you need look no farther than the sosh security talk at my
college night classes to see kids are not educated in school
about everyday economics so the parents must do it (as you did)
However, even I (Miss read EVERYTHING before signing and save EVERYTHING) never thought to read the fine print of a silly little interest bearing savings account for a 17 year old kid to deposit his part time paycheck.
Live and learn - and start teaching econ 101 in high school!!!