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Berkshire Bank Announces New Teen Checking Product

PITTSFIELD — Berkshire Bank announced a new product, Teen Checking, its newest deposit product designed to promote financial responsibility and teach teens important money basics.

As teenagers grow, they need to learn money basics, and that includes managing a checking account. Those skills might be more valuable today than ever before: 36% of college students at four-year institutions noted that overdrafting and managing a bank account are the leading causes of financial stress, according to the 2015 Money Matters on Campus survey by education technology firm EverFi and Higher One, a college financial-services company. Furthermore, 12% indicated they never check their balances because they are too nervous.

The Teen Checking product is available to individuals aged 15 to 17 with an adult co-owner and is intended to provide teens the freedom to use their own debit card to make purchases and manage a checking account using online and mobile banking.

The account has been tailored to meet the needs of teens, with a specific focus on immediate access. The convenience of account information is made possible through free online banking, e-statements, and mobile banking. In addition, the free debit card has a reduced limit for minors. Berkshire Bank’s website also provides financial-education resource options for teens and parents to explore and discuss.

Starting a checking account early for teens is a key way to avoid pitfalls later. “It helps them learn concepts related to money and gives them valuable experience,” said Tami Gunsch, executive vice president, Retail Banking. “Remember that, while your child has watched you swipe a debit card for years, he or she may not fully understand how the transaction works. A debit card connected to an account is essentially the same as cash.”