When Your Teen Turns 18

What does my teen need to do when they turn 18?#

When your teen turns 18, they'll need to complete a one-time ownership transition before they can continue using OnePay as an adult.

This process doesn't happen automatically.

What is the process of ownership transition?#

The process of ownership transition involves your teen, as your authorized user, applying for and enrolling to OnePay products in their own name (e.g., Deposit Account or Invest). Your teen has 90 days to complete this process.

How long does my teen have to complete the ownership transition?#

Starting on your teen's 18th birthday, they have 90 days to complete the ownership transition.

During this time, they'll need to:

• Complete identity verification rewards

• Provide their Social Security number (If not already provided)

• Accept any required account agreements

If your teen also has Invest, they'll need to complete any additional requirements for their investment account before it can also transition to their ownership.

What happens after my teen completes the ownership transition?#

After your teen completes the ownership transition:

• They keep the same OnePay login

• They keep the same Builder Card

• They keep the same card number

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

If your teen has Invest:

• A new OnePay Invest account will be opened in your teen's name after they complete Invest onboarding

• Investments transfer to their new investment account

After the investments are transferred, the existing Invest account you opened for your teen will be closed. You will continue to have access to statements from the period when your teen was an authorized user on your account.

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.