At what age can my child have a bank account?
Your child can have a bank account at birth.
How does my child make a deposit?
Adding money to your child's account is easy:
- In person - Stop by your local Merchants Bank branch and deposit in person with one of our tellers.
- Transfers - Move money between accounts through electronic transfer, which can easily be done through Merchants Bank Online Banking & Mobile Banking.
- Mobile deposit - Snap a picture of a check and deposit it with Merchants Bank Mobile Banking.
- ACH deposit - Have money automatically added to the account through an ACH deposit with your employer or your child's employer.
How does my child make a withdrawal? How often are withdrawals allowed?
Each account has different parameters built in to help build account balances, encourage savings goals or teach good money management habits.
Withdrawals can be made with a debit card at an ATM, through electronic transfers or in-person with one of our tellers.
- Kids Savers Club - 6 electronic withdrawals allowed per month.
- My Future Fund - Withdrawals are not allowed until child is 18 years old.
- Student Checking - Unlimited withdrawals.
What access does my child have to their account?
Children are considered joint owners on their accounts. This means they have equal ownership rights with the adult listed on their checking or savings account.
Access to account information may be granted in person, over the phone or through Online Banking & Mobile Banking
depending on your preference. If you would like to set up specific limitations on your child's account, please ask your Customer Service Representative how those limitations may be accommodated.
What do I need to bring to open an account for my child?
Opening an account is easy. Just set up an appointment with a Customer Service Representative. Please have the following information with you:
- Social Security Number of adult and child.
- Please note: The adult owner on this account does not need to be a parent, just an approved applicant over the age of 18.
- Valid photo ID of adult.
- Basic personal information, such as contact information and address.
Call your local branch
to set up a time today.
When can my child be issued a debit card?
When your child opens a Student Checking Account, he or she will receive a debit card.
This account can be opened by children as young as 13 years old, but children under 18 must have an additional adult account owner.