Nah. It’s a common trick. That’s why kids can’t have bank accts in the USA since the 1990s. Parents did that stuff with their kids’ bank accounts so commonly that they just shut them all down.
Not ’til they’re 16 in the USA. Prior to the 90s, kids could literally have their own accounts in their own names under their own control.
Petty fraud / tax evasion is common and parents commonly hid money in their kids’ accounts, but because the parent’s names weren’t on those accounts, it was another layer of hiding.
When do kids want the most stuff? When they’re like 12. Why is online virtual currency (robux, steam cash, vbucks) so popular? because it’s currency kids can actually use ’cause they can’t have bank accounts.
I think banks probably got rid of them across the USA because they were low-performing and used laundering as an excuse tbh.
Yup. and there’s throwaway rechargable cards kids can get.
But none of it teaches basic financial responsibility as much as having your own accounts do.
I’m using “launder money” loosely here. It’s hiding large donations that might have to be reported by breaking them up into tiny amounts that can be masked.
You’re doing a good thing. I’m glad you were able to. Most places in the USA it’s impossible or close to it. Around here (Florida) and in New Jersey, it just can’t be done. Tried with various nieces and nephews through the years and it pissed me off.
I was lucky. First savings at your sons age. First lone checking acct at 11 yrs old. This was the 1980s. It was mine, all mine and while I screwed up and recovered multiple times through the years, I know that early exposure was pragmatic in my financial responsibility.
And still, burning them all down sounds like a good idea. Paradox of life I suppose.
I’ve had to show financial responsibility via “good trades” on Animal Jam and Roblox, Steam cash and stuff. Would’ve been way easier with a basic checking account. Having ownership matters as most of what you own is owned by someone else anyway.