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Guidelines for Checking Account for Teens

Question: 
We are currently trying to put together a checking account for teens. We plan on not offering ODP, not allowing checks, and limiting the maximum ATM daily limit to a lower level than our other accounts. Would we be in violation of any regulation?
Answer: 

Answer by Randy Carey: Offering banking accounts to minors is a State law issue.

Answer: 

Answer by John Burnett: There's a disconnect between the term "checking account" and the design of the account, which won't allow checks. That may or may not bother you or your regulator; I just think you can come up with something better to call it, without the word "checking" in the name.

Before spending any time developing this account, though, I suggest you heed Randy's comment and determine exactly what the laws of your state permit when it comes to accounts of minors.

First published on BankersOnline.com 10/1/12

First published on 10/01/2012

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