Family Banking starts good financial habits—and gives you peace of mind
Parents and guardians who want to help their minor children open checking and savings accounts should consider Family Banking, a joint account that gives them freedoms they want and controls you’ll appreciate.
When are kids ready for their own accounts?
And once they hit their teen years, that first job means a first paycheck—and those first thoughts of financial independence, a checking account and even their own debit card. However, until they turn 18, they’re considered minors and usually can’t open a bank account without an adult’s consent and co-signing.
Financial institutions such as Associated Bank have recognized the need for financial solutions and education for the next generation. More than just a “student checking account,” Associated Bank’s Family Banking incorporates these needs into a way adults can monitor and guide their children’s spending and savings habits.
How “minor accounts” work
Those under 18 can’t simply walk into a bank or go online to open their own bank accounts. They need to have an adult—usually a parent or guardian—sign on as joint co-holder. This means that the adult will be expected to take ultimate responsibility for these accounts.
With Family Banking, we give you an opportunity for open discussions with your kids about the options and obligations that come with a bank account. You can take the time to go over the types available and help them determine which will work best for them.
Family Banking also lets you share the special benefits of your account if they choose the same kind; interest on balances, access to ATMs¹ and more.
To access to ATMs and more, so that we don't have issues with compliance.
Tools they can use
Once their checking accounts have been set up, kids get banking benefits for managing their money easily and responsibly:
- A debit card for everyday spending.
- The Associated Bank Digital² app, which shows their balance, gives them insights into the way they spend their money, and even allows them to lock their debit card for security if they lose it.
- Access to over 30,000 ATMs across the country for cash, deposits and more.
Parental controls = peace of mind
Because this is a joint account, you’ll want to check in to make sure they’re managing their money the right way. In Family Banking, you can monitor and even control how they use it—right from your smart device or PC, anytime, anywhere:
- See their accounts along with yours in Associated Bank Digital—even give their accounts a custom nickname.
- Watch transactions on their accounts.
- Lock their debit card in case it's lost or stolen.
- Sign up for notifications and alerts.
And when they turn 18?
Although they’re free to open their own account independently once they reach their 18th birthday, they can still stay with Family Banking. In addition, they’ll qualify for an added benefit: Credit Monitor, a tool that lets them see their current credit score and work toward improving it.
Make meaningful conversations about money a regular habit
The learning never stops when it come to personal finance. Encouraging open talk about banking products, the importance of saving, investments and even cryptocurrency is a good way to not only make your children more financially savvy, but it can help steer them away from potential traps and scams.
By helping them open their own checking or savings account, you’ll teach them the practical skills they’ll need when they move into the adult world: building a budget, setting up direct deposits, writing checks, paying bills electronically,³ using an ATM and even how to avoid overdrafts.
Although we make it easy for you to start a Family Banking account online, this is also a good opportunity to actually take them into a branch and meet a banker in person. Your kids can see for themselves what goes on at their bank, get to know the people who work there and understand that their financial questions are always welcome. Simply set up an appointment at your local Associated Bank for a time that fits with your schedules.
Associated Bank and MoneyPass® ATM use is free for Associated Bank customers. ATM owners outside of the Associated and MoneyPass networks may charge a fee. Associated Bank may charge a fee for using an out-of-network ATM. International fees may apply. Review your account disclosure and fee schedule for more details. MoneyPass is a registered trademark of Fiserv Solutions, LLC or its affiliates. (1206)
Associated Bank does not charge a fee to download our digital applications; however, transactional fees may apply. Carrier message and data rates may apply, check your carrier’s plan for details. Visit AssociatedBank.com/disclosures for Terms and Conditions for your service. (1406)
Our standard bill payment service, found within digital banking, is free, up to your available balance. Accelerated delivery services within the bill payment service have additional service charges. Please refer to the Terms and Conditions of the Bill Payment Service, the Consumer Deposit Account Fee Schedule, or the applicable Checking Product Disclosure for details. (1064)
