Bank of America has introduced the SafeBalance Banking for Family Banking account, aimed at helping parents teach their children essential financial management skills. With only 47% of college students feeling financially prepared for adulthood, BofA aims to bridge the gap by providing parents with practical tools to instill financial literacy.
Parents can easily open the account online or through the BofA app, adding their child as a user. The account allows children to access educational resources on financial literacy and provides a digital or physical debit card. The card comes with features like daily spending limits, real-time alerts, and the ability to lock or unlock the card. The Family Banking account will be gradually rolled out across various states in the coming months.
Holly O’Neill, president of retail banking at Bank of America, emphasized, “Designed with the whole family in mind, Family Banking offers both convenience and safety, while providing the knowledge-building tools children need for a strong financial future.”