13 and overdrawn!!

londonTiger

on the flipside kids are smart with computers and there are web entreprenuers who are younger than 14 even. how are they supposed to get paid?

I had a pokemon site age 16 which had really good traffic and got my first affiliate cheque for $300 age 16, had to rush out and get an account open with natwest to pay it in.

world has changed a lot, it would suck really bad if you had to wait until 18 to get an bank account.

Caroline73_2

duchesspink1 wrote: »

well i'm 37 years old, have held bank accounts since childhood and the first ATM card I had was when I was 18 years old. Banks didn't give out ATM cards to under 18's in the early 90's. I only had a debit card for the first time when i got into my late 20's and got a switch debit card.

So when i say these days, I mean that 20 years ago when i was a teen, there were no minors given atm or debit cards. Not that difficult to understand is it?

I'm still not sure i'd want any child of mine to hold a debit card for the very reason of what has happened to to OP's son and obviously because I wouldn't want them ordering anything unsuitable online.

Having an atm card is sufficient access to your money if you're a teen in my opinon

I'm also 37 and I had a Natwest ATM card at 15. In 1988.

Teacher2301

I think the OP's son will have learnt a lesson. The moral of this story is to teach your child how to manage money and that in the next decade money matters will be an important issue and credit will be much harder to obtain.

meer53

duchesspink1 wrote: »

well i'm 37 years old, have held bank accounts since childhood and the first ATM card I had was when I was 18 years old. Banks didn't give out ATM cards to under 18's in the early 90's. I only had a debit card for the first time when i got into my late 20's and got a switch debit card.

So when i say these days, I mean that 20 years ago when i was a teen, there were no minors given atm or debit cards. Not that difficult to understand is it?

I'm still not sure i'd want any child of mine to hold a debit card for the very reason of what has happened to to OP's son and obviously because I wouldn't want them ordering anything unsuitable online.

Having an atm card is sufficient access to your money if you're a teen in my opinon

Eh ? I had a Natwest account and an ATM card when i was 17. In 1974.

lolavix

Banks used to give cheque books to under 18s as well, if anything...they're more strict now

Barclays will be unable to rnforce any charges, so you just need to repay what was spent

samwsmith1

lolavix wrote: »

Banks used to give cheque books to under 18s as well, if anything...they're more strict now

Barclays will be unable to rnforce any charges, so you just need to repay what was spent

From HSBC I got an ATM card at 11, a Solo card at 13 and a cheque book by request (4 Years Ago) at 16.

lmp0507

When I signed up for my first bank at the age of 14 there was no available overdraft, if I tried to spend more than I had in my account it simply rejected the payment, and this was with halifax.
My sister is 15 and holds an account with yorkshire bank, she also is unable to make a payment if the amount is not in her card and it rejects the payment.
So I am a little confused as to why your 13 year olds account even has an overdraft facility, I'd have a quick word with the bank, Worst comes to worst, pay off the amount, and inform them you will be switching to a bank that does not allow an overdraft for a minor unless they intend on altering his account?

jonesMUFCforever

lucymelissa wrote: »

When I signed up for my first bank at the age of 14 there was no available overdraft, if I tried to spend more than I had in my account it simply rejected the payment, and this was with halifax.
My sister is 15 and holds an account with yorkshire bank, she also is unable to make a payment if the amount is not in her card and it rejects the payment.
So I am a little confused as to why your 13 year olds account even has an overdraft facility, I'd have a quick word with the bank, Worst comes to worst, pay off the amount, and inform them you will be switching to a bank that does not allow an overdraft for a minor unless they intend on altering his account?

The bank did not agree to the overdraft. The transaction was earmarked but not taken by the time the earmarking was taken off the account. When the transaction was processed the bank had no choice but to make the account overdrawn.
The same thing COULD happen to one of your accounts.

lmp0507

The bank did not agree to the overdraft. The transaction was earmarked but not taken by the time the earmarking was taken off the account. When the transaction was processed the bank had no choice but to make the account overdrawn.
The same thing COULD happen to one of your accounts.

Mine obviously now has an overdraft facility as I am no longer a minor
I can see what you are saying though of course, I just remember my account not allowing transactions with no money in the account/more money than was in the account.

totallybored

duchesspink1 wrote: »

well i'm 37 years old, have held bank accounts since childhood and the first ATM card I had was when I was 18 years old. Banks didn't give out ATM cards to under 18's in the early 90's. I only had a debit card for the first time when i got into my late 20's and got a switch debit card.

So when i say these days, I mean that 20 years ago when i was a teen, there were no minors given atm or debit cards. Not that difficult to understand is it?

n

Well I was 14 in the early 90s and I had a Nat West debit card. I also had an ATM card from HSBC. I remember opening the Nat West account with my mum there and the bank informing us it was impossible to go overdrawn which is why she allowed me to have it.

I found having the debit card very useful and taught me about budgeting (my parents paid my pocket money into the account despite it not being much!). I rarely used the card but loved getting my statements and mini statements to see how much money I was spending and saving. I don't think it's bad to allow teenagers to have debit cards, as long as the account doesn't have too much money in it then they can be a useful tool for learning how to handle money.