The Board of the BCRA authorized today the opening of savings accounts for the underaged with the aim of simplifying their daily economic transactions, encouraging the youth’s financial education and fostering banking through electronic means of payment.
With these new savings accounts, minors may have a debit card in their names and be authorized to withdraw money from ATMs, buy at stores and make credit transfers or payments through any electronic means (online banking, ATMs, mobile phone apps, etc.).
The account holder will be the father, mother or legal representative of the minor and, as such, they may decide on a maximum daily limit for debits, in one or more transactions, by any of the means mentioned above. Moreover, any other adult may be an account holder, provided that they are so authorized by the minor’s father, mother or legal representative.
These savings accounts and their linked debit cards enable minors to conduct the same transactions as those carried out with traditional savings accounts and debit cards. In addition, these savings accounts will be opened free of charge just like the traditional ones, as established by the BCRA in April 2016.
Once a minor comes of age, their savings account may become a traditional one, the holder of which may be the person of age involved, their legal representatives, or both.
Likewise, it was also established that the father, mother or legal representative of a minor may authorize the latter to purchase CER-adjusted units of purchasing value (UVA), and ICC-adjusted housing units (UVI) in savings accounts, so that the underaged may have access to long-term savings means.
