You want to empower your child with financial literacy and independence, and opening a bank account is a fantastic first step! Bank of America offers options for minors, but navigating the process can feel a bit daunting. Don't worry, we're here to guide you through it, step-by-step, to make it as smooth as possible.
Getting Started: Why Open a Bank Account for Your Child?
Before we dive into the "how-to," let's quickly reflect on the why. Opening a bank account for your child, even if you're a co-owner, provides invaluable lessons in:
- Saving: They learn to set goals and watch their money grow.
- Budgeting: They see where their money goes and can start making spending choices.
- Responsibility: Managing a debit card (if applicable) and monitoring transactions teaches accountability.
- Understanding interest: Even small amounts can start illustrating the power of compounding.
- Digital banking: They'll get comfortable with online and mobile banking, essential skills in today's world.
Ready to embark on this financial journey with your child? Let's get started!
Step 1: Understand Bank of America's Account Options for Minors
Bank of America doesn't offer specific "child" accounts in the same way some other banks might. Instead, they typically integrate minors into existing account types, most commonly through a joint ownership structure with a parent or legal guardian.
Understanding Joint Accounts for Minors
- Parent/Guardian Co-Ownership: For children under 18, a parent or legal guardian will generally need to be a co-owner on the account. This gives the adult oversight and control, which is crucial for managing the child's funds responsibly.
- SafeBalance Banking for Family Banking: Bank of America offers a "SafeBalance Banking for Family Banking" option, which is a parent-owned account your child can use. This account typically comes with parental controls and alerts on spending, and the monthly maintenance fee can often be waived until the child is 25.
- Advantage Checking Accounts: Depending on the child's age, particularly for older teens (16+), they might be able to open an Advantage SafeBalance Banking or Advantage Plus Banking account with a parent as a co-owner. For students under 25, Bank of America often waives the monthly maintenance fees on these accounts, making them a good option.
- Savings Accounts: While there aren't dedicated "youth savings accounts," a parent can open a standard savings account (like a Statement Savings account) as a joint owner with their child. This is an excellent way to teach them about saving.
Important Note on Age: While a parent can open a joint account for a child of any age at a financial center, for older children (generally 16 and up), Bank of America allows them to be the sole owner of certain accounts, though parental consent and co-signing might still be required for some features or at account opening. For children under 13, you will almost certainly need to schedule an appointment at a financial center to open the account.
Step 2: Gather the Necessary Documents
This is a crucial step! Having all your documents ready will make the application process much smoother, whether you apply online or in person. You'll need documents for both the parent/guardian and the child.
Documents for the Parent/Legal Guardian:
- Government-Issued Photo ID: This is paramount. Examples include:
- Driver's License
- State-Issued ID Card
- Passport
- Social Security Number (SSN): Your SSN will be required for tax reporting purposes.
- Proof of Address: This confirms your current residential address. Acceptable documents include:
- Utility Bill (electricity, water, gas)
- Lease Agreement or Mortgage Statement
- Bank Statement from another institution
- Current credit card statement
Documents for the Child (Minor):
- Social Security Number (SSN): This is generally required for any account where the child is a listed owner or beneficiary, as it's needed for IRS reporting of any interest earned.
- Proof of Identity (depending on age):
- For younger children: A birth certificate is typically sufficient.
- For older children/teens:
- School Photo ID
- Passport
- State-Issued ID Card (if they have one)
- Driver's License (if applicable)
- Proof of Address (if different from parent's): While often not strictly necessary if they reside with you, if your child has an official document with their name and address, it can be helpful.
Pro-Tip: Always bring originals of your documents. While some banks might accept scanned copies online, for in-person applications, originals are almost always required for verification.
Step 3: Choose Your Application Method: Online vs. In-Person
Bank of America offers both online and in-person options, but for minor accounts, an in-person visit is often the most straightforward, especially for younger children.
Option A: Opening an Account In-Person (Recommended for Minors)
This is often the easiest and most recommended way to open a joint account with a minor.
- Schedule an Appointment: While you can often walk into a branch, it's highly advisable to schedule an appointment online or by phone. This ensures a banker is available to assist you and your child, and they'll be prepared for the specific type of account you're opening.
- Visit the Financial Center with Your Child: Both the parent/guardian and the child must be present for the account opening. This is a federal requirement for verifying identities.
- Consult with a Bank Representative: Discuss your needs and the best account type for your child. The representative can explain the features, fees (if any), and any parental controls available. They will guide you through the application forms.
- Complete the Application Forms: You'll fill out the necessary paperwork for the joint account. Be prepared to provide all the information from the documents you gathered in Step 2.
- Submit KYC (Know Your Customer) Documentation: The bank representative will verify your identities and the child's using the documents you brought.
- Make the Initial Deposit: Most accounts require a minimum initial deposit to activate them. The representative will inform you of the required amount.
- Set Up Account Features: This is where you can truly customize the account for your child. Discuss options like:
- Online Banking access for the child (with limitations)
- Debit Card (if applicable, with spending limits)
- Alerts for transactions or low balances
- Overdraft protection (linking to your account)
Option B: Opening an Account Online (Limited for Minors)
While Bank of America offers online account opening for adults, opening a joint account with a minor directly online can be more complex or even impossible for younger children. Generally, if an online option is available for teens (e.g., 16+ where they can be a sole owner), it would typically be a simplified process for Advantage Checking accounts.
If you attempt to apply online for a minor:
- Check Eligibility: Confirm if the specific account type you want for your child can be opened jointly online with a minor.
- Prepare Digital Documents: You'll likely need to upload scanned copies or clear photos of all required documents.
- Complete the Online Application: Fill in all the requested details accurately.
- E-Verification Process: Be prepared for potential e-verification steps, which might include a video call or other identity verification methods.
- Fund the Account: You'll need to link an existing account to make the initial deposit.
Recommendation: For the best experience and to ensure all compliance requirements are met, especially for children under 16, visiting a Bank of America financial center in person is strongly recommended.
Step 4: Setting Up Parental Controls and Features
One of the greatest advantages of opening a joint account for your child is the ability to maintain oversight and set boundaries.
- Debit Card Controls: For older children who receive a debit card, you can often set daily spending limits and ATM withdrawal limits. This helps prevent overspending and teaches them to manage their funds within a budget.
- Transaction Alerts: Enroll in alerts via email or text. You can receive notifications for:
- Every transaction made with the debit card
- Low balance warnings
- Large deposits or withdrawals
- Online and Mobile Banking Access: You, as the parent, will have full access to view all account activity. For children aged 6 or older, Bank of America allows them to have their own Online Banking login with limitations, enabling them to:
- View account balances
- Monitor transactions
- Set alerts (which you can also monitor)
- Note: Younger children's online access may be more restricted, and full functionality is typically for those 13 and older.
- Overdraft Protection: Consider linking the child's account to your own checking or savings account to prevent overdraft fees if their balance runs low. There might be a transfer fee for using this service, so be sure to check the fee schedule.
Step 5: Educate Your Child and Encourage Good Habits
Opening the account is just the beginning! The real work (and fun!) lies in teaching your child how to use it responsibly.
- Regularly Review Statements: Sit down with your child to review their account statements (physical or online). Discuss income, expenses, and savings goals.
- Set Savings Goals: Help them identify things they want to save for, whether it's a new toy, a video game, or a larger purchase. This makes saving tangible and exciting.
- Discuss Budgeting: Even for young children, simple budgeting concepts can be introduced. "You have X amount, if you spend Y, you'll have Z left."
- The "Keep the Change" Program: Bank of America offers a "Keep the Change" program where debit card purchases are rounded up to the nearest dollar, and the difference is transferred from your checking to your savings account. This is a fantastic, passive way to build savings. If your child has a debit card and a linked savings account, this can be a great tool.
- Lead by Example: Show your own responsible financial habits. Talk about your financial decisions and why you make them.
By following these steps, you'll not only open a bank account for your child but also lay a strong foundation for their financial future.
Frequently Asked Questions (FAQs)
Here are 10 common questions about opening a Bank of America account for a child, with quick answers:
How to open a Bank of America account for a newborn?
You will need to visit a Bank of America financial center in person with the child's birth certificate and Social Security number. The parent or legal guardian will open a joint account.
How to get a debit card for my child's Bank of America account?
A debit card can be issued for eligible minor accounts, typically for children aged 13 and older, as part of a checking account like the SafeBalance Banking for Family Banking. The parent can set spending limits and monitor usage.
How to open a Bank of America account for a 16-year-old?
A 16-year-old can often open a Bank of America SafeBalance Banking or Advantage Plus Banking account as a sole owner, but a parent or legal guardian will generally need to co-sign the account opening documents in person.
How to find out the minimum deposit to open a child's account at Bank of America?
The minimum initial deposit varies by account type. For Advantage SafeBalance Banking, it's typically $25, and for Advantage Plus Banking, it's usually $100. Always confirm with a bank representative.
How to waive monthly fees on a child's Bank of America account?
For "SafeBalance Banking for Family Banking," the monthly fee is often waived until the child turns 25. For Advantage Checking accounts, fees are typically waived for students under age 25. Maintaining a minimum daily balance or having qualifying direct deposits can also waive fees on other accounts.
How to teach my child about money using their Bank of America account?
Regularly review statements, help them set savings goals, discuss budgeting, and utilize features like Bank of America's "Keep the Change" program if they have a debit card.
How to access my child's Bank of America account online?
As a joint owner, you will have full online banking access to view statements, transactions, and manage the account. Children aged 6 and older can also have limited online banking access.
How to set spending limits on my child's Bank of America debit card?
If your child has a debit card, you can typically set daily spending and ATM withdrawal limits through your online banking portal or by speaking with a bank representative.
How to add money to my child's Bank of America account?
You can deposit money through direct deposit, mobile check deposit via the app, online transfers from a linked account, or by visiting a Bank of America ATM or financial center.
How to close a Bank of America account for a minor?
As the parent or legal guardian who co-owns the account, you can typically initiate the closure by visiting a financial center or contacting customer service. Ensure all funds are withdrawn or transferred before closing.
