JLBC Cadet Corps: Finances


JLBC Cadet Corps: Finances

Opening a Savings Account

If you are under 18 years old, you will likely need a parent or legal guardian to be a co-owner of a savings account. That will also allow you to have an ATM card to deposit or withdraw money from an Automated Teller Machine (ATM). An ATM card is not the same as a debit card, which will be discussed in section A3 below.

When an ATM card is issued, the financial institution also gives you a Personal Identification Number (PIN) associated with the card. It would help if you used this PIN for your debit card. Don’t ever give your ATM card or PIN to anyone!

JLBC Practical Exercise #1

Each Cadet writes down at least one savings goal.

(Cadets should save what they’ve written for application in a future exercise)

Practical Exercise #2 (to do outside of the classroom setting) Each Cadet is encouraged to do this exercise with a parent or guardian.

Go to a local bank or credit union and open a savings account. Many financial institutions have student savings accounts.

When researching a savings account online or talking to the bank/financial institution representative, the parent and Cadet should ensure the account has no limits on the amount and frequency of deposits.

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