- Narrator: Does the idea of your teenager having a checking account or debit card make you nervous? 
- See, if I had a card like that, I wouldn't have to bug you for cash all the time, or get it out of my savings account. 
- Know what? You're right. You're not a kid anymore. 
- Narrator: When kids are young, using cash is the most direct way to understand money. If they receive a dollar, it's right there, ready to save or spend. And if they spend that dollar, they immediately know it's gone. But as kids get older, and need to manage larger sums of money, using cash all the time isn't so practical. 
- So if you had one of these, how would it take the place of your cash? Does money just magically get loaded into it? 
- I do have a job, remember? And I do get paychecks! 
- Paychecks?! Hmm, now you're talking my language! Hey, Mr. Moneybags, why don't you carry that bag for your mother? 
- Maybe we should see if the bank will let you open your own checking account, you know, in addition to your savings account. But first, I think you should help us out with ours. 
- Narrator: Even though most people are writing fewer paper checks these days, a checking account is still the foundation of nearly everyone's finances. Whether they end up using checks or debit cards, teens need to learn how to manage these accounts. 
- Here's where dad and I write the check number, the date we wrote it, and who we wrote it to. And what goes over there? 
- The amount you paid, right? 
- Right, and when should you do all of that? 
- Right away? 
- You got it. 
- Narrator: By carefully explaining the basic mechanics of a checking account, parents can help prepare their kids to be successful money managers, and avoid getting caught with insufficient funds or costly fees. 
- And here's something else to do right away. At the store, mom didn't pay with a check. She used a debit card, and then they gave her a receipt. What do you think is the first rule of debit card receipts? 
- I don't know. 
- Rule number one: Save the receipt. And what might be the second rule? 
- Uh, write it down? 
- Bingo! The only difference between this and a check is that there's no check number. All the other entries are the same. And the money still comes right out of the checking account, even faster. 
- Narrator: Today, many banks will open checking accounts for teens ages 13 to 17 with a parent's signature. They often accept direct deposit of the teen's paychecks, instantly providing a secure place for their funds, and a safe way for them to pay for some things with their own checks. Plus, these special accounts offer parental controls and will alert you if there's ever a problem. 
- This is your US Bank ATM check card. You can use it to make purchases anywhere Visa's accepted, and also make withdrawals at an ATM. Well congratulations, and thanks for coming in. 
- Narrator: When teens get their own checking accounts, the object is not to make spending easier. It's to help them learn the important skills of money management, while still living at home, and while you can still guide them and help them avoid problems. 
- So what just happened? 
- I got $20. 
- Yeah, that's what happened here. But what just happened over at the bank? 
- Twenty dollars got taken out of my checking account. 
- And now what are you going to do? 
- Save the receipt and write it down. 
- Bingo! I think we've got a winner! Hey, how about buying us a cup of coffee with some of that? 
- It's for my bus fare, remember? 
- Only kidding. Hey, let's go shoot some hoops.