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Not a good afternoon

May 5th, 2006 at 06:18 pm

I can't say that I'm in a very good mood right now. I took my oldest son to a nearby local bank with the high hopes of opening a savings account for him. Well I found out to my unpleasent shock that I could not open his account because: 1. my state ID card was expired, 2. I needed all kinds of documentation for myself(since I was going to be the person in charge of his account)and 3. four different types of ID for my son.

It would cost me about $15 to $25 just to get everything squared away for me and I would still be unable to open his account until the documentation came in. All of this just to open a savings account! This so called Patriot Act is causing more problems for me than it's worth. I think I'll just keep his savings in his piggy bank at home, and later after it builds up more, transfer it to a large coffee can or coin bank or something.

My son was very disappointed and unhappy about this and decided to keep his savings at home. Oh, I forgot to mention that his savings stands at $19.43 at this time.

So after leaving the bank we went across the street to a local convenience/gas station, where I spent $11.18 for a couple of sodas and pizza slices for us.
I had not eaten yet, and him being a growing boy, he was hungry. Still, I'm sitting here scolding myself for taking my savings down to $59.02.

3 Responses to “Not a good afternoon”

  1. contrary1 Says:

    I don't know the age of your kiddo, but I've kept "banks" for kids of most ages and made them official with computer read outs, monthly statement sort of affairs. Also, kept their money in a locked file cabinet, so it was a big deal to get to it. I had extra check registers & covers, so made each kid their own record, to keep track of their deposits on their own. Made a much bigger deal out of saving.

    I couldn't ever do the banking before the patriot act, since most of my kids didn't come with ID, I wasn't their guardian, we would need to go before a judge to get anything done..........It was easier to do it ourselves!

  2. carol Says:

    My oldest sons is just days away from turning 14. I think your ideas are good ones. I just recently created on Wordpad and printed out simple personal finance charts for both my boys(the other one is 10) and after today I will do all accounting and record keeping of their savings at home. Funny thing, my youngest son told me flat out that he had absolutely no desire to place his money in a bank. After today, I came home and was very quick to tell him that yes he was right.

  3. Nina's Mom Says:

    Maybe you should try a different bank? Four types of ID for son seems a bit overboard.

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