First Command Bank Launches New Teen Checking Account: The First Account Designed to Encourage Good Financial Habits

FORT WORTH, Texas (PRWEB) May 9, 2007

    “Today’s teenagers are exposed to a multitude of competing messages about money,” said David White, president of First Command Bank, an affiliate of First Command Financial Services. “The challenge facing parents is how to break through the noise to communicate lessons of responsible financial behavior. How do we teach our children about the difference between ‘needs’ and ‘wants,’ the value of earning extra money through household or neighborhood chores and the importance of putting savings first? The First Account is a great way to start.”

The First Account is ideal for introducing basic financial management skills, yet full-featured enough to carry the account holder through to college and into the workplace. It establishes a banking relationship between the child and a real-world financial institution, and it provides financial tools, including check-writing privileges, a debit card and online banking.

Parents can use the First Account to teach everyday financial management. They can use the First Account to:

— Promote sound financial behaviors by depositing a child’s allowance on the same schedule as the parent’s paycheck, thereby encouraging prudent budgeting and spending until the next “payday.”

— Deposit money earned from part-time jobs as well as birthday or holiday gift money.

— Encourage monitoring of accounts through free online banking services.

“Most important, the First Account is a joint account between you and your child,” White said. “So you’re always in control.”

First Command Financial Services and its affiliates, including First Command Bank and First Command Financial Planning, assist American families in their efforts to build wealth, reduce debt and pursue their lifetime financial goals and dreams–focusing on consumer behavior as the first and most powerful determinant of results. Through personalized financial plans that emphasize investments, insurance and full-service banking, First Command Financial Advisors have established lasting relationships with hundreds of thousands of client families since 1958.

For more information about First Command, visit http://www.firstcommand.com.

First Command Financial Services, Inc. is the parent company of First Command Financial Planning, Inc. (Member SIPC) and First Command Bank (Member FDIC). Insurance products and services are offered by First Command Financial Services, Inc. Financial planning services and securities products are offered by First Command Financial Planning, Inc. Banking products and services are offered by First Command Bank. Securities products are not FDIC insured, have no bank guarantee and may lose value. In certain states, First Command Financial Services, Inc. is a separately registered domestic corporation and does business in California as “First Command Insurance Services.”