Only 47% of college students feel financially
prepared for the "real world"
CHARLOTTE, N.C., Sept. 26,
2024 /PRNewswire/ -- Bank of America today announced
a new solution to help parents support their children as they begin
their financial journeys. SafeBalance Banking® for Family Banking
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, secure digital
experience.
"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."
A recent Bank of America survey found 90% of parents believe
they bear responsibility in teaching their children financial
literacy and 61% start talking to their kids about money by the age
of 10.
"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.
Family Banking can be opened via Bank of America online banking
or the mobile banking app and allows parents to maintain oversight
of their child's spending and supervise the account. Key features
include:
- Intuitive digital experience: Allows a parent to open
and add a child to an account, and offers an age-appropriate
banking experience
- Financial literacy resources: Easy-to-understand Better
Money Habits educational resources help parents have personal
finance conversations with a child
- Child's first debit card: When a child is ready for
their first experience managing money or budgeting, parents can
give them access to a physical or digital debit card
- Flexible parental controls: Daily spending limits, card
lock/unlock features and real-time alerts act as guardrails and
help teach responsible financial management
- Monthly maintenance fees waived: SafeBalance Banking®
for Family Banking has no monthly maintenance fees while the child
is under age 25
- Account 'Graduation': 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
Family Banking launched today in select states (Connecticut, Maine, Rhode
Island), with access expanded to additional states over the
next three months, leading up to nationwide availability in
December. The solution allows parents to open a banking account for
their child and will expand to include other enhancements next
year. The account is geared toward parents with children under the
age of 16.
To learn more about Bank of America's resources for parents and
their children, visit www.BetterMoneyHabits.com/Family.
10 Years of SafeBalance Banking
Initially offered in 2014, SafeBalance Banking is celebrating
its 10-year anniversary. This convenient, easy-to-use account has
no overdraft fees and was designed to help clients manage their
day-to-day finances. As of August
2024, SafeBalance Banking has grown to nearly 7 million
accounts — including more than 3 million accounts held by youth and
young adults. SafeBalance now represents nearly two-thirds of all
new consumer banking accounts opened at Bank of America.
Bank of America
Bank of America is one of the world's leading financial
institutions, serving individual consumers, small and middle-market
businesses and large corporations with a full range of banking,
investing, asset management and other financial and risk management
products and services. The company provides unmatched convenience
in the United States, serving
approximately 69 million consumer and small business clients with
approximately 3,800 retail financial centers, approximately 15,000
ATMs (automated teller machines) and award-winning digital banking
with approximately 58 million verified digital users. Bank of
America is a global leader in wealth management, corporate and
investment banking and trading across a broad range of asset
classes, serving corporations, governments, institutions and
individuals around the world. Bank of America offers
industry-leading support to approximately 4 million small business
households through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations across the United
States, its territories and more than 35 countries. Bank of
America Corporation stock is listed on the New York Stock Exchange
(NYSE: BAC).
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
and register for news email alerts.
Reporters May Contact:
Don Vecchiarello, Bank of America
Phone: 980.387.4899
don.vecchiarello@bofa.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/from-piggy-bank-to-family-banking-bofa-launches-new-solution-to-help-parents-raise-financially-savvy-kids-302259059.html
SOURCE Bank of America Corporation