To open a SafeBalance Banking® account:

• Teens ages 16+ may apply as the sole owner of the account. Teens under 16 years old may also open with a parent co-owner at a financial center.

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 a Consumer Online Banking login
• Have a child under 18 years old at the time of account opening

The government requires us to verify the identity of all account owners. Thus, the parent of a Family Banking account and anyone applying for the SafeBalance Banking account need to have the following identifying information.

Online application:

• Name and date of birth
• Social Security number OR Individual Tax Identification number OR a foreign passport
• Physical U.S. address (no PO boxes)
• Phone number and email address

Depending on various factors, we may also ask for a U.S. driver's license or state ID card during your application

Applying at a financial center:

• 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
• International students also need proof of U.S. residency and may use other forms of ID. For more information, visit bofa.com/international-students.

Once your child needs to regularly deposit money into the account, such as when they start a job or need direct deposit, you can 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.

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

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

• External money transfers into the account, including direct deposits, ACH transactions, and transfers from another bank.
• Zelle®
• 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 the 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 wires,⁹ ACH transactions, transfers to another bank⁹ and Bill Pay.¹⁰
• 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.

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.