$50 Costco Or American Express Gift Card Blog Contest and Share Your First Bank Account Story
photo credit: Ken +
The $700 billion bailout package is being decided by the House and Senate and investors are nervous about the financial industry and access to credit. Bank customers are concerned about cash reserves at banks and limits might be raised to curb fears over FDIC insurance. The financial news can be overwhelming and I was thinking the other night about my first bank account and what it meant to me. Saving money has always been a passion of mine and I love to think back to my first bank account and how is impacted the way I treat money and personal finances. With all the negative news, I want to have some fun and have a Costco cash contest. I will be giving away a $50 Costco cash card and am asking you to share your first bank account story with us. Maybe you were a child and your parents took you to your local bank branch or your grandparents opened a savings account for college. Maybe you didn’t open your first bank account until your first job. What emotions did you feel when you opened your bank account? Were you excited to have some money for the future?
Share your story and you will be automatically entered in the $50 Costco or American Express gift card blog contest with one entry. Subscribe to my RSS feed for an additional entry to the blog contest and send me an email confirming your subscription. Your email address will be kept private and not be sold. Feedburner will send you a free email or RSS update daily from this blog. Link to this $50 Costco or American Express gift card prize blog contest and receive 5 entries. (Send an email to thepassivedad at gmail.com with your link)
Blog contest will end at midnight pacific time on October 19th. One winner will be chosen at random and no preference will be given to blogs, websites, or friends. A valid email address is required so the winner can be notified.
Why a $50 Costco gift card as the prize? You can use the $50 Costco cash card to purchase items in the Costco Warehouse, purchase Costco gas, and even purchase items through Costco.com. You could even buy a hot dog, pizza, or churro at the Costco food stand with the cash card.
Don’t have a Costco near your home? No problem. A $50 Amex gift card will be given in the event you can’t utilize a Costco cash card.
It’s only fair if I’ve asked you to share your first bank account experience, that I share mine. I was 7 and my parents took me to a local savings and loan to open a passbook savings account. I remember getting excited to go with my parents to the bank and watch them deposit a paycheck or talk to a loan officer about financing. My first memory was when my parents held a garage sale and needed change and we went to the bank for coin rolls. I had never seen so many coins, I thought we were rich! In actuality it was probably $40 in change. I also had fun rolling pennies as a child and taking the change to deposit in my passbook savings account. I would often look at the green savings passbook and review the deposit amounts and dream of my future. At 7 years-old, my dream was a new motorcycle or ATV.
What was your first bank account experience? Good luck and I look forward to reading your stories.
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Luke @ Money & Fitness Said:
Nice contest by the way!
I don’t really recall when or how the bank account was opened but it was opened in the early 90s to store all the money I was making from delivering newspapers. I was throwing in $20 every two weeks for a paper route that was one day a week (It was the local “free” newspaper). I was thrilled about it and saved very strongly over time with it. I guess I am still stingy to this day about what goes out of my bank account.
Posted on October 2nd, 2008
FFB Said:
When I turned 18 my grandmother brought me to a local bank and opened up my first account with money she had been saving for me. I loved that I was getting interest every month (back then it actually added up to something).
Great contest!
Posted on October 2nd, 2008
Miranda Said:
When I was 12, my mom took me to the bank, me clutching the money I had saved up over the years, and we opened a savings account and a checking account. She taught me how to write a check, and told me I should save some of my money. That bank account is long closed now, but the money I saved in it (and then transferred to checking) helped me with a down payment on the first car I bought at age 18.
Posted on October 2nd, 2008
Emily Said:
I think I had one when I was about 10. I cleaned my parents’ office at work on weekends while my mom did work and they’d pay me. I put gifted money in it. Never touched it until I was 18. I spent it all to fly across the country to see a boy I liked and stayed in LA for a couple weeks with him until I went home penniless. It was worth it though. I did marry the guy
Posted on October 2nd, 2008
hank Said:
I opened my first account in Walla Walla, WA when I was 18. I remember my old man came in with me to help out and deposit the $100 opening balance and tell me that it was up to me to keep money in it. At 3, 6, and 9 months later, it was infused with another 2 or 300$ of money my dad sent via check. So yea, I guess it WAS up to me to keep money in it. If I wouldn’t have been depositing those checks, the money may never have made it!
Posted on October 2nd, 2008
Colombian Coffee Said:
When I was about seven years old in Colombia, my grandfather used to give me candy/treats money. During my summer vacations, my mother used to take me downtown with her to her office. I always felt very grown up going downtown.
One day, my grandfather gave me candy money before my mom took me downtown. My mom told me that morning that she was taking me to the bank to open a savings account. I think it was a new program they were advertising at the bank of savings accounts for children. I remember they had a big comic dinosaur cutout in the front welcoming the children to save their money.
So, my mom took me in, we opened a child’s savings account (I think it had smaller if any administration fees). I put my candy money in and did so throughout that summer. I don’t remember having a specific goal for the money. My mother just told me it was important to save, so I did.
About 10 years ago I heard that the account was still open and that my aunt had the information to it. It may still be open in Colombia.
Posted on October 2nd, 2008
RetiredAt47 Said:
I am a little embarrassed to admit this, but I kind of resented my first savings account. My parents had a rule that we had to save half of any gift money we received, and that money seemed so untouchable that it didn’t even feel like it was mine. So in my eyes, half of any gift was mine to spend and the other half just disappeared. The savings account was for some far-off event, like college, that might as well have been a black hole.
Fortunately, I overcame that early resentment and turned into a serious saver later in adulthood.
Posted on October 3rd, 2008
Greener Pastures Said:
This is a cool idea.
My first bank account was started by my parents when I was born. By the time I understood what money could do for me, there was $186.92 in it. I remember the number distinctly, and my bank book, with all it’s printings of the interest over the years. I’m not sure how old I was, but I started adding my pennies into it as well. I was quite the entrepreneur in my younger days! Too bad I didn’t keep it up! I had neighborhood carnivals, sold seeds and cleaning products, had a paper route, and finally, when I was 13, I started babysitting. Then the bucks really added up! I thank especially my mother for helping me to understand the power of compound interest at an early age.
Posted on October 3rd, 2008
Jennifer Said:
I believe I was about 8 or 9. My Dad took me to the bank to open a savings account to deposit a few bucks I had received for a birthday or holiday. The best part was that back then they printed each deposit in this little book for you. My Dad would take me no matter what I wanted to deposit, even spare change. I carried that little book around with me in my purse and I was so proud. I still drive by that bank occasionally and I have such fond memories.
I love things like this that make you think of great memories! Thanks you!
Posted on October 3rd, 2008
Dora Said:
I was in elementary school in Queens, NY in the 1960’s. At that time the schools offered “banking” to any student who wanted a savings account. My parents signed me up and every week I received a small brown envelope to put money in. Tuesday night I would get a dollar from my mother and get all ready to fill in the information on the envelope: name, account number, amount of deposit. I was thrilled! Wednesday morning the teacher would collect everyone’s envelope. At the end of the year we would receive our bank book with the amount we deposited all year, and in the fall it would begin again with the same book. By the time I was moving on to junior high I had a couple hundred dollars in that account! To this day I still get excited when I sit down to do my budgeting, banking, bill paying! I think it started me off right.
Posted on October 3rd, 2008
PT Said:
Great contest. I had a passbook savings account in high school. My Dad had helped me open it up. I put money from my jobs in it. I enjoyed filling out the little ledger and knowing I was saving. I ended up using the savings from that first account to put a down payment on my car for college. Good memories.
Posted on October 5th, 2008
jj-momscashblog Said:
Hey Scott, Great idea I love the concept and the contest. I really don’t remember opening a savings acct., but I do remember my Grandfather would always send money for B.D.’s and any special occasion. When I saw that postmark on the enevelope I always knew there was some green inside for me. I think I would just keep the money inside a jewelry box and spend it when I wanted to. I guess that was the beginning of my bad spending habits.lol
Posted on October 5th, 2008
Nancy Said:
My parents always emphasized savings. As a young child, I had a red leatherette “money bag” bank with a lock on it to save my money at home. When I was slightly older (but still in elementary school) we set up an official bank account. I still remember the savings passbook where the amounts added were hand-written in! I also remember when I would go to my father with an idea to spend money, he would ask me ” Is that my money or your money?” Of course, being the smart child that I was, I was usually planning to spend Daddy’s money instead of mine!
Posted on October 6th, 2008
Shannon Said:
Wow, I had not thought about this in one long time! I was around 10 or so when my Mom brought me to her bank to open up an account. I had started to babysit and needed to put my money into savings. I was given this passport book that was date stamped and a written entry of the amount of money I deposited.
When we left I thought I was so grown up. This was so cool. It also gave me a since of security that was lacking in my life at that time.
Posted on October 6th, 2008
Sara B. Said:
I got my first account when I was 12 and had my first desk job. Sure, they paid me under the table, but I loved licking envelopes and getting to take that check to the bank. It was so nice to be able to see that amount grow as I took on odd jobs!
bebemiqui82(at)yahoo(dot)com
Posted on October 7th, 2008
plin Said:
Hi Scott,
Wonderful idea for a contest.
My first account was opened by my parents when I was toward the end of my high school days. At the time I also received my first check book. I felt extremely empowered and I felt I was truly being an adult.
Posted on October 10th, 2008
Jessica Said:
The first bank experience that I can remember was around 6 or 7, although I think the account had been open since I was a baby. The kids accounts were called “Moola Moola” accounts, and I loved the bank because they always had stickers or other little gifts when you went in. I saved at the same bank until I moved away at 18…I thought this was a great idea for a post, I never realized that my childhood banking experiences held happy memories for me!
Posted on October 13th, 2008
castocreations Said:
What a great idea! I blogged about it (with a link back) and it was fun to remember back to that time. And to think about the lessons I learned about money as I grew up.
http://castocreationsjewelry.blogspot.com/2008/10/my-first-time.html
Thanks for prompting this!
Posted on October 13th, 2008
Corrie @ "Cents"able Momma Said:
I must have visited the bank with my parents growing, up and I remember having interest from a savings account as a teen, but I don’t remember actually going into the bank.
My first real remembrance of a bank was when I was getting ready to go away to college. I needed to open a checking account. I had to determine which of our local banks also had branches in my college town. I was so proud of myself for doing the research and for the shiny new checks that had MY name on them.
Posted on October 15th, 2008
fidget Said:
my parents decided that a bank account could lead to trouble so when I turned 18 and ended up having to suddenly manage two accounts, I got myself into quite a mess! I wrote checks from the wrong account and once even dropped my money in the night deposit drop of a bank I didn’t even have an account at! (they were very kind to return it to me).
Posted on October 15th, 2008
Alisa Young Said:
I remember my grandmother taking me to World Savings when I was 15 and getting my first account. I really had no money to speak of, but she put a little in to get me started. I was very excited and felt fairly “grown up”. Shortly after that I turned 16 and got my first job at Pizza Hut making pizzas. I wish someone had taught me about “how” to manage my money instead of just letting me figure it out on my own. I’ve made lot’s of mistakes along the way. Thanks!
Posted on October 19th, 2008
Laurel Plum Said:
Very fun idea, even if I did miss the contest deadline. My grandparents and my parents both set up accounts for me when I was born. I usually just turned over any gift money or odd job money to my parents to put in “the bank”, but I never really had any other involvement. When I was sixteen and got a real job, I went to the bank and asked them to open a checking account to go with the savings. I do not know why they did it. My parents weren’t with me.
I would deposit my paychecks in and wrote a few small checks here and there. Way less than the money I had deposited. Huh, I do not even remember now if the checking was an interest bearing account or if there were any fees. Anyway, I felt so grown up.
Later, I decided to buy my first real piece of furniture to prepare for when I turned 18 and would be getting a place of my own. (Remember, I was a grown up!) I wrote a check based on the balance the bank gave me, since I hadn’t learned to balance my checkbook yet. I got the furniture just fine, but I got a notice from the IRS that my check for federal income tax had bounced. I learned really quick how to balance my checkbook and to act my age.
We have all laughed about that every April for 20 years. And ever since I have always opened up a separate “wish” account for things I want. If the money is not there, the wish is not fulfilled (unless I somehow get it as a gift).
We opened accounts for our son when he was born, but I think we will hold on to those as a secret fund until he is 18. We can let him help us open an account when he gets old enough to know what it means.
Posted on October 28th, 2008