BUSINESS WATCH: Responsible banking early on

Aaron Ettl earned his driver’s license two months ago. Now, the Newport Coast teenager is learning to operate a machine of a different kind.

The Tarbut V’Torah student is taking part in Wells Fargo’s new Teen Checking program, in which parents and children own bank accounts together and keep a close eye on spending. Aaron, 16, often goes out with his friends to movies or dinner, and signed up for the program to learn to spend responsibly.

“Aaron wanted to know how he could pay for gas when he borrowed the car,” said his mother, Marian, at Wells Fargo’s Newport Coast office Friday.

Now, Aaron carries a debit card with him when he goes out and keeps track of all of his purchases — $20 for gas here, $10 for a meal there. His parents, who have access to the checking account online, can follow the transactions as well. It may be another year before Aaron gets a job of his own, but in the meantime, he’s learning to spend his parents’ small contributions wisely.

“If I’m ever out with friends and I run out of cash, I use it for basics,” he said.

Last month, Wells Fargo launched the Teen Checking program in Orange County, with the intention of extending it nationwide. The account, intended for teens ages 13 to 17 and their parents, offers a free savings account, free online banking and reduced overdraft fees to allow for a few rookie mistakes.

Matt Regan, store manager of the Newport Coast location, said word-of-mouth was still getting around on the program, but the feedback so far has been positive.

“It’s new, and we’re still learning from it too,” he said. “The more and more people who are signing up are really happy with it.”

Marian said she first asked about the Wells Fargo program after her older son, a UCLA student, opened a college checking account with the bank. She wanted to know if the bank offered a similar package for teens — which might have benefited her older child when he was in high school.

“He said, ‘I wish they would have had it when I was 16,’” she said.