------------------ ESP

New savings accounts for the underaged

The Central Bank’s Board of Directors has authorized today the opening of savings accounts for the underaged with the aim of simplifying their daily economic transactions, encouraging the youth’s financial education and fostering bankarization through electronic means of payment.

In these new savings accounts, minors may have a debit card in their names and be authorized to draw money from ATMs, buy in shops and make credit transfers or payments through any electronic means (home banking, ATMs, cell apps, etc.).

The account holder will be the father, mother or legal representative of the minor and, as such, s/he may decide on a maximum daily limit for debits, in one or more transactions, by any of the means mentioned beforehand. Moreover, any other adult may be an account holder, provided that s/he is so authorized by the minor’s father, mother or legal representative.

These savings accounts and their linked debit cards enable minors to conduct the same transactions as those carried out with traditional savings accounts and debit cards. In addition, these savings accounts will be opened free of charge just like the traditional ones, as established by the BCRA in April 2016.

Once a minor comes of age, his/her savings account may become a traditional one, the holder of which may be the person of age involved, his/her legal representatives, or both.

Likewise, it was also established that the father, mother or legal representative of a minor may authorize the latter to purchase Acquisition Value Units (UVA) upgradeable according to CER, and Housing Value Units (UVI) upgradeable according to ICC in savings accounts, so that the underaged may have access to long-term savings means.

November 24th, 2016

Compartilo en Facebook   Compartilo en Twitter    Compartilo en Linkedin    Compartilo en WhatsApp