Our child comes of age

With the 18th birthday your child becomes of age. Your daughter or son may now handle all banking transactions on his or her own responsibility. To do this, the account documents must be updated at the bank or savings bank. The credit institution rewrites the account contracts and requires your child's signature for this.

When you reach the age of majority, your parents are no longer your legal representatives. As a mother or father, you no longer have the right to information about banking matters. Disposals of accounts are also no longer possible. If someone else is to access the child's account during a stay abroad or in the event of illness, it makes sense for your child to set up a bank power of attorney for one or both parents or another trusted person.

For schoolchildren, trainees and volunteers in military service or in the Federal Volunteer Service, most credit institutions keep the current account free of charge. Your child must provide the bank with proof, for example a certificate of enrollment or the training contract. It makes sense to ask the bank about the requirements before the 18th birthday.

Once your child reaches the age of majority, he or she is entitled to make full use of online banking. The account must be activated for online banking. Anyone who registers for online banking will receive the access data by mail. After the one-time registration, many banking transactions can be carried out conveniently from home or on the road.

When your child reaches the age of majority, he or she can request a credit card to go with the checking account. With a credit card, cashless payments can be processed particularly securely. This is useful when traveling, booking hotels or flights, shopping on the Internet and also in everyday life.

Credit institutions offer various credit cards. Each type of card has its own advantages and individual additional services such as insurance coverage. The fees differ according to the scope of services. Be sure to consult the bank or savings bank about the service packages and the costs incurred.

Alternatively, adults can still use the option of a prepaid credit card. This card is loaded with credit. So the account can not be overdrawn. Prepaid cards are usually issued free of charge.

Savings contracts that you have concluded in your child's name belong to your child. When your daughter or son turns 18, your child can freely dispose of the money. As parents, you then no longer have access. It is advisable to make a joint consultation appointment with your child at the bank to check the financial status and settle it together.