Wells Fargo requires an adult co-owner to open a teen checking account. The youth must be between 13 to 17 in most of the United States, according to the Wells Fargo website. The account has a small fee for account holders who want a paper statement but no fee for online statements.
Chase offers a similar account, explains its website. However, it only waives the monthly fee if the parent maintains a separate checking account with the bank. Once the teen turns 19, his account has a monthly fee. Both Wells Fargo and Chase offer full access and alerts for the adult account co-owner. Using this access allows the parent to scrutinize the child's spending habits, notes Bankrate.
Opening a teen checking account sometimes requires shopping for the right bank. Some banks offer teen checking to students as young as 13, states Bankrate. Credit unions also often have these accounts and engage the teen face-to-face. One way of introducing children and teens to banking is with a savings account before a checking account. The savings account gives the child limited access to funds and teaches the importance of setting aside a part of his income. After the teen responsibly uses a checking account, consider providing him with a debit card.