This story appeared in Bank Digest.
A Consumer Financial Protection Bureau blog post emphasizes the value to young people of having a savings or checking account, notes challenges some young people have in obtaining banking services, and lists resources related to checking and savings accounts for young people.
According to the post, the FDIC's 2015 National Survey of Banked and Unbanked Households found that people who are banked build savings at a higher rate than those who are not. But the post noted that "some youth employment programs have told us that it can be difficult for participants under the age of 18 to open their own accounts, due to concerns from financial institutions about how federal or state laws may apply to noncustodial accounts for customers under age 18."
The post goes on to list three resources for entities seeking to help young people access transaction and savings accounts. The author said, "As youth employment programs increasingly focus on developing the financial capability of young workers entering the workforce, there is an opportunity for financial institutions and youth employment programs to work together to offer young adults checking and savings account options that work for them."