Bank of America has introduced a new banking solution aimed at helping parents guide their children in developing sound financial habits. The product, SafeBalance Banking® for Family Banking, is designed to provide parents with the necessary tools and resources to teach their children money management through a secure digital platform.
“For many parents, it can be hard to find the right financial tools and resources that can also instill positive financial habits in their children,” said Mary Hines Droesch, Head of Product for Consumer, Business and Wealth Management Banking and Lending at Bank of America. “Family Banking offers the foundation young people need for managing money, with support for parents seeking to help their children on the path to financial health and independence.”
A survey conducted by Bank of America revealed that 90% of parents feel responsible for teaching their children about financial literacy, with 61% starting these discussions by age 10.
“Designed with the whole family in mind, Family Banking offers the convenience and safety features parents seek, along with knowledge-building tools that will help set their children up for a strong financial future,” said Holly O’Neill, President of Retail Banking at Bank of America.
The Family Banking account can be opened through Bank of America's online banking or mobile app. Parents can oversee their child's spending and supervise the account. Key features include:
- Intuitive digital experience: Allows a parent to open and add a child to an account, offering an age-appropriate banking experience.
- Financial literacy resources: Better Money Habits educational resources assist parents in having personal finance conversations with their child.
- Child’s first debit card: Parents can provide access to a physical or digital debit card when ready.
- Flexible parental controls: Daily spending limits, card lock/unlock features, and real-time alerts help teach responsible financial management.
- Monthly maintenance fees waived: No monthly maintenance fees while the child is under age 25.
- Account ‘Graduation’: Parents can add a child as an owner when they are ready for more advanced needs.
Family Banking launched today in Connecticut, Maine, and Rhode Island. It will expand to additional states over three months before becoming available nationwide in December. The service targets parents with children under 16 years old.
For more information on Bank of America's resources for families, visit www.BetterMoneyHabits.com/Family.
SafeBalance Banking marks its tenth anniversary this year. Initially offered in 2014 without overdraft fees, it now has nearly seven million accounts as of August 2024. Over three million accounts are held by youth and young adults. SafeBalance represents almost two-thirds of all new consumer banking accounts opened at Bank of America.
Bank of America serves approximately 69 million consumer and small business clients across roughly 3,800 retail financial centers and around 15,000 ATMs. Its digital banking services have about 58 million verified users. The company operates globally across more than 35 countries.
Reporters may contact Don Vecchiarello at don.vecchiarello@bofa.com or call 1.980.387.4899.
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