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#1862125 - 10/17/13 02:23 AM Online Bank Account Opening
Paris Offline
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Joined: Dec 2005
Posts: 173
Honolulu HI
I have found that most financial institutions require a person opening a new bank account online to be age 18 or over.

Is there a rule that doesn't allow a minor (under the age of 18) to open a new bank account online?

Is there a rule where an adult cannot open a new bank account for a minor (under the age of 18) online?

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eBanking / Technology
#1862136 - 10/17/13 12:04 PM Re: Online Bank Account Opening Paris
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,229
Galveston, TX
Minors involved in banking accounts is a State law issue. In Hawaii:

ยง412:4-107 Accounts of minors. A financial institution may open an account and accept deposits therein in the name of a minor in the same manner as for an adult and the deposit shall be held for the exclusive right and benefit of the minor, free from the control of any other person. All relations between the financial institution and the minor shall be on the same basis as though the minor were an adult, and any payment, transfer or withdrawal made to or on the order of the minor shall operate to release and discharge the financial institution for the paid, transferred or withdrawn funds with respect to all persons, and any pledge of the account by the minor shall be valid. Provided, however, that in case any guardian, conservator or trustee is appointed for the minor by a court having jurisdiction, the financial institution may pay over or credit to the guardian, conservator or trustee the deposit and interest or dividends pertaining thereto, and such payment or credit shall operate to release and discharge the financial institution from further liability to the guardian, conservator or trustee and to the minor with respect to the funds so paid or credited. No action at law or equity may be maintained against the financial institution for payment, transfer, withdrawal or pledge made in accordance with this section.

You would need legal counsel to interpret this for you if it includes an on-line platform. Since on-line accounts are usually verified for CIP purposes through non-documentary means, i.e., credit checks, etc., doing that for a minor might be tough.
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