Helping my Child Build Healthy Financial Habits with Family Banking

A teenager with a debit card may sound like a risky combination, but under the right circumstances, it can be a powerful learning experience.

As the parent of a 13-year-old, I know how important it is to teach my daughter financial responsibility. But having meaningful conversations about money with a child isn’t always easy. That’s where Bank of America’s SafeBalance Banking® for Family Banking comes in.

This new account helps guide a child’s financial journey with the perfect balance of independence and oversight. My daughter now has her own debit card, a secure banking experience, and educational resources that help her learn about smart spending, saving, and budgeting.

Meanwhile, I have flexible parental controls, real-time alerts, and the peace of mind that comes with knowing I can monitor her transactions. Key features include:

· Child’s first debit card: When a child is ready for their first experience managing money or budgeting, parents can give them access to a physical or digital debit card.

· Flexible parental controls: Daily spending limits, card lock/unlock features and real-time alerts act as guardrails and help teach responsible financial management.

· Monthly maintenance fees waived: SafeBalance Banking® for Family Banking has no monthly maintenance fees while the child is under age 25.

· Account ‘Graduation’: As a child's needs become more advanced, parents can add them as an owner to their account when they determine a child is ready.

· Intuitive digital experience: Allows a parent to open and add a child to an account, and offers an age-appropriate banking experience for children or adults.

· Financial literacy resources: Easy-to-understand Better Money Habits educational resources help parents have personal finance conversations with a child.

For my daughter, one of the biggest benefits has been the financial conversations it has sparked. We’ve discussed savings goals, thoughtful spending habits, and long-term financial planning. These are all lessons I know will benefit her well into adulthood.

Recent Bank of America research found that while 90 percent of parents believe it’s their responsibility to teach financial literacy, only 47 percent of college students feel financially prepared for the real world. This gap highlights the need for tools that help families introduce financial responsibility early.

With Family Banking, teens gain confidence in managing their money while still under parental guidance. And when the time comes, they’ll be ready to take the next step toward financial independence without the stress of starting from scratch.

Learn more at www.BetterMoneyHabits.com/Family.