The kids have been saving up their birthday and Christmas money (aside from some Lego extravagance, that is), so today Mrs. PFD took them out to open bank accounts for them. We have a lot of accounts with Bank of America, so that’s the first place they went. Their minor savings account is pretty standard–no fees if you’re under 18.
Unfortunately Mrs. PFD forgot to bring the kids’ social security numbers along so they couldn’t open any accounts. On the way back they decided on a whim to stop at Bank of North Carolina. Does BNC know how to market to children? Oh yes, they do.
The kids were treated to lollipops and chocolate. And here’s what the BNC Minor Savings account promises:
- Child receives chirping BNC Cardinal plush toy
- With each in person deposit the child will receive a gift from the BNC bird cage
Needless to say my kids are now really excited about opening up a bank account with BNC. Who needs Ultimate Rewards points or a free Wells Fargo soccer ball or free pony when you have a bird toy? I just wish adults could get in on this BNC bird cage thing, it sounds pretty awesome.
I have participated in one lucrative bank deal involving my kids: once upon a time, way back when I only had three kids, Sharebuilder (now part of Capital One) offered a $200 bonus for opening a new account. And the bonus was good for custodial accounts. It’s nice to have bonuses that scale up with kids.
Only now did I realize that your name resembles Personal Flotation Device.
Out of curiosity, what age did the kids turn to be eligible for bonuses?
Custodial accounts, so AFAIK there’s no minimum age.
We’ve come a long way, baby. I am old enough to remember bank books and accounts handled in school (!) – you could bring a nickel or a dime – the rich kids brought a quarter – to class and the teacher would write it in your bank book and I guess it made its way to a real bank. My parents did not let me participate much although I do remember opening an acct at a neighborhood branch for which my mother received a collapsible suitcase, or maybe it was an omelette pan….
When we cleaned out my grandmother’s apartment we found a stash of toasters, plastic collapsible tables, omelette pans, umbrellas and suitcases along with a pile of bank books, all of which had just the minimum deposit necessary to get the gift. I guess, with my many bank accounts and CCs, I am the 21st century version of my grandma. She would be amazed to know that my most recent gifts from banks were $1000 from BOA and $500 from Chase. Wonder how many suitcases I could buy 😉 ?
Ha, this made my day! Now I’m wondering about the mess of points, miles, accounts, passwords, and emptied gift cards I’m going to leave behind.