My daughter asked me to throw this out for discussion:
When my daughter was 16 she had a job, so I opened a bank account for her. She and a friend went to an amusement park and she lost her checkbook. She didn't tell me, so I was unaware until the bank called and said it was closing the account because it was $1,200 NSF. Turns out the checkbook didn't get lost but was stolen by my daughter's friend who forged three checks. We reported it to the bank, but not until after the account was closed. Two of the creditors wrote off the charges.