Digital Banking

Bank of America intros family banking solution

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October 17, 2024

Bank of America recently introduced its SafeBalance Banking for Family Banking to help parents teach their children good financial habits. With this account, parents can add a child to the account and give them access to a physical or digital debit card, according to a press release.

The account features parental controls such as spending limits, card lock/unlock, real-time alerts and child appropriate Better Money Habits. It also has no monthly fees while the child is under 25.

"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," Holly O'Neill, president of retail banking at Bank of America, said in the release.

Currently the account is available in Connecticut, Maine and Rhode Island, with more states coming in the following months.