I Don’t Know

Well this isn’t his first account, but it’s the first he’ll actually benefit from. The very first account I had to close because I had to pay child support and couldn’t afford to fund the account. The other day, I was asking about opening one with my new bank but didn’t have all of the necessary documentation with me.

Yesterday, was career day at his school. I feel like such a loser and a bad father for forgetting. I think even though I take stuff like this hard he is pretty understanding. I asked why he didn’t remind me, he said he forgot too. I still feel I should have added it to my Calendar or at least had him add it to his.

During the presentations, some of the parents who participated let on that the children could open their own accounts. Deon told me that there were a lot of parents there from Chase. The necessary age was twelve and the only required documentation was a birth certificate. Deon bypasses his mother and calls me about my copy of his birth certificate. Why? I want to open a bank account, he says.

Fast forward… I decide to take him to open the account today. I originally planned to have him open the account he wanted to open by himself and open one that I could fund and do whatever I needed to when I needed to. He could have his to play around with and learn to be responsible and feel like he is in control, which is actually what he wants. Come to find out he also needs his social security card, has to be thirteen and a parent has to have an account at the bank.

So we walk into Bank of America and sat for about fifteen minutes. We were run though the account specifics and within a few minutes the account was open. I requested a ledger for him to keep track of his deposits and he has a few deposit slips that he can use to make deposits by himself. He was a little upset that he did not have total control over the account but I think this is a happy compromise.

On the way to the train station, we discussed how he and I would fund the account. I intend to start giving him an allowance when I start the job. I think ten dollars a week is fair for now. From the ten dollars he will deposit twenty percent into his account. This is not new to him. I have been teaching him to save twenty percent for the longest. On top of that, I intend to match whatever he puts in at the end of the month. At some point, I would increase his allowance and adjust the match as I see fit. I would continue to match his deposits when he starts working at an adjusted rate.

Once we got on the train we were talking and I had to explain why I couldn’t send him home with all of his account information. I just don’t trust his mother’s consorts. I know she wouldn’t do something like that, not to him anyway. I hope not. While on the train I filled out the first entry in his ledger because I made the first deposit and to show him how it is done. Then I showed him how to complete the deposit slips. I am confident that he can do it all his own now.

Finally, on the walk home, we had a discussion. We talked about what we are doing on Sunday and why I don’t take his sister out any more.

Tags: fatherhood

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