Requirements for Children's Bank Accounts
It's never too early to consider opening a bank account for your child. Bank accounts for children can be used to save for college tuition and other future expenses. As your child ages, you can begin to incorporate financial lessons utilizing the bank account to teach your child about managing and saving money. In order to open a children's bank account you will be required to provide basic information and proper identification.
Other People Are Reading
-
Residential Information
-
Children's bank accounts are required to have a primary account holder that is 18 years of age or older. Often one parent acts as the primary account holder until the child reaches 18 to 20 years of age. Banks require parents to provide all residential information including physical and mailing addresses, work and home phone numbers and possibly a valid email address.
Identity and Income Information
-
Parents are required to prove citizenship status for themselves and the child. You will also be required to list a valid social security numbers and dates of birth for yourself as well as the child.
Most financial institutions offer online banking for 24-access to account information, but will require parents to create a user name and password or pin to access online services. Account information is usually available via telephone, but may require a password to be set up for account access.
-
Minor Information
-
In addition to the custodial account holder information (the parent on the account) you will also be required to provide basic information about the child including first, middle and last names, address and telephone number.
Minimum Deposit and Additional Fees
-
Many banks require that parents complete a minimum deposit for opening a child's bank account. Minimum deposit amounts will vary according to individual banks. You may also have to maintain minimum daily amounts. Parents should take into consideration that some banks may charge monthly maintenance fees if the account falls below the minimum required balance.
-
