How to Explain Online Bank Accounts to Your Parent or Guardian

Categories: General Tips

As you begin taking steps to become more financially independent, you may find that parents or family members are uncomfortable with relatively new ways of managing money, especially starting and handling financial accounts online. With open conversations and a trusted financial institution, this process doesn’t have to be a hurdle—in fact, it can be a great learning experience for everyone. Here are some tips to help get you on the same page as your parents and work toward the best financial solution for you. 

Identify their biggest concerns

Find out where the pain points are when it comes to online financial accounts.  Understanding their perspective about what is making your family uncomfortable will help you know what needs to be addressed. Many online financial worries revolve around safety and accessibility, but hearing their side helps to bridge the comfort gap.

Share your research

Once you know where the issues are, find and share answers that help to alleviate concerns. Show options from reputable institutions that offer the ease and convenience that you’re looking for, and the qualifications they need to feel safe. This article may have some good info to share.

Explain in terms they’ll understand

You may be comfortable with digital spending and mobile apps that help make your financial life more convenient, but this is still a new concept for some. You could share that when you pay a friend by Venmo or CashApp, it’s similar to writing a check. Or that managing your finances online can be a similar process to reviewing your checking account balance in a hardcopy checkbook. 

Know that they have your best interest in mind

Conversations about finances can be frustrating if either side is getting defensive. Know that questions and concerns are often their way of letting you know they care about protecting you—and your hard-earned money.

Have a back-up plan

When starting accounts online, choose a financial institution that offers back-up options like in-person, online or phone support in case you need extra help. For example, you can make appointments by phone or Zoom with the Summit Virtual Branch to do things like open an account, apply for a loan or get questions answered. 

Work together

If your parent or guardian has a lot of questions before opening an account online, The Summit has specialists ready to help. Chances are that you and your parents can learn something from each other. Try to work together to come up with the best solution for managing your finances. and check-in with a Summit Virtual Branch representative if you have questions along the way.