When can I open a bank account?

You can open a bank account at any age. To open an account the bank will need to be certain that you are who you say you are and to do that they will ask for a certain amount of ID.

Banks operated on a points system where each piece of ID you can produce (like a driver's licence, 18+ card, student ID or birth certificate) is awarded a number of points which have to reach a set score (usually 100 points) before you can open an account.

Which bank should I choose?

You need to think about what you want the bank account to do for you and shop around until you find a product that suits your needs.

Some banks offer fee-free accounts if you are under 18, a student or have just started working.

Most banks and other financial institutions (like building societies or credit unions) will generally charge account fees (which will vary) for different services and sometimes pay interest to you while your money is in a savings account with them.

Many banks set a minimum balance and if your account falls below that balance they may be able to charge you much higher charges and fees while not giving you back any interest. Make sure you ask questions about how they work before you pick an account.

What are PINS (Personal Identification Numbers)?

PINS are what you need to access your accounts. It is important to remember them. Don't keep them with your card or tell anyone your PIN because if you lose it or it gets stolen or if you tell a 'friend' your number and they use your card then you can get into trouble. Someone could access your account and then you could lose all your money.

If you are choosing your own PIN don't use a number that you carry in your wallet like your birthday or your drivers' licence number. If you do and you lose all your money the bank might say that you contributed to your own loss as the number you chose was easy for a thief to work out. If you lose your card make sure you report it to the bank immediately to cancel it. Write down the date and time that you called and who you spoke to at the bank.

What are savings accounts?

Savings accounts let you deposit your money with the bank until you need to take it out, which you can do either across the counter at the bank, from an ATM (automatic teller machine) or through EFTPOS.

What is EFTPOS (Electronic Funds Transfer at Point of Sale)?

EFTPOS happens when you buy things from the shops using your savings account card. The EFTPOS register takes the money out of your savings account and transfers it to the shop.

There can be problems with EFTPOS though. Transactions may not always be 'put through' properly - sometimes you may get charged more than once but you have only bought one thing. Always check your receipt and it is a good idea to keep it until you get your next statement. And if you see your card being swiped more than once you should ask why.

What is direct debit?

A direct debit is when you give permission to a business to take regular payments for something out of your account, including credit cards (e.g. a gym membership). You can cancel these with the bank even though the business may tell you that you can't. You need to cancel in writing. Date the letter that you give the bank, send a copy to the business and keep a copy for yourself.

What is a debit card?

A debit card works like a credit card and can do all the things that a credit card can do but it is set up to only spend money that you already have. Debit cards usually incur a fee when you use them. Some banks do allow a small number of 'free' transactions a month but they may charge you if you use another bank's ATM or when you go over your transaction limit for the month.

What if someone else has access to my bank account?

You need to understand who has access to your bank account. If your parents helped you set it up there is a good chance that they will be authorised to have access.

In many situations parents are required to sign on behalf of children under 18. In some situations children do have legal capacity to act on their own behalf. If you have sufficient understanding of the significance of what you are doing, you may make a binding contract for the necessities of life. Each legal situation needs to be assessed on its own merits and you should get legal advice.

If you do not want anyone else to have access to your account you need to talk to your bank about whether this is possible.

How do I complain about a bank?

If you have a dispute with your bank the first step is to try to resolve it yourself. This means phoning them or going in to see them or writing a letter to let them know what you disagree with and why.

If you don't have any luck and need help sorting it out you should contact Legal Aid Queensland for advice or call the Financial Ombudsman Service.