Teens can now open a bank account: Banxico

Don’t put your savings in the pig anymore, As of today, all young people over 15 years old can open a bank account without the intervention of their parents or guardians.

According to Banco de México (Banxico), from now on banking institutions will be obliged to offer adolescents of that age, payroll accounts and basic accounts free of commissions, therefore, it will not be necessary to maintain an average monthly balance.

Young people who open money deposit accounts in credit institutions, may dispose of the respective funds without the intervention of a representative. The intention is promote savings and investment among young people.

Among the terms of subjection for these accounts, issued in the project presented by Banxico and the Secretary of Finance it is found that Those interested may only receive credits to their account in Mexican pesos and through electronic transfers, thus not allowing cash deposits.

This because of the resources paid will correspond to those coming from government programs and employment benefits, channeled through public institutions that are responsible for the execution of the aforementioned programs or the pattern of the adolescent, respectively.

With these accounts young people may debit payments and make purchases of goods and services, However, they will not be able to contract credits, loans or financing of any kind, charged to the funds deposited in these accounts.

Among the benefits offered are mobile banking, online banking and telephone banking services.

It is estimated that this program benefits more than 7.5 million minors, as reported by Forbes.

Which are the requirements?

To process a bank account of this type, interested adolescents must be 15 years old or 16 in the case of payroll accounts, and appear before the banking institution of your choice to carry out the corresponding procedure.

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