Slowly enough, savers started to open bank savings banks for minors, based on early-year regulations of the Central Bank.
According to a survey carried out by LA NACION, the entities that started to offer this product are Banco Nación, the Province of Buenos Aires and Credicoop. Others, such as the City, Macro and Galicia, are developing it to launch in the coming months.
In total, nearly 800 accounts for children under 18 were opened since mid-January.
In the case of the Nation, the public entity headed by Javier González Fraga, opened 160 traditional accounts for children between 13 and 18 years old and 50 accounts nominated in UVI (the housing unit created by the Central). In the latter case, there are no age limits for opening an account.
In the first case, these are deposit accounts that “can open any person able to contract, for himself or through a proxy, to be used by an authorized minor,” according to reports Banco Nación.
The ownership will be borne by the father, the mother or the legal representative and with a minor of 13 years or more “in the nature of authorized to operate (the account can not have more than one authorized minor).”
The authorized minor may make withdrawals in cash at ticket windows and ATMs; In addition, you can buy in stores and make transfers and payments by electronic means (ATMs or electronic banking). In addition, they are given a debit card without commission to the holder and the authorized minor, so that he can do the aforementioned operations.
The regulations establish that when the child reaches the age of 18, the account will be converted into a common savings bank, in the name of the holder.
In the case of savings accounts nominated in housing units (which are adjusted by the construction index) on behalf of minors, there is no minimum age and permitted operations are through-the-window deposits and electronic channels, transfers and other credits. They also have a debit card, but for restricted use, while funds are not available until the person reaches the age of majority.
In Credicoop they detailed that in the entity opened about 500 accounts with an average of $ 1500 of balance. In the Province said that since 13 last month are open savings banks for children 13 to 18 years and 65 accounts have already opened. The account has no monthly maintenance cost and is in the name of a major, which authorizes the child to operate; Withdrawals can be made in ATMs and by cash, transfers, payments and debit card payments in shops, among other operations.
In January of this year, the Central authorized this operation to stimulate the financial education of young people and encourage banking through the use of electronic means of payment. In the entity explained that there is no target in terms of number of accounts, because the main objective is financial education.