Comments on: Can we give minors bank accounts? http://blogs.reuters.com/felix-salmon/2010/08/18/can-we-give-minors-bank-accounts/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: GingerYellow http://blogs.reuters.com/felix-salmon/2010/08/18/can-we-give-minors-bank-accounts/comment-page-1/#comment-17509 Fri, 20 Aug 2010 12:46:22 +0000 http://blogs.reuters.com/felix-salmon/?p=5005#comment-17509 If it’s just a savings account with no overdraft and they don’t have cheques or a debit card, why would a bank need to enforce a contract against a depositor who happens to be a minor?

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By: slowlearner http://blogs.reuters.com/felix-salmon/2010/08/18/can-we-give-minors-bank-accounts/comment-page-1/#comment-17486 Thu, 19 Aug 2010 21:25:52 +0000 http://blogs.reuters.com/felix-salmon/?p=5005#comment-17486 I am not aware of any specifi legal restriction preventing minors from opening bank accounts. Under U.S. contract law generally, however, agreements are not enforceable against minors (with certain exceptions, such as contracts for the provision of necessities). It may be bank policy for this reason not to allow minors to open accounts in their own names.

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By: GingerYellow http://blogs.reuters.com/felix-salmon/2010/08/18/can-we-give-minors-bank-accounts/comment-page-1/#comment-17454 Thu, 19 Aug 2010 13:48:35 +0000 http://blogs.reuters.com/felix-salmon/?p=5005#comment-17454 Not sure what if any legal restrictions there are in the UK, but I’ve had a bank account in my own name since I was about 8, into which I duly put the meagre savings from my allowance. They even gave you a range of piggy banks for hitting savings milestones. I’m pretty sure I didn’t get a cash card until I was about 14, and you’re not allowed a debit card until you’re 16.

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By: bidrec http://blogs.reuters.com/felix-salmon/2010/08/18/can-we-give-minors-bank-accounts/comment-page-1/#comment-17453 Thu, 19 Aug 2010 12:51:31 +0000 http://blogs.reuters.com/felix-salmon/?p=5005#comment-17453 I believe that Bank of America encouraged school children to open accounts under A.P. Gianini. 90 years ago.

Hartford Insurance had something similar around insurance though I don’t remember what.

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By: lemarin http://blogs.reuters.com/felix-salmon/2010/08/18/can-we-give-minors-bank-accounts/comment-page-1/#comment-17446 Thu, 19 Aug 2010 02:25:36 +0000 http://blogs.reuters.com/felix-salmon/?p=5005#comment-17446 Felix, now that you make me think of it you should really read up on Desjardins’ history, since you seem to have an interest in the subject. It’s the first and the biggest credit union in North America and makes for something like 40% of Québec’s consumer banking, probably more than any other place in North America.

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By: lemarin http://blogs.reuters.com/felix-salmon/2010/08/18/can-we-give-minors-bank-accounts/comment-page-1/#comment-17445 Thu, 19 Aug 2010 02:12:03 +0000 http://blogs.reuters.com/felix-salmon/?p=5005#comment-17445 I signed up for my first bank account in the first grade at 5 or 6. Every Friday in class we would fill out little envelopes and send they would send it to the local credit union, free of fees. I and most of my friends still have that have that very same account. It is, of course, great marketing.

It’s true that Desjardins is something like a religion in Québec, even though it’s no longer run like the social business it once was. I’m not sure I would let my kids sign up for a BofA account at the same age.

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By: TFF http://blogs.reuters.com/felix-salmon/2010/08/18/can-we-give-minors-bank-accounts/comment-page-1/#comment-17436 Thu, 19 Aug 2010 01:27:38 +0000 http://blogs.reuters.com/felix-salmon/?p=5005#comment-17436 Did a little research and it sounds like it is up to the bank if they wish to allow a passbook account without a custodian. Checks are a little more problematic because a minor’s signature is not binding, but some banks will shrug and do it anyways.

My kids know that my name is on the account (as UTMA custodian), but they also know that the passbook and the money represented is THEIRS. As long as I don’t disillusion them on that point, I don’t imagine they will care.

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By: KidDynamite http://blogs.reuters.com/felix-salmon/2010/08/18/can-we-give-minors-bank-accounts/comment-page-1/#comment-17435 Thu, 19 Aug 2010 00:56:11 +0000 http://blogs.reuters.com/felix-salmon/?p=5005#comment-17435 TFF – I had a Schwab account in my own name before i was 18. i’m POSITIVE of that… no approvals by parents needed.

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By: TFF http://blogs.reuters.com/felix-salmon/2010/08/18/can-we-give-minors-bank-accounts/comment-page-1/#comment-17434 Thu, 19 Aug 2010 00:52:27 +0000 http://blogs.reuters.com/felix-salmon/?p=5005#comment-17434 I’m pretty sure that your parents were always custodian on your childhood accounts. Certainly that is the policy today.

Deposits can be made by anybody, so that isn’t a problem. Withdrawals require a signature, I believe, though a local bank may be willing to overlook that.

I’ve been investing in stocks since I was 16 or so (not much, just my own earnings). I would visit the broker, my mother would okay the transaction by phone. Worked fine and was a great way to get started.

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By: STORYBURNthere http://blogs.reuters.com/felix-salmon/2010/08/18/can-we-give-minors-bank-accounts/comment-page-1/#comment-17432 Thu, 19 Aug 2010 00:23:24 +0000 http://blogs.reuters.com/felix-salmon/?p=5005#comment-17432 CDC_finance – I agree with you completely. Kids want money today to buy an iPad and that’s it. The latest gadget has got their fancy….wait a minute, I was the same way 25 years ago

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