§ 4-52. Accounts and payment services for children and young people under 18

This section gives children and young people the right to have their own payment services, and regulates who can act on their behalf. A minor who has reached the age of 15 can personally enter into an agreement on payment services for money they are entitled to control under the Guardianship Act. If the agreement concerns opening an account for such money, the minor can manage the account personally.

The second paragraph deals with the guardian's role. A guardian can open an account in the minor's name without the other guardian's consent. The guardian must then say whether there are other guardians, and if there are, the bank must notify the other guardian that the account has been opened.

The third paragraph says how several guardians manage the account. The main rule is that they do it together. There are three exceptions: the guardians can give written notice that something else applies, the County Governor can decide that only one guardian manages the account, or a donor or testator has decided how the gift or inheritance is to be managed. The Guardianship Act says that the County Governor can make such a decision when the minor does not live with both guardians, and that the County Governor must then notify the financial institution. The Guardianship Act also says that a gift must have a written and dated provision on how it is to be managed, and that a provision on inheritance must be set out in a will.

The fourth paragraph allows regulations to be issued on the child welfare authorities' power to open an account for children for whom measures have been put in place, and on giving the child the right to use the account personally without the guardian's consent.

This section is an exception to the general picture in Chapter 4. § 3-4 (Persons with a guardian), § 1-2 (Scope of Chapters 2 to 6) and § 1-9 (Mandatory nature) refer to it. The neighbouring provisions cover, among other things, accounts with a lock-in period (§ 4-44), blocking (sperring) (§ 4-45), accounts that are not used (§ 4-46), geographical scope (§ 4-47), exceptions for certain consumer agreements (§ 4-48), cash withdrawals from ATMs (§ 4-49), electronic small-value money (§ 4-50) and single payment services (§ 4-51).

Example: a 16-year-old has received money she is entitled to manage under the Guardianship Act. She can then open an account for the money herself and use it. If one of two guardians opens an account in the child's name, the bank must inform the other guardian.