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Tweens and Teens
Reply to "Opening bank account for teen- bank rec or advice"
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[quote=Anonymous]Check with your bank. Banks won't allow kids to independently open an account until they're eighteen because they can't be held liable for contracts - it's either joint (child is primary) or custodial. We have a joint account at our credit union where our DS is primary- so it's under his name, but we're secondary on the account. I would do a joint account with child as primary (I think BoA has one) so they can have access to their money. Custodial accounts may be UTMA (I think BoA custodial is UTMA) and kid can't access money until they are eighteen. That doesn't work well if they have a part time job, want an atm card, or get gift money from grandma that they want to spend. [/quote]
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