Before the Equal Credit Opportunity Act (ECOA) in 1974, women could not open a bank account without a male cosigner. Should the Act include children?

[Kelley1]

Because parents will steal money earned by their children (see Jackie Coogan), I believe children age 14 and above should be allowed to open independent bank accounts to deposit their earning.

[abc3643]

What happened to Jackie Coogan (who played Uncle Fester in The Addams Family) led to changes in the law. Specifically, it led to The Coogan Act which is the common name for the California Child Actor's Bill which is about 86 or so years old.

Basically, if a child is earning money in contracted way, the money the child earns is theirs and kept in a trust account which they can then access upon become an adult ("age of majority").

As it stands right now, kids can have their own accounts, but, not being adults, parents likely have to co-sign for the creation of the account. When I was in the first grade, we all got savings accounts.

[Kelley1]

Jackie Coogan's stepfather and mother stole over 95% of his earnings. As it stand now, if at age 15 a child starts working and saves his earning for college, by the time he is ready to enter college, he may have saved $50,000. However, since he must have an adult on his bank account, his parent can redirect his earnings for the benefit of another child or spend it for other things.

[Dongie]

I agree!

[Shiprex]

This is misunderstood notion that permeates society. WOMEN who EARNED could have bank accounts and like men who didn't earn THEY TOO could not have a bank account if they didn't earn. Bank accounts for women have been around for as long as banks allowed people to have money,

[exitseven]

I would not have a problem with this. I think it would be good for kids to learn how the banking system works by getting some hands on experience. I think I had my own bank account when I was in 6th grade.

[Anonymous]

Women should not be allowed to have bank accounts. They're chattel slaves who are supposed to produce babies, tend to them, and nothing more. You all know this is true. Women have no other purpose. Why is this even a question? Shut up and do what you're born to do. Don't be a pain in the ass.

[beefcakebradybatson]

Fifteen and over, perhaps with a non-custodial trustee. I wouldn't want someone who's still a legal child to have to handle huge sums of money themselves.

[Dargil]

Banks have age limits on opening accounts. I can open one for a child though

[DrPepper12]

Deposit sure. What about withdrawal?

[Kelley1]

I don't know as it is impossible to address all possible situations.

[Iron_Man]

Of course woman should open up a bank account on their own but kids under 13 needs supervision from adults that are their parents

[Kelley1]

So you believe wives should be able to protect their money but it is okay for parents to steal their child's earning.

[Iron_Man]

No, of course not but what can an eight year-old do to handle their money? They don’t have the proper judgment, they’ll buy tricycles and junk food and all kinds of silliness instead of saving it

[Iron_Man]

The parents are not supposed to or allowed to spend a penny of the children money my parents never touched my money they encourage me to save it until I’m older

[Iron_Man]

I didn’t have an earning. I had an inheritance as a child from Granny

[Iron_Man]

Every situation is different. Depends how much a kid has if he has an inheritance or earnings, but I’ll mostly buy the kids toys and little things like that once in a while if you’ve got enough money if you really need something, I can understand, but I want him to save up.

[Kelley1]

@Iron_Man In the 1920s Jackie Coogan's stepfather and mother stole $5 million he earned as a child star. After he sued less than $150,000 remained. As a parent, you will not steal $1000, however, you will steal if your child has $millions.

[Iron_Man]

I will never steal form my child’s money. I have a conscience. I do the right thing in life. I’m here to protect my child not to steal from him.

[Kelley1]

@Iron_Man When there is lot of money, most parents will justify stealing from their children because they know best or whatever.

[Iron_Man]

Thats not right what would you do?

[Kelley1]

@Iron_Man If one child had $250,000 and another child had cancer and insurance wouldn't cover the medical bill? I hope I am never faced with that choice.

[Iron_Man]

That’s different and I’m sure the kid wouldn’t have a problem with it but nowadays, they have Medicaid you can get that for your child if you can’t afford the treatment so you wouldn’t have to go into the other child’s bank