To open a SafeBalance® for Family Banking account, the parent or legal guardian must:

• Be over 18 years old
  
• Have an existing Bank of America Consumer checking or savings account
  
• Have an Online Banking login
  
• Have a child under 18 years old at the time of account opening
• Open the account in Online or Mobile Banking, or visit a financial center for assistance in opening the account online.

To open a SafeBalance Banking® account,

• Teens ages 16+ may open the account sole-owned. Save time by scheduling an appointment. Bring the following identification with you:
  
  • Government issued photo ID: Examples: U.S. driver's license, state ID card, passport
  • Secondary forms of ID Examples: student ID, work ID, debit card or credit card from another financial institution
• If teens under 18 years old cannot meet the ID requirements above, they can still apply at a financial center with a parent or guardian.
  
• Children under 16 years old may also open with a parent co-owner at a financial center.
  
• International students also need proof of US residency and may use other forms of ID. For more information visit bofa.com/international-students.
  

Yes, SafeBalance® for Family Banking allows for one parent owner and one child on an account. If you have additional children, each child requires a separate application and separate account.

• You cannot write paper checks with these accounts.
• Both accounts are automatically set to the Decline All overdraft setting and cannot be changed. Thus, overdraft fees are not charged with either of these accounts.
  

With a SafeBalance® for Family Banking account, the following features are also unavailable:

• Zelle®
  
• External money transfers into the account, including direct deposits, wires, ACH transactions and transfers from another bank.
  
• This account also cannot receive credit card cash advances or credit card rewards redemptions.
  

Yes. Parents can set controls on spending categories, spending and withdrawal limits. If your child misplaces their debit card, parents can also temporarily lock their child’s debit card and unlock it if they find it again.

Additionally, this account has other restrictions and protections to help parents guide their child as they begin using their first bank account.

Your child is restricted from:

• Depositing cash or paper checks – As the owner of the account, only the parent can deposit money.
  
• Transferring money out of the account – this includes wires⁵, ACH transactions, transfers to another bank⁵ and Bill Pay.
  
• Use of payment apps – Child is unable to send or receive money through payment apps such as Venmo®, Paypal® or CashApp™.
  

No, your child can only view their account when they log in with their Online ID. Parents, however, can view and manage the accounts right alongside their other Bank of America accounts.

Once your child needs to regularly deposit money into the account, such as when they start a job or need direct deposit, you can easily graduate them to a Bank of America Advantage SafeBalance Banking® account. The account number and debit card number will stay the same. Simply visit a financial center with your child to complete the application process.