Daily banking

“Can I still view my child’s account when they turn 18?”

A child turning 18 means a lot of changes. One of these is becoming legally independent and therefore the owner of their bank account. But sometimes a little expertise from their parents can be a big plus.

From a child to an adult

Your child is almost 18. You are preparing for all the changes that this will bring. Some of these have to do with their bank accounts – accounts that you were able to manage for all those years, making sure they did not overspend on useless stuff!

But what now? Will you still be able to guide them with their finances?

Legal capacity and ownership

Eighteen is the age at which the law decrees that a child is no longer a child. Where previously their parents were their legal guardian and responsible for them, now they take charge of their own destiny.

The bank sees this no differently. As a new adult, they become the full owner of their bank account and all the cash in it.

As such, their previous legal guardian (e.g. their parent) loses any control over it (and any ability to view it).

You will not be able to see it on your Home’Bank, and you will not be able to make any payments in your child’s place.

Granting access again through a power of attorney

Nevertheless, and if your young adult agrees, you can be added on their account again. They can grant you something called a “power of attorney”.

This authority can be unlimited (you’ll have the same access as before) or limited (you’ll be able to keep an eye on the finances but not to make payments).

The differences & simularities

Unlike with your previous access, your child will be able to modify or even delete your authority whenever they want.

Also, a power of attorney means that any action you are allowed to take you will take in the name of the holder of the account. This means that they are responsible for your actions.

On the other hand, you’ll be able to continue guiding them in their new adult life.

Whatever the challenges that come their way, you will be on hand to help them to navigate them.

How to get started?

Click here for more information on power of attorneys.