The BNA updated this Thursday the rules applicable to accounts held by minors from the age of 14 in light of the provisions of its notice 09 n.º 01/2023 of 30 January on the rules for opening, operating and closing bank accounts.
According to the notice, debit transactions with the card are limited to maximum daily amounts agreed between the banking institution and the said legal representative when applying for the card.
In the directive, the central bank updated the rules applicable to accounts held by minors, having established the possibility of assigning a debit card to minor account holders from the age of 14, provided that requested by their legal representative.
Today, in circular letter No. 04/2023 made public by the Financial Inclusion department, the BNA clarifies that debit cards, issued on accounts held by minors aged 14 or over, must be issued in the name of the holder of the account and not on behalf of the legal representative.
From the date on which the minor turns 18, he adds, he should contact his commercial bank with a view to updating the account opening process and the legal representative will no longer be able to operate the account.
The "former minor" will be able to continue to operate the account, maintaining the limitations arising from his status as a minor, until the account opening process is updated, at which time the said limitations no longer apply, says the BNA.
The rules applicable to accounts held by minors, explains the central bank, are part of actions to promote education and financial inclusion and, consequently, increase the financial literacy of the population.
According to the BNA, having a bank account helps to teach minors, from an early age and in a safe way, to manage their money and save, providing them with the knowledge so that, in the future, they can be consumers of products and financial services.
