It's not fraud if the parents are acting as the "guardian" of the account. We have two accounts set up for our boy Nicholas, and he turned 3 years old last Sunday. We are the "responsible party" for any "debt" that he may incur.
Sobo is right. Since a minor cannot legally sign a contract, they could simply incur the debt and then refuse to pay it, so a guardian is required for this. Plus, I had to have a savings account, which I opened with lawn mowing money and other funds held in trust.
Bad joke--I was fucking with you.
My parents did the same thing for me when I was 14 or 15.
I think they were just in a hurry to get me out of the house.