<p>A local bank encourages kids to save money, the bank will allow kiddie savings account for any balance without a fee, the kids can open an account for any age, perhaps starting at 5 years? My DD had that account when she was 7 years old, she saved every penny for gifts from parents and grand parents. She had over 40K in the account at the time she entered college. OTOH, we were penalized for her FA in the college because of the large balance.</p>
<p>
</p>
<p>DH and I both grew up with savings accounts which we would physically manage ourselves. So we did the same for our Ds when they were very young. D1 found watching the balance grow so satisfying that she essentially saved every dime she ever earned or was given. This prolific saver had 25K saved as of last May when she graduated from college.</p>
<p>Her sister is another story, however. Sigh…</p>
<p>For all of my daughter’s gift checks, until she opened her own account at 16,m she signed the check, then I signed the check, and I deposited it at my ATM. Never had any problem.</p>
<p>Sure do miss those oh so old fashioned PAPER savings account books
that were stamped with each deposit!</p>
<p>Yes, I am very old. So?</p>
<p>Will Walmart cash a check without a state ID? </p>
<p>We’re getting our first Walmart here. In my 44 years I’ve been to Walmart once, while on a beach vacation 10 years ago so there are undoubtedly many things I don’t know about Walmart.</p>
<p>I don’t have an issue with him having an account but I would rather he go with me to open it and that’s not going to happen until schools both his and mine are out.</p>
<p>I’m a little amused by the notion that a 14 year old who has managed to apply, interview, and get trained for a paying job in the two months since he became work eligible is an example of how the youth of today have no life skills.</p>
<p>^^^^Perhaps people insinuating that didn’t realize he is only 14 years old.</p>
<p>OP - I have routinely had my sons endorse any checks they receive - birthday, holiday gift, and so forth - and then I deposit it in my account. I can then withdraw cash and give it to them as needed. Never been an issue. They have their own checking accounts now - but that’s how we always did it when they were younger.</p>
<p>I’ve done what rockvillemom does at both B of A and Wells Fargo. Never been a problem.</p>
<p>I’m going to try endorsing it and just using my atm. Can’t hurt to try.</p>
<p>The fact that some have had no problems in the past or even recently does not mean that the OP or any given person can easily cash a check that is made out to someone else but endorsed. Really, I would call the branch bank and ask what the policy is so that there is the least amount of delay rather than taking the chance if you want the money available quickly. I can attest that around here, the banks have gotten stricter about this sort of thing.</p>
<p>CuriousJane: I would imagine that the same documents that would be used to get a job (i.e. prove ID and citizenship) may also be used to cash a check. But you would have to verify this with the institution cashing the check.</p>
<p>Personally, the easiest route for us was to set up accounts where I and S or D were named on. This allowed both of to conduct financial transactions while not REQUIRING both of us. Basically I was the invisible and silent partner and didn’t ever do any activity in the account once it was set up–was just handy that I could.</p>
<p>The UCC (uniform commercial code) provides that you can endorse a check by writing pay to the order of xyz and signing it. Of course, in all their wisdom, banks have added many rules that do not always permit this form of endorsement. I remember a few years back a bank that we used had a sign that they do not take checks endorsed to third parties.</p>
<p>For the under age 18 kids I would recommend a kid’s club type account (or whatever it is called at your place of banking), or look for a place that has this. In our area they give you$10 with a minimum deposit that is very minimal (perhaps10) to start it. We started our D’s when she was very small and for sure could not sign for it. We deposited her gifts and pay in that. It was actually a UTMA (uniform trust to minors) as our state law provides. The parent is the trustee and signs for deposits and withdrawals. I am not sure if the kid can actually withdraw without the parent.</p>
<p>Once they turn 18, have them get an account that they control all by themselves.</p>
<p>I think there’s a bit of confusion in this thread between cashing a check and depositing a check into an account in the bank. It appears from what people are reporting is that banks will readily allow you to deposit a third-party check into your account, as long as it is endorsed over to you. They may place a time limit on when you can withdraw that money as cash, though.</p>
<p>Arie,</p>
<p>You’d think wouldn’t you? However, the soccer league that he works for seems to have gotten around this by making their junior refs “contractors” and not “employees”. He didn’t have to provide any kind of documentation beyond his SSN.</p>
<p>I can tell you right out that BankofAmerica is cautious about this sort of thing even when the check is to be deposited. At least the branch in our town. Whether it is a branch rule or a discretionary rule at whatever level at the bank, I don’t know. But they do screen those checks and if they are not made out to the account holder or even if it’s a check made out jointly to two people, and it’s going into one of those two people’s accounts at BA, it can still be an issue. </p>
<p>So again, YMMV from having absolutely no problem and being able to even cash the check and go merrily your way, to a refusal to even take the check or do anything with it without the party/parties named on the check as payee right there. This is not my opinion, but fact, from what I have seen and experienced here. It doesn’t mean that it will happen to anyone, but, yes, some of the banks are getting to be very cautious about this. They don’t HAVE to take ANY check, if they have qualms or doubts about it document.</p>