Teach Children How Money Works–Open a Passbook Savings Account
Let’s face it: the way money is handled these days is different than in the past. It’s become more intangible in the form of debit or credit cards and less accountable than counting out change for a cup of coffee. But how does this affect our children and their understanding of how money works?
At Auburn Savings, we offer a Passbook Savings account as a way to help teach youngsters (or anyone for that matter!) about good saving habits.
Simply put, a Passbook Savings account is a savings account that comes with a booklet-like “passbook” to record transactions made in the account. There’s no monthly statement or other summary of transactions—the passbook does all the recordkeeping for you!
To make a deposit, bring cash or a check to one of our bank branches and deposit it in person with the help of one of our friendly tellers. For adults or working teenagers with a Passbook Savings account, you may elect to receive electronic payroll or benefit deposits made directly to the account. Either way you choose, the deposited money will be recorded in your passbook. It’s also a great way for children to actually see the balance in their account grow with each deposit.
For withdrawals from a Passbook Savings account, you must visit an Auburn Savings branch in person with your passbook in hand. Requiring the passbook for all withdrawals gives extra security over statement accounts that allow electronic withdrawals. Plus, visiting the bank in person is a great way for children to become familiar with what a bank is, how it works, and to interact with our banking team.
If you want to teach your child that money doesn’t grow on trees, and the value of regularly putting money away, a Passbook Savings account may be the right account. To open your account today, stop in to our Auburn or Lewiston location with valid picture ID, proof of physical address and an opening deposit of $25.00. Parents must co-sign the account with the child.
With a hardcopy passbook that records all transactions, the chance to make deposits and withdrawals at the bank in person, and the ability to see deposited money grow over time, a Passbook Savings account is a great tool in beginning to teach children the value of saving.
Here’s to the next generation!
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