<p>It is a credit union and those are their rules. They don’t allow students to have a checking account in their own name until they are 17. But they can get one jointly with a parent before then. I’d rather she start learning how to manage her money and balance an account now than wait over 6 months until she turns 17, especially since she is now working and will soon be driving and will need access to money for gas! Plus she can’t get a debit card on the account until she turns 18, just an ATM card.</p>
<p>As for fraud, I could have her spend her money on school tuition or dance lessons and put the same amount in an account in my name for her benefit with the same results. I won’t be filling out a FAFSA for her until 2014, so there’s plenty of time. And we’re not talking about a huge amount of money, a couple of thousand now. I’m assuming she’ll be spending a significant amount of what she earns now on gas, clothes, and her own entertainment. And I don’t want it in a 529 account because it will probably need to be spent on non-qualified expenses, like a computer.</p>