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This is what happened when I took my kids to open their first bank account

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29 January 2015

Comments

  • Excellent post Jacob as I feel you are adressing a world wide issue in the banking industry as I had a similar experience in France. I would go even further : banks need to consider our kids as future clients and implement a kid friendly strategy across all channels. An example, every month my daughter is excited because there is a letter for her in the mail box until she opens it and sees a boring account balance with nothing else. The bank knows that she's only 9, they could do better.

  • Thanks Jim, totally agree!

  • You are absolutely not asking too much (and I like your ideas). I had similar experience with top-5 bank last year when opening for my high schooler. And there was no option to open online.

    Your kids could have that bank account for the next 100 years! (since they no longer need to change accounts when they move). What is lifetime value there? $10,000 or more (not even counting the value of their kids' accounts). Definitely worth spending a few dollars now on a youth banking kit.