Few weeks ago, my family went to Banco De Oro to update my bank signatures on my two kids’ Junior Savings Account. I opened up my eldest son’s first savings account after he got baptized in year 2006 using the money that his godparents gave to him. And then every time hubby and I have excess budget, we would deposit an amount of money to his savings bank account. Another source of his savings are monetary gifts he got on Christmas Days and his birthdays. Normally, I will bring them with me when I make a deposit so that they would see where their money is going to. We find it necessary to teach the kids the importance of saving.
We went to the bank’s counter and told the teller that I would be updating my signature. It had been almost seven years since I first affixed my signature using my husband’s surname and my signature now is far different from the one on that document.
The teller asked me how old is my son now and I said seven years old. She said that he has to be the one to fill up the forms and affix his signature since he is now eligible to have his Junior Savings Account under his own name. In that case, any bank transactions particularly withdrawals can be executed solely by my son, with his own signature. Good thing we have our kids with us that time.
I filled up the forms but called my son to sign the documents. I took a photo of him while writing down his name and I became nostalgic. It seems like yesterday when he was a baby and now, he has his savings account under his name.
My daughter Erin, who is six years old asked why his brother was writing down on those documents. We explained to her that it is because his brother is already seven and his a big boy now. In a year’s time, it will be her turn to sign on the same documents. But for the meantime, it will still be Mommy’s name and signature.
Do you also open savings account for your kids?