I have an issue in mind that I would like to know my readers' point of view on. Tell me if I'm right or wrong. Really, I want to know.
I have witnessed a phenomenon amongst the poorer/single parent households whereas the parent, having run up phone/electric/gas/cable bills and are unable to pay them, they will let the utilities be shut off, then have the utility turned back on using their child's name and SSN.
Despite what I might think is wrong with this, I also understand financially the reasons for it.
The utility now demands payment and a large deposit, or they could just provide a new, clean SSN and get the utilities turned back on for free.
Something needs to be done to prevent irresponsible parents from ruining the future credit for their children.
BUT THEN...
I have spent a considerable amount of time with these children, and I work with them and teach them how to work and how to save money, and how to achieve goals. I used to be able to open a Visa Buxx account so that I could load their money on it when they earn it, and it promotes saving and keeping their own accounting. There is a limit of $500.00 they can have on their card, and they cannot spend more than they have. Which is a good thing. But the system became cumbersome: It cost me too much in annual fees and transfer fees, it became a very expensive deal - when I have three kids on the payroll.
So, I'm looking for another method. I have a girl who is saving her money for Horse Camp. In the last 7 months she has saved $302.49. I opened a savings account attached to my checking account. HOWEVER, I found out that I am not allowed to put her name on it. Even with her SSN, she is under 18 and her LEGAL guardian must be on the account. I asked the banks, there is no loophole that I can use. She cannot have her very own savings account. WHY NOT?
I don't want her parents to have access to her money, she earned it herself. I want her name on her own savings account. I thought kids could have their own Christmas accounts. We aren't asking for a visa card or anything, but I'm sure if I filled out an application for a Visa card with her info, I would forever be getting offers in the mail for secured cards. But it's a Federal law that a kid can't have their own savings account? What's up with that?
I have run into this problem time and time again. I had a 16 year old girl working for me two summers ago, and she saved up enough money to pay cash for a used car and 6 months worth of insurance. As soon as her insurance ran out, her mother took over the car. They lied to me and said the mom got insurance on it. Then 1 year exactly, she calls and wants me to put it back on my policy so they can get license plates. Sorry charlie, don't like being lied to, and I'm sorry you lost your car.
Another 14 year old girl: the parent would "Borrow" her money to spend on drugs.
I know I sound a little hostile, I'm just not impressed by some of the parents I've known. Which is why I think a kid should be able to have their OWN savings account. I brought this subject up at work and a response that I got was: When you carry a kid in your body for 9 months, then you get to make those decisions.
Humph!
MsAmber
3 comments:
Please be very careful. Often poorer families, and when I say poor I don’t mean grow your own food and kill a chicken poor (to me that’s not poor but rich), but poor in the sense of wanting hand outs and what I call a ghetto mentality. People like that have no respect for helping people like your self and will 9 x;s out of ten have no respect for you. I worked for a large telecommunications company and people would turn on phone service in dead people’s name, infant names, or the guy down the street like we change underwear. It’s just a way of life for them. The best thing you could do for the kids is exactly what you’re doing. You’re a great role model, and for them just to be around you and see how you navigate life is worth more than any bank account!
I totally agree with you Msamber, kids probably should be able to have their own accounts. I'm not a financial expert so I'm not sure why they don't allow it. But way of life or not, its very sad the way some people will lie, steal, and cheat their own kids. Poor or not, you can always choose to do the right thing and live life with integrity and character.
We've had times in our family when we couldn't pay bills, but I never tried to cheat anyone or do something unethical. And there have been times we didn't have heat, and you snuggle up under blankets... and you pray. And one way or another, God has always supplied our needs.
"The righteous man walks in his integrity; His children are blessed after him." (Proverbs 20:7)
The stupid response you got at work regarding "carry a child for 9 months and then make these decisions" is too stupid to argue with. Who says that the women who use their uterus for child-bearing makes them any wiser or more caring?
I know many childless couples (others by choice, others were dealt hard blows in life) that have given me loads of sensible, objective advice on child-rearing.
Yes, I agree with you children should be able to have their own accounts, they should be able to protect themselves from parents/leeches.
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