I am a mentor for a sixteen year old girl in foster care. I am not her legal guardian. She is working and wants to open a bank account. Can she open an account in Colorado without someone else signing for her?
Colorado banking statutes state that banks in Colorado are permitted to open deposit accounts for minors and can do so without being concerned about the so-called "defense of minority" that would otherwise allow the minor to walk away from the contract. There is an exception for cases in which a court has placed a minor in the care of a guardian or conservator. [11-105-104, Colorado Revised Statutes]
All that means is that a minor can legally open an account in Colorado without a co-owner. However, that does not mean that all Colorado banks will agree to open such an account. She should do some investigatory work by telephone in the hope of identifying a nearby bank that will open a bank account for someone of her age.
If she is able to find a bank that can accommodate her needs, she should stick to the basics for awhile. She should avoid use of a debit card or overdraft privilege or anything else that might make it too easy for her to get into financial trouble.
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Colorado banking statutes state that banks in Colorado are permitted to open 