Do you think a 12 year old should have a debit card?

My son just turned 10 this week. Last year, he collected a shoebox full of cash and wanted to open an account (savings, I assumed). We went to the bank and he proudly approached the counter and said, "Hello, I would like to open an account today." She smiled at him and then me and said, "Checking or savings?" He smiled ear to ear; I thought I would faint! I said, "Ma'am, he is only 9." She said that if he had at least $100 he could open a checking account in his name with an adult cosigner (me). After many questions and much discussion, I agreed to let him open the account with my constant supervision.

They allowed him to pick out and order checks (with his and my name on them) and he ordered a matching debit card with only his name on it.

I personally do not let him use the card unless he is with me or if I send it with another adult (if he goes somewhere with a friend).

I quickly saw the teachable moment in a number of situations that have come out of his new account:

1. If his asks for stuff at Walmart that he doesn't need, but feels like he'll just die without, I say..."Sure, you can use your debit to pay for it." He either rapidly decides it can wait or "never mind" or he bucks up and buys it himself.

2. He asks if he can have extra chores to earn allowance. I have shown him how I can transfer the money he earns into his (our) account from my account with online banking. He doesn't know the password, but I allow him to actually do it himself with me, which shows up on his account instantly.

3. He LOVES to get his bank statement in the mail and balance his new check register. He sees that all that subtraction and borrowing is of real value from 3rd and 4th grade math.

4. He received birthday checks from several out of town family members. I taught him how to endorse them and fill out a deposit slip and put it in the tube at the drive through. Of course, he still asks for the sucker!!

5. He doesn't have the burning desire to spend every cent that comes his way because he has learned that he can put it in his account and that it will be there when he really wants something that costs more.

6. While he feels like a very big kid in doing these things, he is still very young in the learning stage. I am glad to see that he understands that checks aren't just paper and credit is not just plastic.

7. The other day he was at toys r us.com and called me in to see the "coolest thing ever." I helped him order it with his debit card and it arrived 4 days later. He was very excited to have the UPS guy get his signature and confirm that it matched the one on the box.

If the kid is responsible enough to handle money. Yes.

no way, unless they are going to grandmas or something

no anything they need they should go to their parents and ask for and if they think it's okay for them to have then they should either give them cash to go get or go buy for them but no I think 12 is to young to have a debit card for to many reasons to list

There is no reason for a 12 year old child to have a debt card. If this child does not work or earn the card, then no he/she should not. What is that teaching a child? Then he/she will grow up to expect things handed over to them in their adult life and they will be saddly mistaken when it does not happen. Teach a child the value of money so that when they grow up, they will appreciate it more!
Good gracious.....that is what the problem with these kids are today....everything is just handed over to them so they don't know the value of a dollar. And you wonder why they all get in trouble? Teaching starts at home!

Depending on the maturity level.
What I did with my kids to teach them the cost of living and how to handle credit cards, checking accounts. I set each one with a "savings" account that had a debit card attached to it. Their money for chores and allowance money went into that account, they had control of it. One was great with it, one blew all the money at once, and one would hord and try and bum off others....it was a good lesson for them.

The only way I would allow a child to have a debit card is if they have the bank account it is attached to with me just as a cosigner & they are working to make the money to go into the bank account. I would not be willing to pay for the kid's spending & trying to control their spending habits. As for the kid being 12, get them a job delivering newspapers or babysitting & show them how to keep track of their money. My parents did this with me & taught me how to use a checkbook ( they didn't have them fancy debit cards when I grew up, I had to make due with checks ;-} ).

I'm going to give my son a debit card - he's going on a trip with his Boy Scout troop for a week and it's probably safer than carrying cash. If it gets lost, I can get it replaced.

My child is 7 and we are already educating her on credit because school certaily will not teach it and if you dont it is very likely children will get in early credit problems.
In answer to your question it depends what for.

I opened a account with my daughter when she is 15 when she started to work part-time so she learn how to manage her own money from the money she earns by herself.

If your child is only 12 and using the money from you only, child might have a problem to learn how to manage the money in a proper way and make it a habit that money used, money comes.

They have to learn to earn to get privilege.

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