Good Habits Come Early With Checking Accounts Aimed at Teens

I was standing at the window of a local bank branch, and there in front of me was a brochure I didn't expect to see: "Teen Checking Account."

At first, I ignored it. Then, while I waited, suddenly, a big "aha." Teen checking. The words go together like "low-calorie Pop Tarts," right? Turn the kid loose with a checkbook, and disaster is sure to follow.

Nope, not really. The new accounts, as described in the brochure, give "access with controls." The parent is set up as a co-owner of the account.

Wells Fargo's account was the most widely publicized version I found, but several credit unions and smaller banks offer similar products, and I expect they'll be part of the standard bank product offerings soon.