We all know that money doesn’t grow on trees, but we all need it to survive. The use of cash will only go so far in life, as you can’t send it through mail. Checking accounts are relied upon to manage our finances and to send in payments for cable, phone, mortgages, etc. Even in this new era of ecommerce, it is still necessary to have resources that a checking account provides.

When is right time for kids to get their own checking accounts? There is a lot of debate among parents and bankers on this idea. Bankers will open a checking account for anyone who they feel is fit to have one. Parents have two sides to story. Some parents think their kids should have one as soon as they can because it teaches them valuable lessons. Other parents believe their children don’t need checks at young ages.

There are some good questions to ask yourself in order to find out if time is right for checking responsibilities:

• Do they need an account? What expenditures do they have?
• Do you have any reservations in co-signing?
• Are they responsible, i.e. hold a job, get good grades, etc.
• Will they allow your intervention when it need be?
• Will you be able to monitor account on internet?

After these initial questions have been successfully answered, next item that must be addressed is that of house plans. There are two basic types of house plans that can be purchased, custom or stock, with each having distinct advantages and disadvantages.

Custom Houseplans