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Checkbooks for ‘tweens?

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Question: 
Our state law permits minors to open bank accounts. Do we have to allow a twelve-year-old to open a checking account?
Answer: 

Of course not. Your bank is permitted to refuse any deposit account, even from adults. We think that you should, however, have a bank policy or guideline to point to that sets an age standard for your bank's acceptance of checking accounts, with the goal of encouraging responsible use of accounts and discouraging situations that could be recipes for failure.

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Learn more about Mary Beth Guard’s Accounts for Babies, Kids, Teens webinar.

First published on 10/24/2021

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