“Our youth leaders (Learn & Earn participants) were excited about the opportunity to talk about money. They worked hard all summer earning it. The workshop created a space for them to think beyond earning, to how they can spend and save their money. When they learned they could open a bank account on their own, and have more control of the money they earn now and in the future, they all got excited about the prospect of doing so.”
– Justin Forzano, CEO of Open Field and supervisor of Open Field’s Learn & Earn participants
In the above photo, we teamed up with Tri Valley Service Credit Union in delivering financial education to youth employed through the Open Field organization.
Bank On Allegheny County works with local financial institutions who already offer Bank On-certified accounts for adults, to offer non-custodial accounts to minors. This allows youth aged 14-17 the opportunity to open their own account without their parent or guardian needing to be on the account. Of utmost importance is setting youth up with accounts that are structured to be as safe and beneficial as possible as they start their independent financial journey. For example, in addition to being Bank On-certified accounts, these accounts either do not have monthly maintenance fees, or those fees are waived for minors. A full listing of other account priorities developed by CFE Fund can be found here: CFE Fund Youth Account Priorities.
Non-Custodial Accounts
Bank of America Advantage SafeBalance Banking: Available to ages 16-17
Tri Valley Service Credit Union: Available to ages 14-17
Partnering with youth workforce providers
Youth with the most to benefit from having their own bank accounts are those that are employed, as they start to manage their own income, safely deposit paychecks, and save for expenses and long-term goals. This is why we partner with local workforce organizations like Partner4Work, which offers employment opportunities to thousands of youth each year through their summer Learn and Earn program as well as offering year-round youth employment opportunities. If you are an organization that works to employ youth, we would love to work with you!
Providing Financial Education
In addition to our work on non-custodial account access, we deliver financial education classes to youth through our partnerships. In these classes, youth learn financial basics such as budgeting, banking concepts, an introduction to credit, and keeping their financial information secure.