Start your teen’s journey toward financial empowerment with Cathay Teen Banking — an account crafted to help teens aged 13–17 develop essential money management skills, build confidence, and lay the groundwork for a secure financial future. While equipping the next generation with the tools and resources they need, this account also includes the support of a parent or guardian to guide them every step of the way.
No monthly maintenance charge or minimum balance, and all incoming wire fees are waived.
Convenient access to banking accounts from mobile, tablet or computer.
Get FDIC protection on this account for up to $250,000 per depositor for each ownership category.
Use the teen debit card to access funds at Cathay Bank ATMs or our surcharge-free ATM network.
To protect your account, there are daily dollar limits for ATM withdrawals and POS purchases. The daily limit is $100 for ATM withdrawals and $200 for POS transactions.
The teen may access account information but only the secondary owner may file claims on the account or make changes to the account, including account closure. Moreover, check writing is not allowed. Once, the teen reaches the age of 18, the Teen Banking account will be converted to an Everyday Checking account, with the teen and secondary owner as joint owners. Check writing is allowed with legal age status change.
Our team is happy to assist you with all your Personal Banking needs. Please reach out for more information.
