Today the NH Senate unanimously passed SB 333, enabling foster kids over the age of 16 to independently open a checking or savings account.

New Hampshire Bankers Association (NH Bankers) worked closely with the bill’s prime sponsor, Senator Sharon Carson (R-Londonderry), NH Department of Health and Human Services and the NH Banking Department to address a problem by enabling financial access to a narrow group of young adults. 

Kristy Merrill, President and CEO of NH Bankers said, “We thank Senator Carson for bringing this issue to us and moving this important legislation forward. Young adults who are in the state’s care with jobs often are unable to open a bank account since they do not have an adult in their lives to help them to do so. This commonsense legislation is an important step towards financial stability and helping them with a lifelong critical skill to success – financial literacy.”

Jim Kisch, President and CEO of Passumpsic Bank added, “Studies have shown the way out of poverty is clearly linked to ascending the credit path. The path from saver to transactor with a debit card, to borrower, and cresting at ownership of a house and/or business. It’s critical that we help this disadvantaged population towards prosperity and opportunity by helping them get started with a checking or a savings account on their own.”