Last month two of my three teens paid nuisance banking fees. As a financial educator I had hoped to spare them this costly mistakes but this was a lesson they missed.
One teen was used to having her purchases declined at the register if the account balance was insufficient. She learned this is not a fool proof cash flow management strategy when she purchased something small that her checking account could not cover. The $40 overdraft fee was a painful shock and more costly than whatever she purchased that trigged the status and the fee.
Another teen transferred money from checking to Venmo to make a large payment. She forgot that she initiated the transfer of the funds and also wrote a check from the account that bounced. She has had a bank account for several years but never had a need for checks. And the very first one she wrote, bounced.
To save other teens from the same fate I am offering a complementary session on Banking and Fintech on
Wednesday, April 16th at 10am ET and 2pm ET. If your teen could use this training, please register them here.
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