Overview

Key Takeaway

Summer Jobs Connect partners used these Standards to identify appropriate transactional accounts for youth participants.

The Summer Jobs Connect  initiative, generously supported by Citi Foundation, leverages the scale and infrastructure of Summer Youth Employment Programs to offer banking access and other financial empowerment opportunities, helping to transform a summer job into an on-ramp to the financial mainstream.

These Summer Jobs Connect Youth Account Standards outline the features that Summer Jobs Connect city partners prioritized in transactional accounts for participants. Key features include no required starting balance (the deposit requirement was suspended until the first paycheck); no monthly fees; and noncustodial accounts, accounts that are available for youth under 18 without requiring an adult “custodian” to cosign or guarantee the account.

Additional Takeaways

Key features include no required starting balance, no monthly fees, and the ability for those under 18 to open an account without an adult cosigner.

Cities worked closely with credit unions and regional financial institutions to build partnerships and negotiate accounts.

Cities also worked with financial institution partners to tweak the account opening process and access key account usage data points.

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