Campbell bill allowing foster children to open bank accounts passes in committee

Today, Feb. 4, House Bill 1441 passed unanimously in the House Committee on Financial Institutions. State Rep. Chris Campbell (D-West Lafayette) authored the bill to allow foster youth who are at least 16 years old to create bank accounts without a parent or legal guardian. Minors cannot open a bank account in Indiana without an adult co-signer. 

Campbell released the following statement on the committee passage of her bill:

“Current Indiana law requires minors who want to open a bank account to do so with a parent or guardian, giving this guardian access to the account. This current policy disadvantages foster children who are often already coming from homes with financial instability. These children may be changing homes frequently or may not have a trustworthy adult to rely on. 

“Some foster children even reported that their foster parents were stealing money from their bank accounts. My bill would allow these children to create bank accounts independently. This means they’re able to practice vital skills in financial literacy without the fear of losing access to their account or getting their money stolen. This initiative will also help our high school students who are fulfilling their work requirements for the new high school diplomas. If we're requiring our students to get jobs, they should be able to have control over their hard-earned paychecks. 

“I am grateful that the bill was passed by the committee today. It shows our foster children that we in the Statehouse are not overlooking their needs. While this bill is a huge step in the right direction, I believe it is the first to ensure the protection and freedom of our foster children. I will continue to advocate and fight for the needs of all of our youth on the House floor.”