Podcast 28 Getting a Bank Account

Hi everybody and welcome to Blabbinit. This is your host Missy coming to you from Southern California. We welcome you again to another exciting podcast here at Blabbinit. Today I will be talking about opening a bank account.

Yesterday I went to the bank to set up a bank account for my son. I think it is very important to teach him how to save at a young age and the about the value of money. It was a very interesting process and he was very excited to be able to get his first bank account. First, we entered the bank and went up to the information desk to tell them our name and wait to be called by one of the bankers who can set up accounts. This bank is very nice because they have a play area with toys for the kids to play with while we wait.

The lady came over and called our name and we walked over to her desk and sat down and explained to her the reason we came. My son told her that he wanted to open his own bank account so that he could start saving his money. She told him she would be happy to do that.

First, she asked for our address and phone number. We wrote that down on a piece of paper. Afterwards, she needed my name and information since I am his mom and will be responsible for the account.

My son was happy when asked if he had an email address. He cheerfully said, “YES! I have one!” He felt so proud and like a big boy. He told her his email address and then gave her the little money that he had to add to his new account. He had $6.50 and she deposited that into his account and then gave him a receipt to show the balance.

Afterwards she gave him a paper with all of his information on it and asked him to read and check it to make sure that everything was accurate and then sign and date the bottom of the page. She also asked me to sign the form after he was done. He read and checked it and everything was correct. Then he signed it and put the date and passed the paper to me. I did the same and then handed the paper back to the lady.

She reviewed some more things in her computer and then asked my son if he wanted his own ATM card. An ATM card is a card that you can use in a machine to withdraw or deposit money. She explained to him that because he is still young, he can only use the card to deposit money and will not be able to take out or withdraw any cash until he is 13 years old. He thought the idea of actually having his own ATM card was a great idea so he told her that he would like one.

She then had a special device with numbers that was connected to her computer. She asked him to make his own password which has to be 4 numbers. He entered his code and then had to put it one more time to verify that it was correct.

She told him that everything was going very well and that he would soon have his new account. She then gave him her computer keyboard and told him to enter a password for online banking. She told him that he would be able to go online and put his account number and password and then he would be able to see how much money that he has been saving up. He thought that was very cool and then entered the password that he wanted.

She then printed a paper with a card attached. The card had his name and his new account number. She put this in an envelope and wrote his name on it so that he would not lose it. She also gave him a small toy and a chocolate bar, which put a big smile on his face. I took a picture of him and the lady who helped him set up his account and then we walked out and went back home. When we arrived he was telling everybody about his new bank account. He was very proud. I told him that from now on, when he gets money, 75% will go to his bank and 25% he can spend on toys, candy or whatever.

Teaching my son how to save money is very important to me because it is a skill that he will use for the rest of his life. Thank you all for joining us today. This is Missy. Don’t forget to check out our website at http://www.blabbinit.com. Have the most excellent day! Bye bye.