Anyone else think it's ridiculous that a minor can get a job and not a savings account?

I'm 17 and have a job. In about 6 months, I'll be heading off to college 1000 miles away from home, so I want to save up some $$ for when I'm in college (not for tuition and stuff, but just for everyday living expenses). I wanted to get an online savings acct for three reasons: A. More distance between me and the account means I'll be less tempted to withdraw $$ from it and B. They're high yield, so I'll get more interest than I get with the 0.01% APY rate from my current local credit union and C. My checking is connected with my savings, so whenever my minimum wage paycheck ($150 per pay period) goes into my savings and I go get $40 worth of gas, as soon as that level in my checking hits $15 (the safety limit set by my credit union), overdraft protection immediately kicks in and puts $100 into my checking, incurring me a $2 fee for the OP and toward the end of the month a couple of $10 charges for withdrawing from my savings too many times in the monthly statement period. (This costs me on average $45-$50 a month; roughly 17% of my total monthly wages.) So I could save some money, I wanted to open up a high yield MMA from Ally and put $50 per paycheck in, since overdraft protection from my bank won't kick in if less than $100 is in the savings (I try to split my paychecks 50/50 between checking and savings when my paychecks get deposited. So if I was putting $50 in the Ally MMA, then that would leave $100 to split between my checking and savings). However, to open up an Ally MMA, I have to be 18 or open the acct up as a custodial account. I have one of these with ING, but I can't use it myself since it had to be hooked up to my mom's checking account, to which I have no access. I keep asking her to take $50 a month from my account, but she's so busy she always forgets.





I guess after this sort of "rant," isn't it kind of ridiculous that I can earn money myself but not manage it? If you can get a job by yourself at 16, you should be able to get a bank account at 16 too. (I'm talking a savings account here; not even a checking account or a loan/line of credit.)|||It sounds like your best bet might be to look into opening an account at a different bank. I am a bank manager and I have made exceptions for teenagers in the past to open up accounts on their own when they do have similar situations where they are independent and interested in managing their own finances responsibly.|||I do work for a national bank, but I can't disclose which one. It is one of the ones you have listed. Speak directly with a banker and ask them if it is something their manager can make an exception for. If it is not, try the next one. It really is a branch discretion in most cases.

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|||Thanks!

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|||Nope. I have no problem with a banking system requiring a minor to have a parent involved with banking operations until they are of age.|||You must be using the wrong banks. I know several teens (15/16) with their own bank account.


However, you are talking about a specialized account and restrictions should be expected|||just get your parents to be custodian and then when you turn 18, get your own adult acct



this law has been in effects since at least the 1960's when I was a kid



"More distance between me and the account means I'll be less tempted to withdraw $$ from it "



how does "distance" mean anything with an online acct?



bank fees affect everyone of any age|||It's not ridiculous and you CAN have a bank account - you just need a parent as account custodian. Why? Because you are not yet a legal adult.

Accounting I need SOME help PLEASE!!!!!!!!!!!?

Unadjusted Trial Balance


November 30, 2011


Debits Credits


Cash $51,610


Office supplies 450


Moving supplies 8,700


Prepaid insurance 7,475


Trucks 350,000


Accumulated depreciation, trucks $200,000


Building 185,000


Accumulated depreciation, building 29,120


Accounts payable 2,350


Interest payable -0-


Wages payable -0-


Unearned storage fees 700


Long-term notes payable 245,000


Mason Kidd, capital 42,205


Mason Kidd, withdrawals 26,500


Moving fees earned 179,600


Storage fees earned 26,750


Depreciation expense, building -0-


Depreciation expense, trucks -0-


Wages expense 41,700


Interest expense -0-


Insurance expense -0-


Office supplies expense -0-


Moving supplies expense -0-


Advertising expense 5,900


Gas, oil, and repairs expense 31,510


General and administrative expenses 16,880


Income summary _______ ____-0-


$725,725 $725,725








The following transactions occurred during the month of December, 2011:


Dec.


2 Received $180 as advance payments on storage rental.


5 Paid accounts payable if $720


6 Paid insurance premiums of $8,100 in advance.


7 Deposited $8,700 of moving fee receipts.


10 Purchased $1,560 of moving supplies on credit.


12 Acquired additional truck worth $56,000 by paying $6,000 cash and giving a lon-term note payable for the balance.


14 Paid wages of $2,700 for the period December 1-14.


17 Purchased $140 of office supplies on credit.


21 Deposited $6,260 from moving fees receipts and $1,600 from storage fee receipts.


24 Paid $860 for repairs to truck for damage sustained in an accident.


28 Paid wages of $2,850 for the period December 15-28.


30 Paid $900 to a magazine for advertisements that appeared in December.


31 Deposited $4,700 from moving fee receipts and $800 from storage fee receipts.





Required:


1. Journalize and post to the general ledger accounts the December transactions previously listed.


2. Prepare an unadjusted trial Balance. (Check figure below.)


3. Journalize adjusting entries for the following items and post them to the general ledger accounts:


a. Unpaid wages were $610 as of December 31.


b. The December 31 office supplies inventory was $180.


c. The moving supplies inventory was $4,530 on December 31.


d. The unexpired portion of the prepaid insurance was $9,475 as of December 31.


e. Depreciation for the year on the trucks was $50,350.


f. Depreciation for the year on the building was $7,400.


g. Unearned storage fees balance at December 31 was $650.


h. Kidd had withdrawn $1,600 cash on December 30, but he had not taken the time to record it.


i. Interest expense on the notes payable for 2011 was $24,700.


4. Prepare an adjusted trial balance. (Check figure below.)


5. Prepare an income statement and a statement of changes in owner鈥檚 equity for the year ended December 31, 2011, and a December 31, 2011, classified balance sheet. (Check figure below.)


6. Journalize and post the closing entries to the general ledger accounts.


7. Prepare a post-closing trial balance. (Check figure below.)





DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT





Record Transactions, Adjusting Entries, Closing Entries in this journal


DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT





Record Transactions, Adjusting Entries, Closing Entries in this journal











12/2


Unearned Storage fees debit-180


Storage fees earned credit-180





12/5 Account payable DB -720


Cash CR-720





12/6 Prepaid-insurance DB-8,100


Cash CR 8,100





12/7 Cash DB-8,700


Moving fees earned CR 8,700





12/10 Moving Supplies DB 1,560


Account Payable CR 1,560





12/12 Truck DB -56,000


Cash CR-6,000


Long term Note Payable CR-50,000





14/12 Wages Expense DB-2,700


Cash CR-2,700





12/17 Office Supplies DB-140


Account Payable CR-140





12/21 Cash DB-7,820


Moving fees earned CR-6,260


Storage fee earned CR-1,600





12/24 Repair Expense DB-860


Cash CR-860





28/12 Wages Expense DB-2,850


Wages payable CR-2,850





12/30 Advertisement Expense DB-900


Cash CR-900





12/31 Cash DB-5,500


Service Revenue CR-5,500





a Wages Expense DB 610


Wages Payable CR 610





B Office Supplies expense DB 410


Offices Supplies CR 410





C Moving supplies expense DB 5670


Moving supplies CR 5670





D Cash DB 6,100


Prepaid Insurance CR- 6,100





E Depreciation expense-truck DB-50,350


Accumulated Depreciation-truck CR-50,350





F Depreciation expense-Building DB-7,400


Accumulated Depreciation-Building CR-7,400


G Store fees earned DB-130


Unearned storage fees CR-130


H No record





I Interest expense DB- 24,700





Interest Payable CR-24,700


Kidd Gloves Moving and Storage














MY QUESTION THE ANUDJ. TRIAL BALANCE IS $798,945, BUT I GOT $804,315. WHAT I AM DOING WRONG|||These are some mistakes I found on your adjustments. When I ran the numbers, the trial balance before adjustments (a - i) does come out to 798,945.



2 Received $180 as advance payments on storage rental.

Dr Cash 180

Cr Unearned Storage Fees 180



21 Deposited $6,260 from moving fees receipts and $1,600 from storage fee receipts.

Dr Cash 7,860

Cr Moving Fees Earned 6,260

Cr Storage Fees Earned 1,600



31 Deposited $4,700 from moving fee receipts and $800 from storage fee receipts.

Dr Cash 5,500

Cr Moving Fees Earned 4,700

Cr Storage Fees Earned 800



c. The moving supplies inventory was $4,530 on December 31.

Dr Moving Supplies Expense 5,730

Cr Moving Suplies 5,730



d. The unexpired portion of the prepaid insurance was $9,475 as of December 31.

Dr Insurance Expense 6,100

Cr Prepaid Insurance 6,100



g. Unearned storage fees balance at December 31 was $650.

Dr Unearned Storage Fees 230

Cr Storage Fees Earned 230



h. Kidd had withdrawn $1,600 cash on December 30, but he had not taken the time to record it.

Dr Mason Kidd, Withdrawals 1,600

Cr Cash 1,600

Is it normal for a bank teller to ask you out?

I'm a new client at a bank I visited yesterday (it was only my second ever visit to said bank) and I deposited, and withdrew inside the bank itself, and the teller asks me how I'm doing, how my daughter's doing and I answered him 'cause I just passed it off as smalltalk and didn't give it a second thought. I told him then that, since last time I was there to open an account that they recommended a minimum balance of $75 that it wouldn't be a problem soon because I was getting a FAFSA check back from the College I go to (my last bank was always asking about things like that so I figured I'd just clear it up right then and there just in case), and he asked which college I went to so I told him and mentioned 'cause most people ask that it was just down the street from me and he said something about his own traveling which I still passed off as smalltalk and then he says "Oh well, would you ever be interested in maybe getting a drink at Jamba Juice? I mean, if you'd ever consider it." And I just... was dumbfounded and didn't respond right away 'cause I didn't know how to, but then he grabs one of his cards and starts writing a number down and says "Here, I'll give you my cell phone number so you can call me if you'd ever consider it." I walked out laughing 'cause it was so rediculous but a moment later I realized I felt very uncomfortable with it and like I didn't really want to have to go back to the bank anymore. I called the bank itself to speak with a manager who was going to be in some time in the afternoon (it's 1:00 pm now) but no one has called back. I fear because they think it's too insane to pursue.





But is this kind of thing normal? :/ I ask because one the manager hasn't called me back, and two because I want to make sure I'm not jumping the gun or anything by speaking with said manager.|||It is unacceptable for someone who is on the clock and supposed to be serving you to ask you on a date. The manager probably just hasn't had the opportunity to call you back yet. They take this kind of thing seriously for the very reason you stated: A customer can become uncomfortable and then they lose business.|||Don't call his manager and embarrass him like that. He probably doesn't do that with every woman that comes in there. You should look at it as a complement he would put his job on the line to go out with you. And if you still don't like it, then just avoid using him as your teller, problem solved. And try using the ATM or something so you don't have to go in their again.|||thats the problem with this country, every bodies so afraid of one another, like omg somebody asked me out while they were working..but thats, thats insanity (gosh). This guys was just saw a pretty girl and asked her out on a date case closed, there is no reason to ruin his life over it

Is this job offer a scam?

I am just wondering if this is a scam. Thanks. Sorry if I put this in the wrong category, since I am not too sure which category this question could go under.





Dear Sir/Ma








The United Nations Children's Fund (or UNICEF) was created by the United Nations General Assembly on December 11, 1946, to provide emergency food and health care to children in countries that had been devastated by World War II. In 1953, UNICEF became a permanent part of the United Nations System and its name was shortened from the original United Nations International Children's Emergency Fund but it has continued to be known by the popular acronym based on this old name. Headquartered in New York City, UNICEF provides long-term humanitarian and developmental assistance to children and mothers in developing countries.


We are using this oppurtunity to inform the general public about our new part time work from home job offers to the general public from different part of the world. Currently we have been having amazing response and increase in number of donations from companies,government, kind hearted individuals and private organizations.Our staff is a diverse group of highly capable and committed individuals who bring a wide range of professional experiences, both nonprofit and for-profit, to bear on our mission. We are an equal opportunity organization and our core values—Trust, Respect, Accountability, Innovation, Teamwork and Service—guide us in how we carry out this mission each day. Our donors makes their donations through Money order, Checks, Bank Transfer and Credit card transfer. Currently, there has been amazing increase in donations by Check from companies and organizations, this is why we have come into conclusion to recruite more members of the general public for this part time job offer as our donation collectors.





*******ABOUT THE JOB*******


* This Job offer is available for any individual from 18years and above.


* This is a stress free job offer and it would not disturb your current job.


* Once you receive any Money order or Check payment from our donors,


10% of any amount written on the check goes to you. That means, if you


receive a Check of $2,500 is any of our donors, $250 is yours


* When you receive a check or moneyorder from our donors, you are to


take it to your bank and deposit it the check into your account which will


clear into your account over the night . You will then go back to your bank the


following day to withdraw the funds and send to us with the information that will


be giving to you when you receive the check or moneyorder.





*****INTERESTED APPLICANT*****





You are to provide us with the below details for review to qualify for the Job.





* Your full name


* Your home addresss


* Your direct phone number


* Educational Qualification


*Age


*Sex


*Marital Status





You are to attach any of the following as your ID





* Your international passport


* Your Driver's license


* Your work id card


* Your passport photograph.





Attached to this mail is the job application form which you are to download, fill out and scanned back to us








Yours Sincerely


Mr Charles Collins


UNICEF Job Recruiting Agent|||It is definitely a scam.



Once you receive any Money order or Check payment from our donors,

10% of any amount written on the check goes to you. That means, if you

receive a Check of $2,500 is any of our donors, $250 is yours

* When you receive a check or moneyorder from our donors, you are to

take it to your bank and deposit it the check into your account which will

clear into your account over the night . You will then go back to your bank the

following day to withdraw the funds and send to us with the information that will

be giving to you when you receive the check or moneyorder.



The Money Orders and checks will be counterfeit. They will ask you to wire the money to them. In a month the checks will bounce and you lose all the money that was wired.



Why in the world would they need you to deposit checks for them?



ʎəɿʞɹɐq  ̊ ͜͡● ̊

Is this person for reals?

You're invited to: Hello,


By your host: Alice Kipkalya





Date: Saturday October 10, 2009


Time: 1:45 pm - 2:45 pm (GMT +00:00)


Street: Dearest ,I am writing this mail to you with tears and sorrow from my heart.With due respect trust and humanity, i appeal to you to exercise a little patience and read through my letter i feel quite safe dealing with you in this important business having gone through your remarkable profile, honestly i am writing this email to you with pains, tears and sorrow from my heart, i will really like to have a good relationship with you and i have a special reason why i decided to contact you, i decided to contact you due to the urgency of my situation,My name is Miss. Alice Kipkalya Kones, 23yrs old female and I held from Kenya in West Africa. My father was the former Kenyan road Minister. He and Assistant Minister of Home Affairs Lorna Laboso had been on board the Cessna 210, which was headed to Kericho and crashed in a remote area called Kajong'a, in western Kenya. The plane crashed on the Tuesday 10th, June,2008. You can read more about the crash through thebelow site:http://edition.cnn.com/2008/WORLD/africa鈥?/a> After the burial of my father, my stepmother and uncle conspired and sold my father's property to an italian Expertrate which the shared the money among themselves and live nothing for me. One faithful morning, I opened my father's briefcase and found out the documents which he have deposited huge amount of money in one bank in Burkina Faso with my name as the next of kin. I travelled to Burkina Faso to withdraw the money for a better life so that I can take care of myself and start a new life, on my arrival, the Bank Director whom I met in person told me that my father's instuction to the bank is that the money would only be release to me when I am married or present a trustee who will help me and invest the money overseas. I am in search of an honest and reliable person who will help me and stand as my trustee so that I will present him to the Bank for transfer of the money to his bank account overseas. I have chosen to contact you after my prayers and I believe that you will not betray my trust. But rather take me as your own sister. Though you may wonder why I am so soon revealing myself to you without knowing you, well I will say that my mind convinc ed me that you may be the true person to help me. Moreso, I will like to disclose much to you if you can help me to relocate to your country because my stepmother have threaten to assinate me. The amount is( $9.4 USD )Million United State Dollars, and I have confirmed from the bank in Burkina Faso on my arrival, You will also help me to place the money in a more profitable business venture in your Country. However, you will help by recommending a nice University in your country so that I can complete my studies. It is my intention to compensate you with 40% of the total money for your services and the balance shall be my capital in your establishment. As soon as I receive your positive response showing your interest I will put things into action immediately. In the light of the above, I shall appreciate an urgent message indicating your ability and willingness to handle this transaction sincerely. Awaiting your urgent and positive response. Please do keep this only to your self for now untill the bank will transfer the fund. I beg you not to disclose it till i come over because I am affraid of my weaked stepmother who has threatened to kill me and have the money alone ,I thank God Today that am out from my country (KENYA) but now In (Burkina Faso) where my father deposited these money with my name as the next of Kin.I have the documents for the claims. Yours Sincerely Alice Kipkalya Kones.|||Definitely a scam; it's been around for years. Check out http://www.snopes.com/crime/fraud/nigeria.asp for some of the variations on this.|||Holy crap, you're rich. What are you waiting for, send the money immediately.|||ask yourself, Would a complete stranger ever really Email you wanting to give you some crazy amount of cash?





No, Never





It's a scam|||No.|||TOTAL SCAM. DUH.|||Stay from this monster . First its not even a woman its a man and yes its a SCAM|||Money Scams :0|||BULL SHAT!!!!!!!!!


Its a SCAM.


This was just has a mr rogers happy ending, that they want you to fall for|||Don't marry her! She's an UGLY *********!!!|||Is this person for real?





Hmmm...Well, they may have had success with this in the past, so that may be why they're still trying.





The best way to diffuse the situation is to put these kind of emails in spam and never read them and/or click on any links associated with them. If you do click on them, there is a possibility of the email infecting your computer with a virus.|||Am from Kenya, i never heard this kind of story.


girl why don't you tell this story to the Kibaki's govt or send letter to "Obama" ?





This is interesting story and long.





keep sending and looking better person.





Might God help you and give you someone who help you.





young girl will you give money or reward the person who help you?


if yep hw much? how?|||Come on, this scam was around the internet for years now.





In fact, a friend of mine managed to counter-scam the senders and got some of their money (not much though, only a couple of hundreds).

Personal Fiance homework word bank questions?

Abbreviation of annual percentage rate, the interest rate applied annually to a loan or a credit card balance.





Abbreviation of annual percentage yield, the rate of return earned in the course of one whole year, taking compounding into account, expressed as a percentage.





Cash and other liquid assets such as demand deposits or treasury bills that an individual possesses.





An expense that does not vary from one time period to the next.





To obtain a new loan for something on different terms, often involving the paying off of an existing high-interest loan by means of a new lower-interest one.





Money set aside for future use.





To take money out of an account.





To plan the allocation, expenditure, or use of money.





The amount of money spent on food, clothing, accommodation, and other basic necessities.





The amount of money that is anticipated to be received over a period of time, either as payment for work, goods, or services, or as profit on capital.





WORD BANK:





Withdraw


Cost of living


APR


Fixed costs


Cash reserves


Budget


Income Potential


Refinancing


Savings


APY





Anything will help! Thanks!|||Abbreviation of annual percentage rate, the interest rate applied annually to a loan or a credit card balance. (APR)





Abbreviation of annual percentage yield, the rate of return earned in the course of one whole year, taking compounding into account, expressed as a percentage. (APY)





Cash and other liquid assets such as demand deposits or treasury bills that an individual possesses. (Cash reserves)





An expense that does not vary from one time period to the next. (Fixed Cost)





To obtain a new loan for something on different terms, often involving the paying off of an existing high-interest loan by means of a new lower-interest one. (Refinancing)





Money set aside for future use. (Savings)





To take money out of an account. (Withdraw)





To plan the allocation, expenditure, or use of money. (Income Potential)***





The amount of money spent on food, clothing, accommodation, and other basic necessities. (Cost of Living)





The amount of money that is anticipated to be received over a period of time, either as payment for work, goods, or services, or as profit on capital. (Budget)***





I hope this helps. I'm not sure on a couple of them (***), but I think most of them are right.

Looking for a little info on RRSPs or other retirement savings?

I'm 19, and now that I have a solid job (I'm an applications developer), I'm thinking I should be saving for the future (particularly, retirement). I already have a high-interest savings account, for expenses along the way like car or a house, but it offers something like 2.5%/year, and is really not controlled in anyway other than a $5 penalty for withdrawing money (no penalty for transfers).


I'm looking for something a little more long-term (like the 40 years til my retirement.. hopefully sooner since I'm starting now ;)... but that I have the option to withdraw from in a crisis. Maybe something I could throw a few thousand into now, make regular deposits into (automated, maybe 20$/week or whatever), and put in more money from time to time when I have it. Also, something fairly low risk would be best (so my savings aren't destroyed in recessions).





Is that basically what an RRSP is? Or is an RRSP something different?


Are there any other options? With, say, 10,000, what would be the best way to start my savings for retirement?


(I will of course go into my bank and chat with them, but I'd like to go in knowing at least a little bit about my options)





Thanks guys!|||This is a huge subject, so I will give you a quick summary and a few benefits:





You are correct that you can deposit funds into an RRSP account throughout the year. At the end of the year, all your yearly contributions (for that calendar year) are deducted from your taxible income. If your yearly taxible earnings are $50,000 and you have purchased $5,000 worth of RRSPs, your taxable income for that year is now $45,000. (Benefit 1).





Benefit two may apply to you a few years from now. The Ontario government has a Home Buyers Plan, whereby you basically can borrow against your RRSP contributions to purchase your first home. For example, if you have invested $50,000 in RRSPs by the time you are ready to buy your first house, you can use that $50,000 as a down payment towards the home's purchase. Your obligation is to pay this back into your RRSPs over 15 years. There is, of course, a lot more involved with this program, but this is the gist of it. (Benefit 2)





When you reach a retirement age, all your RRSP contributions are rolled into a RIF account, which you would use as your pention. The tax rate of deriving income through a RIF account in retirement is much less than income from an employer. (Benefit 3)





If funds are required before maturing into a RIF at retirment, you can withdraw amounts from your RRSP, but penalties and additional tax will have to be paid.





As far as risk is concerned, when you go to the bank to discuss options, they will do (by law) an investor profile, which should give you the type of long-term investment you are looking for, risk-wise.





This is only the tip of the iceberg, but it hopefully gives you a bit of background before your visit to the bank.





Best of luck.