Can A 17 Year Old Open A Bank Account Alone?
Asked by: Ms. Prof. Dr. Leon Bauer M.Sc. | Last update: August 26, 2023star rating: 4.4/5 (34 ratings)
Unfortunately, if you're 17 and you want to open a bank account, you'll need an adult to help. A friend or a grandparent or another family member can open the joint account with you, and you can turn it into your own account once you turn 18, but until then you can't really open a bank account completely on your own.
Can a 17 year old open a savings account without a parent?
No matter what the reason, if you are 18 years old, it is possible, and relatively easy, to open a bank account without your parents knowing. If you are not over 18 years old, it is possible to open up a bank account with another relative, such as an aunt or uncle, or older sibling.
What banks let you open your own account at 17?
Capital One. Learn More. Capital One Financial (COF) has an account geared specifically for teens. Chase Bank. Learn More. Wells Fargo. Learn More. Union Bank & Trust. Learn More. USAA. Learn More. Alliant Credit Union. Learn More. Citizen's Bank. Learn More. Bank of America. Learn More. .
Can parents take your money at 17?
It's not illegal to take money from your kids in most cases, although, of course, there are exceptions, like if the child's money is in a specific trust and you abuse the funds.
At what age can a teenager get a bank account?
At most banks, you can open a teen checking account when your child is 13. One parent is usually required to be a joint owner until your child turns 18. As a joint owner, you'll have the ability to monitor and access this account if you wish.
How To Open A Bank Account For Teenagers Under 18
18 related questions found
Can I open a teenage bank account online?
Teen bank accounts can be opened online. Some teen checking accounts, such as the Capital One MONEY account, are only available online. Others may require that the child go to a branch to open their account.
Can I open my own bank account at 18?
First, you need to make sure you're eligible to open a bank account. You need to be at least 18 years old to open an account. However, you can open a joint account as a minor with a parent or legal guardian as an account co-owner. Some banks do offer accounts tailored for minors.
Can my mom take money from my bank account?
Your parent can withdraw money from the account. On joint bank accounts, both account holders have full access to the balance. It doesn't matter if you're the only one depositing money, the other account holder could withdraw it all.
Do parents own their children's money?
As a family, you can discuss children who are able to work, contributing to the household. However, it is unethical and illegal for parents to take their children's money as they please without consent and without using the money to benefit the child.
Can parents take your paycheck?
2 attorney answers As a minor, your parents can take your paycheck (although that doesn't make it seem "fair").
How do I open a bank account at 17?
Since minors generally can't open bank accounts by themselves, you'll typically need to be a joint owner of the account, which may actually be a good thing. It'll give you the chance to compare banks and find features that are important to both of you.
How can I get a debit card at 17?
Teens must share a joint account with a parent or guardian, since many banks require students to be 18 before getting an account on their own (although some banks, like Citizens, will open a standalone account for a 17-year-old; learn more here).
Which bank is best for teenager?
A checking account is a great tool to help your teen learn about the banking system and how to manage their money. Best for the tweens: Capital One MONEY teen checking account. Best for high school and beyond: Chase High School Checking℠ Best for comprehensive account features: USAA Youth Spending account. .
Which is the best teenage bank account?
What are the best bank accounts for teenagers? Mos. Hey, that's us! Chase High School Checking. Chase is one of the biggest banks in the US, with 4,700 branches across the country. Wells Fargo Clear Access. Copper Banking App. Current. Alliant Credit Union Teen Checking. USAA Youth Spending Account. .
What happens to my bank account when I turn 18?
Once they turn 18 years old, their minor account will be automatically converted to a Savings account.
Can I open a bank account for my father?
Minor children by law can't open a savings account. They need a parent or guardian to set up a custodial or joint account. A custodial account is the property of the child, but managed by the parent until the child turns 18.
Can parents take your money at 18?
As a general matter turning 18 means that you are an adult and you do not have to permit your parents to obtain your paycheck.
What age can a child own property?
A child under 18 cannot take legal title to property, so there are two ways in which the property can be held: a simple 'bare trust' or a more formally constituted trust, such as a life interest or discretionary trust. Under a 'bare trust', another person holds the title to the property as a nominee.
Can your parents kick you out?
technically, yes. The law says your parents aren't responsible for you once you reach 18, a.k.a the graduating age. This technically means that they can give you an eviction notice on your 18th birthday.
Can your parents take your phone at 18?
So realistically, if the phone was a gift to you by your parents before you were an adult, since you are now an adult you have a right to privacy in all your affairs, including your mobile phone.
Can a parent steal from their child?
It is a crime to take away, hide or keep a child from a child's foster parent or other legal guardian. Child-stealing is a serious (felony) crime even when it is a family member who steals the child, which is called criminal custodial interference.
Can a parent take money out of a child's bank account?
Under The Uniform Gift to Minors Act and the Uniform Transfer to Minors Act, the money in these counts is legally protected on behalf of the children. While the kids are still minors, a parent will have the right to withdraw money, the requirement being that it is being used directly for the wellbeing of the child.