Now, Aaron carries a debit card with him when he goes out and keeps track of all of his purchases — $20 for gas here, $10 for a meal there. His parents, who have access to the checking account online, can follow the transactions as well. It may be another year before Aaron gets a job of his own, but in the meantime, he’s learning to spend his parents’ small contributions wisely.
“If I’m ever out with friends and I run out of cash, I use it for basics,” he said.
Last month, Wells Fargo launched the Teen Checking program in Orange County, with the intention of extending it nationwide. The account, intended for teens ages 13 to 17 and their parents, offers a free savings account, free online banking and reduced overdraft fees to allow for a few rookie mistakes.
Matt Regan, store manager of the Newport Coast location, said word-of-mouth was still getting around on the program, but the feedback so far has been positive.
“It’s new, and we’re still learning from it too,” he said. “The more and more people who are signing up are really happy with it.”
Marian said she first asked about the Wells Fargo program after her older son, a UCLA student, opened a college checking account with the bank. She wanted to know if the bank offered a similar package for teens — which might have benefited her older child when he was in high school.
“He said, ‘I wish they would have had it when I was 16,’” she said.
