The objective is to eliminate barriers so that adolescents can be part of the economy of the country, through the opening of their first debit card . The result will be that 7 million young people will obtain a bank account, as well as the banking of the beneficiaries of the government scholarship programs.
How do you open a bank account for young people?
In the past one of the most common restrictions that the young man encountered was that he had to turn 18 to have a debit card in his name. Nowadays it doesn’t happen that way. Teenagers aged 15 to 17 may have access to a savings account and the following requirements must be met.
Documentation for opening a bank account for young people
Government-issued photo ID
They can be a passport, consular registration or a Social Security ID. If one of these papers is not available, the National Banking and Securities Commission ( CNBV ) must approve some other means of identification within its legal powers.
Meet the requested age
The age requested by the Credit Institutions and the Civil Code will have to be verified, so that the person who wants a savings account must be 15 to 17 years old . The birth certificate of the applicant will be necessary at the time of the procedure.
What can not be done with the bank account for young people?
The first debit card has its limitations as it will not be possible to contract loans or credits from funds deposited in your savings account. That is, you can not direct your loan or credit expenses.
However, it is important to remember that to acquire loans or credits you must meet the age of majority, otherwise the corresponding procedure cannot be carried out.
What can be done with the account for young people?
- Memorize your PIN (password).
- Transfer to other accounts.
- Make deposits
- Buy online.
- Use the various applications of banks to check your balances.
- Buy in department stores.
- Pay streaming services.
- Acquire government grants.
How to lead a healthy financial life?
Although the initiative is good but it runs a certain risk: the majority of the population does not have a financial education .
According to studies of the International Student Evaluation Program (PISA) , young people who have better financial education have two characteristics: they have access to a bank account and at home the family talks about money and learning to save . Hence the importance of having a healthy financial education so that in the future the young person does not end up with debt problems.
There are initiatives to boost financial education in young people like the one that will be carried out by the Association of Banks (AB) , by asking banks to join the Youth Building the Future program in order to train them and ensure that they, in turn, train others.
Once the adolescent is prepared to enter the adult financial world, he can obtain his first credit card, with the workshops promoted by the banks and the possibility of being a holder of a savings account, it can be determined if he is ready to carry a stable financial life
Recommendations to use your first debit card
- Do not go to the cashier alone, always in the company of an adult.
- Find the bank staff if you need help with your card.
- Do not let anyone observe your PIN.
- Keep your money well when withdrawing from the cashier.
- Whenever you pay in one place, keep track of your card.