Our child comes of age

On their 18th birthday, your child comes of age. Your daughter or son is now responsible for all banking transactions. To do this, the account documents at the bank or savings bank must be updated. The bank will rewrite the account agreements and will need your child's signature for this.

On reaching the age of majority, parents are no longer legal representatives. As a mother or father, you no longer have the right to information about banking matters. It is also no longer possible to dispose of accounts. If someone else is to access the child's account during a stay abroad or in the event of illness, it makes sense for your child to set up a bank power of attorney for one or both parents or another trusted person.

Most banks offer current accounts free of charge for school students, trainees and volunteers doing military service or federal voluntary service. Your child must provide the bank with proof, for example a certificate of enrollment or a training contract. It makes sense to ask the bank about the requirements before the 18th birthday.

On reaching the age of majority, your child is entitled to make full use of online banking. The account must be activated for online banking. Anyone who registers for online banking will receive the access data by post. After the one-off registration, many banking transactions can be carried out conveniently from home or on the move.

On reaching the age of majority, your child can request a credit card for their current account. Cashless payments can be made particularly securely with a credit card. This is useful when traveling, booking hotels or flights, shopping online and also in everyday life.

Credit institutions offer various credit cards. Each type of card has its own benefits and individual additional services, such as insurance cover. The fees vary depending on the scope of services. Be sure to ask your bank or savings bank for advice on the service packages and the costs involved.

Alternatively, adults can continue to use a prepaid credit card. This card is topped up with credit. This means the account cannot be overdrawn. Prepaid cards are usually issued free of charge.

Savings contracts that you have concluded in your child's name belong to your child. When your daughter or son turns 18, your child can freely dispose of the money. As parents, you then no longer have access. It is advisable to have a joint consultation with your child at the bank to check the financial status and make arrangements together.