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CORPORATE OFFICE

Level One Bank

32991 Hamilton Ct.
Farmington Hills, MI 48334
Phone: 248-737-0300

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MORTGAGE LOAN CENTER

Level One Bank

1328 S Main Street
Ann Arbor, MI 48104
Phone: 734-213-1515

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BANKING CENTERS

ANN ARBOR

Level One Bank

195 N. Maple Road
Ann Arbor, MI 48103
Phone: 734-794-5225

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ANN ARBOR

Level One Bank

125 W William St.
Ann Arbor, MI 48104
Phone: 734-761-1475

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ANN ARBOR

Level One Bank

3930 South State St
Ann Arbor, MI 48108
Phone: 734-418-9995

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BIRMINGHAM

Level One Bank

1712 West Maple Road
Birmingham, MI 48009
Phone: 248-723-4800

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BLOOMFIELD

Level One Bank

6450 Telegraph Road
Bloomfield Hills, MI 48301
Phone: 248-406-8905

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BLOOMFIELD

Level One Bank

37100 Woodward Avenue
Bloomfield Hills, MI 48304
Phone: 248-530-7401

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DETROIT

Level One Bank

1420 Washington Boulevard
Detroit, MI 48226
Phone: 313-309-9980

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FARMINGTON HILLS

Level One Bank

30095 Northwestern Highway
Farmington Hills, MI 48334
Phone: 248-865-1300

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FARMINGTON HILLS

Level One Bank

30201 Orchard Lake Road
Farmington Hills, MI 48334
Phone: 248-737-1110

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FERNDALE

Level One Bank

22635 Woodward Avenue
Ferndale, MI 48220
Phone: 248-414-6500

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Grand Rapids

Level One Bank

2355 Burton St. SE
Grand Rapids, MI 49506
Phone: 616-827-4400

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JACKSON

Level One Bank

611 N Wisner
Jackson, MI 49202
Phone: 517-917-0908

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NORTHVILLE

Level One Bank

20550 Haggerty Road
Northville, MI 48167
Phone: 248-380-6590

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NOVI

Level One Bank

44350 W. 12 Mile Road
Novi, MI 48377
Phone: 248-735-1000

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Rochester Hills

Level One Bank

1880 S. Rochester Road
Rochester Hills, MI 48307
Phone: 248-710-3700

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STERLING HEIGHTS

Level One Bank

43683 Schoenherr Road
Sterling Heights, MI 48313
Phone: 586-412-1800

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Read Our Blog Articles

What Your Teen Needs to Know About a Checking Account

Posted on: July 31, 2020

How Our Michigan Bank Helps Set Them Up for Success

mother-daughterLearning to manage money is an essential life skill. The recent economic downturn brought about by the COVID-19 stay-at-home orders has made it difficult for people of all ages to pay expenses and maintain a budget. Fortunately, the economy is cyclical, and it will recover. But during these tough times, helping your teen understand how to make the right decisions with money will instill habits that lead to long-term financial literacy.
 



Checking Account Basics for Teens

A checking account is a bank account that holds money to pay expenses. Typically once your teen is 16, they may be eligible to open a checking account with a parent or legal guardian as co-owner at Michigan banks like Level One. Teens can deposit cash or paychecks into the account, then withdraw the funds to make purchases or pay bills.

  • Most banks in Detroit, Ann Arbor, Grand Rapids, and across Michigan require only a small minimum opening deposit and have few to no maintenance fees on teen checking accounts. Level One Bank offers a free checking account.
  • With many banks in Michigan offering technologies like online banking, bill pay, and mobile banking, your tech-savvy teens can have easy and immediate access to the account.

How You Can Help Your Teen Manage a Checking Account

Banks in Michigan have a few tips to share with your teens as they begin using their checking account:

  • Encourage your teen to keep the checks and their debit card (if applicable) in a safe place. Discuss the importance of not giving anyone access to these financial tools.
  • Talk with your teen about the importance of keeping track of all transactions, as not all transactions will post immediately to their account. For example, some debit card transactions may take a few days to post.
    • If your teen actively uses the account, suggest using either a transaction register or a mobile app to help keep track of their purchases and checking their online account balance frequently to confirm it’s accurate.
  • Each month, plan to set aside time to review account statements with your teens. Show them how to balance their checking account by adding any new deposits and subtracting payments or withdrawals not reflected in the statement total.
  • Outline a simple budget in an Excel spreadsheet to explain the concept of cash flow. You may want to explore whether a personal finance app would be useful for helping your teen create a budget or set spending limits.

Finding Opportunities to Make (and Save) Money

Boy-laptopWhile many teenagers have an innate entrepreneurial spirit, others may need coaching about ways to add funds to their checking account. You can brainstorm ideas for after-school or summer employment, including starting a business.

Savings are an essential element of financial security. It’s important to explain the concept of "money that stands still": funds that stay in a savings account earning interest until needed for a special purchase or an emergency. Putting a portion of their earnings into a savings account helps teens understand how to pay themselves first before making any purchases.

Partnering with Level One Bank

When your teen begins working or when you both feel it’s the right time, visit a Level One Bank banking center to open a checking account. Our Level One @ School account gives teens cashback with each swipe of a debit card that uses the credit option for the transaction. Your teen will also have free access to every ATM in the nation, including ATMs at other banks and non-bank ATMs. If you see an ATM fee, we will automatically refund it! Contact us for more information or visit our site here to learn more about our Level one @ School checking account.

“Teenager Post #24009 - *goes online shopping* *puts everything I want in a cart* *checks subtotal* *laughs and closes tab* - online window shopping saves my bank account one tab at a time."

– teenagerposts.tumblr.com

Posted in: Your Money, Your Life

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