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#2529 - 06/25/01 09:38 PM Policy on Minors
Marie Offline
New Poster
Joined: Nov 2001
Posts: 4
Santa Fe, New Mexico
I am looking for some feedback on bank policies regarding Minors on checking accounts, obtaining an ATM card, and obtaining a VISA Check Card. Visa rules do not specify that a minor cannot have a VISA Check Card so it's really a bank policy issue. We currently require an adult be on the DDA with a minor and tell the adult that they are responsible for the minor's activity. Is anyone using some type of "hold harmless" agreement that the adult signs as the responsible party on the account? HELP!

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General Discussion
#2530 - 06/26/01 12:57 PM Re: Policy on Minors
Anonymous
Unregistered

Generally, whether a minor can open accounts, etc. is covered by state law. In this state (Kansas), minors are allowed by law to open checking accounts. This means then that they also can have access to all of the features of the account, such as an ATM card or debit card. However, for those minor children still living at home and, presumably, still under their parents "wing", so to speak, we have the parent sign a statement of consent and acknowledgement of their responsibility for the minor's use of a debit card.

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#2531 - 06/26/01 02:37 PM Re: Policy on Minors
Marie Offline
New Poster
Joined: Nov 2001
Posts: 4
Santa Fe, New Mexico
Ken: Thanks for the information. Would you mind sharing a copy of the consent form that you are using at your bank? We were thinking of developing this type of form and it would be very helpful. My e-mail address is malvarez@1stnationalbanknm.com.

Thanks.


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