By area/North America/United States/Bank accounts
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In the United States, most banks place restrictions on young people that prevent them from owning independent bank accounts without consent from a parent, guardian, or (occasionally) any adult willing to cosign. Additionally, banks nearly always grant the adult total control over the account.
Bank Policy
[edit | edit source]| Minimum Age (No Adult Needed) | Minimum Zelle Age | Monthly or Notable Fees | Notes | Minimum Opening Deposit | Can write checks? | Can cash checks? | |
|---|---|---|---|---|---|---|---|
| Bank of America (BofA) | 16[1] | 16 (or possibly lower)[2] | None until age 25, including no overdraft fees[3] | I'm not sure you even can overdraft, but there are no overdraft fees | $25[4] | ||
| Wells Fargo | 17[5] | Unclear[6] | No monthly fee if under age 25[7] | Two different account options, info here is true for both accounts | $25[8] |
Banks that don't allow minors to open a bank account without parental consent or an adult cosigner:
- Capital One,
- PNC Bank,
- US Bank,
- M&T Bank,
- TD Bank and Regions Bank
Banks with unclear policies regarding minors:
- Chase Bank - Page under construction, some citations and some vital information is not yet added.
Further Reading
[edit | edit source]- How Banks Discriminate against Youth – The Dangers of Parent Managed, “Teen” Bank Accounts, National Youth Rights Association (written by by Xillion, with help from Underdeveloped Prefrontal Cortex). Goes more in depth, including having personal stories regarding young people's lack of financial freedom instead of purely information. Most of the information on this page was originally from this NYRA blog post.
References
[edit | edit source]- ↑ https://www.bankofamerica.com/upac/#/get-started/?productCode=FSDPDD00P0W3HNUFL1:~:text=Show%20details,need%20to%20apply
- ↑ https://www.zelle.com/faq/what-age-requirement-enroll-zeller. This is not a great source (it doesn't mention BofA specifically) so you should also know that Underdeveloped Prefrontal Cortex was able to get a Zelle account at BofA at 16 without any parental or other adult consent/cosigning for either the bank account or the Zelle.
- ↑ https://www.bankofamerica.com/deposits/checking/advantage-banking/#:~:text=no%20monthly%20fee%20if%20under%20age%2025
- ↑ https://www.bankofamerica.com/salesservices/deposits/resources/safebalance-clarity-statement/
- ↑ https://www.wellsfargo.com/checking/student/#:~:text=Teens%2013%20%E2%80%93%2016%20years%20old%20need%20an%20adult%20co%2Downer
- ↑ https://www.wellsfargo.com/online-banking/zelle-updates/
- ↑ https://www.wellsfargo.com/checking/student/#:~:minimum%20opening%20deposit&text=No%20monthly%20service%20fee%20charged%20for%20primary%20account%20owners%2013%20%2D%2024%20years%20old
- ↑ https://www.wellsfargo.com/checking/clear-access-banking/#:~:text=%2425%20minimum%20opening%20deposit