First Command Bank Launches New Teen Checking Account
The First Account Designed to Encourage Good
Financial Habits
FORT WORTH, Texas (Business Wire EON/PRWEB ) May 9, 2007 --
First Command Bank is helping parents introduce their teenaged
children to the importance of personal financial management with the
First Account – a checking account designed to
encourage financial literacy and money-management skills.
“Today’s teenagers
are exposed to a multitude of competing messages about money,”
said David White, president of First Command Bank, an affiliate
of First Command Financial Services. “The
challenge facing parents is how to break through the noise to
communicate lessons of responsible financial behavior. How do we teach
our children about the difference between ‘needs’
and ‘wants,’ the
value of earning extra money through household or neighborhood chores
and the importance of putting savings first? The First Account is a
great way to start.”
The First Account is ideal for introducing basic financial management
skills, yet full-featured enough to carry the account holder through to
college and into the workplace. It establishes a banking relationship
between the child and a real-world financial institution, and it
provides financial tools, including check-writing privileges, a debit
card and online banking.
Parents can use the First Account to teach everyday financial
management. They can use the First Account to:
-
Promote sound financial behaviors by depositing a child’s
allowance on the same schedule as the parent’s
paycheck, thereby encouraging prudent budgeting and spending until the
next “payday.”
-
Deposit money earned from part-time jobs as well as birthday or
holiday gift money.
-
Encourage monitoring of accounts through free online banking services.
“Most important, the First Account is a joint
account between you and your child,” White
said. “So you’re
always in control.”
First Command Financial Services and its affiliates, including First
Command Bank and First Command Financial Planning, assist
American families in their efforts to build wealth, reduce debt and
pursue their lifetime financial goals and dreams—focusing
on consumer behavior as the first and most powerful determinant of
results. Through personalized financial plans that emphasize
investments, insurance and full-service banking, First Command
Financial Advisors have established lasting relationships with
hundreds of thousands of client families since 1958.
For more information about First Command, visit www.firstcommand.com.
First Command Financial Services, Inc. is the parent company
of First Command Financial Planning, Inc. (Member SIPC) and First
Command Bank (Member FDIC). Insurance products and services are
offered by First Command Financial Services, Inc. Financial
planning services and securities products are offered by First
Command Financial Planning, Inc. Banking products and services are
offered by First Command Bank. Securities products are not FDIC
insured, have no bank guarantee and may lose value. In certain states, First
Command Financial Services, Inc. is a separately registered domestic
corporation and does business in California as “First
Command Insurance Services.”
See the original story at: http://eon.businesswire.com/releases/first/command/prweb524979.htm
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