Why get a checking account?

My 13-year-old has no interest in opening a checking account now that she's old enough. I'm forcing her to do it, though. It's my gift to her.

Why does Elizabeth need a checking account? It's safer than stashing her money in the bedroom under her dolphin poster. The money you put in a bank is insured up to $100,000. It earns interest there, too. Bank one, dolphin zero.

Money in a checking account is traceable. Your bank can tell your current balance without ruffling through a wad of bills. Your spending is also traced and appears on your statement, so you know where your money goes. It makes budgeting easier. If your purse gets stolen, you can cancel the debit card or close the account. If you leave your purse in the public bathroom (like your sister), your cash will be gone but your checking funds will remain secure.

There are advantages to that account as you grow, too. A checking account is your first step to building a credit history. The longer it's been open and active without overdrafts, the easier you'll find it to get that first credit card. Most companies like to pay employees using direct deposit to their checking account. And many landlords won't rent to someone without a checking account -- they're not a good risk.

Elizabeth, you spend half your school time on the computer anyway. You'll love the ability to log into your account online and see your transaction balance and spending history. Even more, you'll like seeing those interest payments.

So let's get that account opened for you this month. Happy shopping!