As soon as Princess got a job, I took her to open a checking and savings account. What a great way to teach money management, I thought.
Conversation yesterday:
Princess: “Mom, I was checking my account and they took $5 out my savings. Why did they take my money?”
Me: “I’ll check on it. Probably since you turned 18 they changed your type of account.”
Verifies what happened. Yep, the bank did in fact change her savings from a free account to charging a maintenance fee.
Me: (calls back to explain the way banking works.)
Princess: “But they are taking $5 a month. That’s 60 dollars a year. I work hard for that money.”
Me: “Yes, I know but that is their maintenance fee.”
Princess: “Maintenance for what? I didn’t ask them to do anything.”
Lesson learned.
Note: You know she closed that account, right? Princess is serious about her money.