LETS GET YOU STARTED ON YOUR CHILD SAVINGS ACCOUNT
Frequently Asked Questions (FAQs) on Vbank Child Savings Account
1. What is the Vbank Child Savings Account? The Vbank Child Savings Account is a savings account designed for children under 18, allowing parents or guardians to manage the account while giving the child access under supervision. It operates as a subaccount under the parent’s main account.
2. Who is eligible to open a Vbank Child Savings Account? Parents or guardians who are existing Vbank account holders can open a Child Savings Account for children aged 0 to 17 years.
3. How does the Child Savings Account work?
Parents create the account within the Vbank mobile app.
The child receives login credentials to access the account.
Transactions initiated by the child require parental approval.
Parents set spending limits and control account access.
Upon reaching 18 years, full control of the account is transferred to the child.
4. What documents are required to open a Child Savings Account?
Child’s full name, date of birth, and valid email address.
Child’s birth certificate (compulsory), Child's passport headshot and optional child ID.
Parent’s Vbank account details for authentication.
5. How can a parent set up a Child Savings Account?
Log into the Vbank mobile app.
Select ‘Open a Child Account’ and fill in the child’s details.
Set transaction limits, default login password, and transaction PIN.
Choose whether the child can debit the account.
Accept the terms and conditions and complete the process.
The child receives login details via email/SMS.
6. Can the child withdraw funds or make transactions? Yes, but all transactions require parental approval. Parents receive a notification for each transaction and can approve or reject it.
7. What restrictions are in place for child users?
No debit card is linked to the account.
Cannot adjust transaction notifications or limits.
Cannot request bank statements or open additional accounts.
Restricted from making payments for betting, lottery, and gaming.
Cannot apply for credit or loans.
8. Can a parent request a debit card for the child? Currently, debit card requests for Child Accounts are not available.
9. How is security ensured for the Child Savings Account?
Parents control all transactions and access.
Identity verification through document validation.
Secure authorization for transactions.
Child’s account carries the parent’s KYC details for verification.
10. What happens when the child turns 18? Once the child reaches 18, full control of the account is transferred to them, and the parent’s joint management ceases.
11. Can the parent modify the child’s PIN and password? Yes, only the parent has access to reset or modify the transaction PIN and password for the child.
12. What are the unique benefits of a Vbank Child Savings Account?
Financial education resources for children.
Access to savings and investment features.
Exclusive invites to family-centered events.
Periodic promotional offers and discounts.
Academic fee advances through educational partners.
13. How does the child access their account?
Download the Vbank mobile app.
Log in using the username and default password provided by the parent.
The child can initiate transactions within the parent-approved limits.
14. How long does it take to open a Child Savings Account? The process takes less than 2 minutes if all required details and documents are provided.
15. What is the process flow for the Child Savings Account?
Account Opening Flow (by Parent):
The parent logs into the Vbank app and selects ‘Open a Child Account’ .
The parent completes the form, providing:
Child’s first name and last name.
Child’s date of birth (validated against age 18) and uploads the birth certificate.
Child’s phone number (optional) and email (compulsory).
Input Transaction PIN.
Set per-transaction and per-day transaction limits.
Create a default login password.
Indicate if the child can debit the account (this determines child app access).
Accept terms and conditions.
Once completed, the parent sees the new account in their app, and the child receives login details via email/SMS.
Login Process (by Child):
The child downloads the Vbank app and logs in with the provided credentials.
The child must maintain the default password and transaction PIN set by the parent.
The child gains access to initiate transactions within the app.
Transaction Process:
The child logs into the app and initiates a transaction (within the parent-approved limit).
The parent receives a push notification requesting approval/rejection.
The parent reviews the transaction details and approves or declines.
If declined, the parent provides a reason, which the child can view in the app.
Other Notes:
The parent opens the account from their own app, providing all necessary details.
Parents can enable or disable the child’s access to the account and set daily transaction limits.
The parent can view, debit, or credit the child’s account (similar to a joint account).
All transactions initiated by the child require parental approval before processing.
The parent receives notifications for all debit/credit transactions on the child’s account.
There is no debit card linked to the Child Account; card requests are disabled.
Only the parent can modify the child’s transaction PIN and password.
The child’s account carries the parent’s KYC details.
When the child turns 18, full control of the account is transferred to them, ceasing the joint account status
16. Possible Error Messages and Resolutions
Error: "Oops! Validation errors exist."
Cause: This error may arise due to incomplete parent address information (Local Government, State, and Country).
Resolution:
CEE checks Mifos to confirm that all address information has been fully updated.
If the address is incomplete, the client should be asked to provide the missing details.
CEE escalates the issue to General Ops for an update.
Once the update is confirmed, CEE informs the parent to continue with the account creation process.