If they blow it and overdraw, then they should be on the hook for the fees. For parents whose children deposit money that they earn themselves to pay daily expenses at school, then the parental oversight may end with setting up the account. Other parents, however, transfer an allowance into a joint checking account each month.
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This month, large parts of the credit card bill that President Obama signed into law in 2009 go into effect.
Among them are rules governing credit card use by anyone under 21 years old. 22, they can’t get a credit card unless they have an independent source of funds to pay the bills.
Many parents see only risk in credit cards and not the potential upside of establishing a credit history at age 18.
So they teach their children how to set up a checking account with a debit card that draws on it (or insist they use cash and only cash). These students start college knowing they’re only supposed to spend what they have in the account.
A child under 14 can be arrested in certain circumstances - for example, the police could arrest Aaron if they have reasonable suspicions that he will commit another offence.
If Aaron's behaviour is of particular concern (perhaps he has offended before) a family group conference may be called under the Children, Young Persons and their Families Act.
Key talking points for parents to discuss with their young adult children are: "I hope that parents would have been having those conversations with their young adult children in any event already.
The co-signing requirement will force those discussions.
Thus, parents will be legally responsible for repaying their children's debts and have a stake in how the account is managed.
"If their name is on the credit card, then the parent has a vested interest in saying, 'Hey, my name is on this.
Failing that, they’ll need a parent to co-sign the application (and submit written permission before the credit limit can rise). Banks will no longer find it useful to plant themselves at tables outside the student union, luring innocent freshmen with offers of free sandwich coupons or T-shirts in exchange for completed credit card applications. They should have something in place that gives them access to money while in college.