sadly) offer a free chequing account.
- jacalata 11y agoIn the US most bank checking accounts have a monthly fee which is waived if you meet certain conditions, like maintain a minimum balance (I think mine was $1000) or get an automatic direct deposit at least 2 times per month of $250 or more - these would be hard to meet for a childs account. Credit unions are usually free though.
- superuser2 11y agoThere is usually a "relationship waiver" that eliminates the fees on all the accounts you're party to as long as you have enough total wealth parked with that bank.
- derefr 11y agoAre people also not technically allowed to use a prepaid credit card registered in someone else's name? A parent could activate the card and then give it to the child.
- superuser2 11y agoYou could, but then you're still paying fees designed to exploit the unbanked. If the parent is financially secure, they can use that fact to get a free checking account for their child.