Bill to enable foster kids to open bank accounts becomes law

SB 333 makes provisions for minors in legal custody or guardianship arrangements to open a bank account under certain conditions. Ink Link graphic

CONCORD, NH – A new bill signed into law in New Hampshire allows for children ages 16-17 in the care of the state to open checking or savings accounts at banks and credit unions.

Kristy Merrill, President & CEO of the NH Bankers Association, issued the following statement in response to SB 333 being signed into law by Governor Sununu.

“This key legislation is a compassionate response to the unique needs of a narrow group of young adults in the state’s care and empowers them to manage their funds responsibly, pursue employment opportunities, and ultimately, opens the door to prosperity. This ability significantly enhances their financial literacy – a critical skill for future independence and success.”

“We are incredibly grateful to Senator Carson for her leadership on this issue and to the Legislature and Governor Sununu for their support.”

Background

SB 333 allows foster care youths, ages 16 and 17, under the care of the NH Department of Health and Human Services to independently open checking or savings accounts at banks or credit unions. The legislation also expands the territory from which New Hampshire chartered banks can pull from for bank directors by allowing residency from neighboring states. This recognizes the importance of appointing directors intimately connected to the communities they serve, particularly those along the border and provides greater ability to locate directors with specific skills and expertise.

View the legislation.