News
December 1, 2016Berkshire Bank Announces New Teen Checking Product To Help Teach Teen Important Money Basics
Berkshire Bank is excited to announce a new product, Teen Checking, their newest deposit product designed to promote financial responsibility and teach teens important money basics.
As teenagers grow, they’re going to need to learn some other money basics, and that includes managing a checking account. Those skills might be more valuable today than ever before: 36% of college students at 4-year institutions noted that over drafting and managing a bank account are the leading causes of financial stress, according to the 2015 Money Matters on Campus survey by education technology firm EverFi and Higher One, a college financial services company. Furthermore, 12% indicated they never check their balances because they are too nervous.
The Teen Checking product is available to individuals aged 15 to 17 with an adult co-owner and is intended to provide teens the freedom to use their own debit card to make purchases and manage a checking account using online and mobile banking.
The account has been tailored to meet the needs of teens, with a specific focus on what is most appreciated in banking; immediate access. The convenience of account information is made possible through free online banking, eStatements, mobile banking ; plus, the free debit card has a reduced limit for minors. In addition, Berkshire Bank’s website provides financial education resource options for teens and parents to explore and discuss.
Starting a checking account early for teens is a key way to avoid pitfalls later. “It helps them learn concepts related to money and gives them valuable experience.” says Tami Gunsch, EVP- Berkshire Bank Retail Banking. “Remember that while your child has watched you swipe a debit card for years, he or she may not fully understand how the transaction works. A debit card connected to an account is essentially the same as cash,” Gunsch added.
The Teen Checking account is available now; for more information please visit your local branch. To find the nearest branch, please visit www.berkshirebank.com/about-us/locations.
