How did you go about that? I've been contemplating that for the future but it seems like the kid has to be 16 or 18 to qualify. Does she write an actual check or is it a debit card?
I just called our credit union and they set it up. It's a custodial account, so we are ultimately responsible, but it's her own account number with a checking and savings. She could have checks, I guess, but we just gave her a debit card that she can take to the ATM or use as a Visa. I also have a credit card with a low limit (we typically use it for safe online purchases, that kind of thing) and I got a card with her name on it (it's still our card though and attached to our credit). This is expressly a "to be used only in an emergency" card (if she ever got stuck someplace and needed to grab a cab for example). This has never been used so far but she's entering the realm of class trips and activities outside our direct supervision.
Camps, classes, lessons, etc. come out of the household fund at this point and we have discretion on what we can and will pay for. As she gets older, this might change depending on what she's requesting.
I have to say that this reduced the amount of negotiation and bickering a huge amount. If she wants to blow her allowance on starbucks and expensive lipstick, she can... but will have to give up something else later. These are teaching her lessons in a way my lectures never did.
DeeDee, I love the parental bank idea and may incorporate that into her savings account (at the end of the month, I could transfer an additional x% into the account as interest).
