About Banking for Teens

What is banking for teens through OnePay?#

Banking for teens lets you, the parent, add your teen (ages 13–17) as an authorized user on your OnePay deposit account and Builder Card. It's designed to help your teen learn money skills and may help them build credit while you stay involved.

You remain the primary account owner, while your teen receives their own OnePay login, Checking and Savings, and Builder Card.

Banking for teens may not be available to all customers at this time.

Who owns the account my teen is using?#

You as the parent are the legal owner of the account and remain responsible for all activity. Your teen is an authorized user on your OnePay deposit account and Builder Card.

What does my teen get with banking for teens?#

Your teen gets:

• Their own OnePay login

• A Checking section

• A Savings section

• Unique account and routing numbers for both sections

• A physical and virtual Builder Card with its own card number

What can my teen do with OnePay?#

Depending on the parental controls you've set them, teens as authorized users can:

• Spend using their Builder Card

• Move money between Checking and Savings

• Create and fund Savings goals

• Receive direct deposits

• Deposit cash

• Withdraw cash from ATMs, if enabled by you as their parent

• Earn and redeem OnePay Points

• Manage their card

• View their account activity

• Send and receive One to One transfers, under parental guardrails

• Receive gifts of cash if gifting is enabled by you as their parent

• Sign up to use an investment account

  • Access Invest to purchase stocks and ETFs, if enabled by you as their parent

  • Receive gifts of stock if gifting and Invest are enabled by you as their parent

What can I control for my teen?#

As the parent or legal guardian, you're the account owner and can:

• Freeze or unfreeze the card

• Add spending limits per card transaction

• Add monthly spending limits

• Limit ATM withdrawals

• Limit payments and requests to other OnePay users

• Restrict the use of a gift link for external payment receipt

• Add or remove your teen

• Transfer money to your teen

• Turn Teen Safety Mode on or off

• Order or replace your teen's Builder Card

• Open an Invest account for your teen

  • Enable or disable trading for your teen

  • Set weekly trading limits for your teen

Your teen can manage their day-to-day banking within the limits you set, but they can't change these settings or remove themself as an authorized user on the account.

Is my teen eligible for OnePay Advance or Fee-Free Overdraft Protection?#

No.

Teens who are authorized users on your account are not eligible for:

• OnePay Advance

• Fee-Free Overdraft Protection

• Credit Builder Loan

Generally, teen spending is limited to the available balance in their Checking section.

If there isn't enough money available to complete a purchase, the transaction is declined, unless Savings backup is enabled.

This helps ensure your teen can't spend more money than is available in their Checkings and Savings balances.

If you'd like to give your teen more spending power, you can transfer money to them at any time or set up a recurring allowance.

Are there additional fees for banking for teens?#

No. There are no additional fees for adding your teen to OnePay or for using banking for teens. Your teen is covered by your existing OnePay account, so only the standard fees described in the Deposit Account Agreement and Builder Credit Card Agreement may apply.

For complete fee information, refer to the current Deposit Account Agreement and OnePay Builder Credit Card Agreement.

What happens when my teen turns 18?#

Beginning on your teen's 18th birthday, they'll have 90 days to complete identity verification and transition to their own adult OnePay account.

During this time, your teen will complete the standard identity verification process, including providing their Social Security number, if it hasn't already been provided.

If your teen successfully completes ownership transition:

• They transition to their own adult OnePay account

• They keep their same OnePay login

• They keep their same Builder Card

• They keep their same card number

• Their Checking and Savings balances and rewards points transfer to the new adult account

• Your access to manage your teen is removed

• If are an authorized user on an Invest account:

• They will open a new OnePay Invest account in their own name

• Eligible investments transfer to that account owned by the teen

• You as the parent lose access to the Invest account

If your teen doesn't complete the ownership transition within 90 days of turning 18:

• They are removed from your account as an authorized user

• Any remaining funds are transferred to your OnePay Checking section

• Any remaining rewards points are transferred to you as the parent

• If your teen is an authorized user on an Invest account:

• Any investment assets on the investment account are transferred to your personal OnePay Invest account.

• If you do not have a OnePay Invest account, we may open one for you to sell the investments and send the proceeds to your OnePay Checking balance.

Learn more in When Your Teen Turns 18.

How does credit reporting work when my teen turns 18?#

Before your teen turns 18, nothing is reported to the credit bureaus on your teen. Only your information as the adult account holder is provided to the credit bureaus.

When your teen turns 18, what happens depends on whether their Social Security number (SSN) was provided before their 18th birthday:

• If your teen's SSN was provided before they turned 18, the account activity will automatically begin being reported to the credit bureaus on their credit report as an authorized user if we're able to verify their identity. They can contact us at any time to opt out of credit reporting.

• If your teen's SSN wasn't provided before they turned 18, they may be asked to provide it to verify their identity during the 90-day ownership transition period. Once their identity is verified, the account activity will be reported to the credit bureaus on their credit report as an authorized user.

• If your teen successfully transitions account ownership and opens their own Builder Card, activity on that account may be reported separately on their credit report.