What is the minimum age requirement under the Bank Secrecy Act for opening a bank account?

Under the Bank Secrecy Act (BSA), there is no specific minimum age requirement for opening a bank account. Instead, accounts can be opened in the name of a legal entity or by a representative, such as a parent or guardian for minors. This allows for flexibility in account ownership and management, especially for younger individuals who may not meet other typical requirements set by financial institutions.

While financial institutions may establish their own policies regarding the minimum age for account holders, the act itself does not impose a specific age restriction. This distinction is important to ensure that accounts can be utilized in accordance with compliance regulations while still accommodating young savers or those who may not yet be of traditional banking age.