LETS GET YOU STARTED ON YOUR CHILD SAVINGS ACCOUNT
Q: What is a Child Account?
A: The VBank Child Account is a savings account that allows parents or guardians to create savings accounts for their children or wards below the age of 18 years.
Q: How can I access the Child Account feature on the VBank Mobile app?
A: To access the Child Account feature, log in to your Vbank app then click on “open account” and select the “child account” to start.
Q: Who can open a Child Account?
A: All VBank customers are eligible to open Child Accounts.
Q: What is the interest rate for the Child Savings Account?
A: The Child Savings Account offers an incredible interest rate of 8%.
Q: Can parents control and monitor their child's account activities remotely?
A: Yes, parents have remote parental control and monitoring capabilities for their child's account activities.
Q: Are there any default restrictions on the app for age-sensitive content for the child?
A: Yes, the app imposes default restrictions on age-sensitive content to ensure a safe environment for the child.
Q: What documents are required for opening a Child Account?
A: You need to maintain an account with the bank and provide the child's Birth Certificate along with other necessary details.
Q: Can I open a Child Account if I don't already have an account with VBank?
A: No, you must have an existing account with VBank to open a Child Account.
Q: How do I initiate the Child Account creation process?
A: Initiate the process by providing necessary details and uploading relevant documents within the VBank Mobile app. Login into the mobile app, then click on open account and select child account to start.
Q: How is the child's age validated during account creation?
A: The system validates the provided age to ensure the child is below 18 years, in compliance with requirements.
Q: What is the timeline for document verification and account activation?
A: Document verification and account activation have a maximum timeline of 24 hours from the time of account creation.
Q: How is the authenticity of the birth certificate verified?
A: The Birth certificate is validated based on predefined criteria.
Q: What happens if the document verification process is unsuccessful?
A: If unsuccessful, the account remains restricted. An email is sent to the parent user informing them of the issue.
Q: How long does it take to activate a Child Account after successful document verification?
A: Activation occurs automatically, upon successful verification. This will be communicated to the user via email.
Q: What happens after the account is activated?
A: After activation, the account is ready for use, and an account activation email reflecting the account settings and user preferences will be sent to the user.
Q: What should I do if my Child Account verification is unsuccessful?
A: In case of unsuccessful verification, an email is sent to the parent user, requesting missing/correct information.
Q: How will I be notified if there is an issue with my document verification?
A: Notification is sent via email to the parent user's primary account holder's email address.
Q: Can I still use the account if document verification is unsuccessful?
A: No, the account remains restricted until the verification process is successful.
Q: How can I contact the Client Experience Team for support?
A: Please send an email to Support@vbank.ng.