Editor’s note: This is a transcript of the audio file.

Having their own checking account can be a great learning experience for teens, but there are a few things to keep in mind. I’m Lucas Wysocki with your Bankrate.com Personal Finance Minute.

The decision to open a teen checking account requires a lot of consideration on the parts of both the parents and the teenager. Even though banks offer reduced fees for teen checking, parents shouldn’t hand the reigns over to a bank account unless they feel the child is responsible enough to avoid unnecessary fees, especially overdrafts.

Kids need to understand balancing their check book and not rely on online statements since transactions might not post until a few days after a check is written. The second consideration is security.

Teens are very susceptible to losing their debit cards or check books and other mishaps that could find them the victims of identity theft. If your teenager has trouble remembering his homework, carefully consider what might happen with their bank account.

Bank accounts are a great learning tool for teenagers, but require parental oversight and a little discipline. For more money savvy tips, visit Bankrate.com. I’m Lucas Wysocki.