Bank of America has officially announced the launch of a new solution called SafeBalance Banking® for Family Banking, which is a bank account that offers parents the tools and resources they need to help their children practice healthy financial habits and learn to manage their money through a convenient and secure digital experience.
According to certain reports, Family Banking can be opened via Bank of America online banking or the mobile banking app. More on the same would reveal how it is well-equipped to let parents maintain optimal oversight of their child’s spending and supervise the account.
Talk about the whole value proposition on a slightly deeper level, we begin from the solution’s intuitive digital experience which makes it possible for parents to seamlessly open and add a child to an account, while simultaneously offering an age-appropriate banking experience.
Next up, users can come expecting a wide assortment of financial literary resources, resources that are likely to include easy-to-understand Better Money Habits education so to help parents have meaningful personal finance conversations with a child.
Then, there is the prospect of giving the child their first ever debit card. You see, once a child is ready for their first experience in managing money or budgeting, parents can give them access to a physical or digital debit card, and therefore, take their financial education to a new level. Having said so, even after giving the stated card to their kid, parents can enjoy flexible controls in the context of managing daily spending limits, as well as card’s lock/unlock features. Alongside this, Bank of America offers real-time alerts that act as guardrails, and at the same time, help teach responsible financial management.
“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.”
Hold on, we still have a few bits left to unpack, considering we still haven’t touched on Family Banking solution’s promise to waive monthly maintenance fees. Basically, SafeBalance Banking® for Family Banking charges no monthly maintenance fees till the child is under age 25.
Rounding up the highlights is an account graduation feature, where as a child’s needs become more advanced, parents can add them as an owner to the account when they determine a child is ready.
Among other things, we ought to mention that Family Banking is now available across select states i.e. Connecticut, Maine, and Rhode Island etc, with plans already in place to expand it to more states over the next three months, leading up to nationwide availability around December.
Another detail worth a mention here, though, is rooted in a recent Bank of America survey, which found that 90% of parents believe they bear responsibility in teaching their children financial literacy. Apart from that, the study also revealed that 61% start talking to their kids about money by the age of 10.
Founded in 1998, Bank of America currently provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients, 3,800 retail financial centers, approximately 15,000 ATMs, and award-winning digital banking with approximately 58 million verified digital users. The organization also empowers an estimated 4 million small business households through a suite of innovative, easy-to-use online products and services.
“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.
