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How Tos

How to open a bank account under 18

There are usually a few more procedures involved in creating a bank account when you’re under 18 than there are in obtaining a regular adult account. Here’s how to open a bank account if you’re not yet eighteen:

Account Types for Minors

For those under the age of eighteen, there are two primary kinds of bank accounts:

  1. Joint Account: Both the minor and their parent or legal guardian open the account together and are registered users.
  2. Custodial Account: Until the juvenile reaches the age of majority, which is often 18 or 21, depending on the state, a parent or legal guardian opens and maintains the account on their behalf.

How to open a bank account under 18

Step 1: Select the Type of Account and Bank

Compare the features, costs, and requirements of banks that provide accounts for children by doing some research on them. Think about things like interest rates, minimum balance requirements, and online banking available. Choose the account type that best fits your needs: custodial or joint.

Step 2: Compile Necessary Documents

To open the account, you and your parent or legal guardian will need to present specific paperwork, which could include:

  • government-issued identity for the parent or guardian, such as a passport, driver’s license, or state ID
  • A minor’s birth certificate or official government identification cardSocial Security cards for the parent(s) or guardian and the youngster
  • Evidence of residency (utility bill, leasing agreement, etc.)

    Step 3: Proceed to the Bank Location

    Make an appointment or take your parent or legal guardian to a nearby branch of the bank of your choice. Tell the bank representative that you would like to open a minor’s account.

    Phase 4: Complete the Application

    Your parent or legal guardian can assist you in filling out the account application. Give precise information and sign as required. The application must be signed by the parent or legal guardian as well.

    Step 5: Send off the necessary paperwork

    Give the bank agent the necessary identification and paperwork. They are going to copy them for the bank’s files.

    Step 6: Deposit a First Payment

    To open the account, certain banks might need to receive an initial deposit. You may have your parent or legal guardian make this deposit in your place.

    Get Your Account Documentation in Step Seven

    You will get documentation such as your account number, routing number, and (if appropriate) debit card after the account is opened. Your parent or legal guardian can assist you in setting up internet banking access.

    Account Utilization

    After your account is opened, you can begin managing your finances with your parent or legal guardian’s help. They will be able to access your account and may impose limitations or restrictions. Talk to your bank about converting the account into a typical adult account as you get closer to reaching the age of majority.

    Recall that creating a bank account while still a minor is a great approach to begin learning about responsible money management. Always keep your account information private, and if you have any questions or concerns, talk to your parent or legal guardian.

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