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New Program Allows Teens in DCF Care and Custody to Open Bank Accounts, Receive Financial Literacy Training
Joint initiative by The Department of Children and Families and Liberty Bank.
Governor Ned Lamont, the Connecticut Department of Children and Families (DCF) and Liberty Bank today announced that teens who are in the care of DCF will now be able to open bank accounts without a cosigner or legal guardian thanks to a new joint initiative between DCF and Liberty Bank.
“Financial literacy is a cornerstone of independence. For the young people in the care of DCF, learning how to manage money, save, and make informed financial decisions is not just a life skill—it’s a pathway to stability and confidence in adulthood. Through this partnership, we’re ensuring that every eligible teen has the tools and access they need to build a strong financial foundation for their future," said Governor Lamont.
Under the program, teens aged 14 to 17 are now eligible to open bank accounts called Starter Access to Money Management (SAMM) Youth Banking Accounts.
"I believe the SAMM program is a wonderful way for foster teens like me to gain financial independence. One step towards adulthood and independence is getting a job, and over the summer it was hard for me to stay on top of my money. Now that I'm able to open up a bank account, it’s much easier for me to save money and deposit my money straight to my account, no paper waste needed," said Charles, a teenaged youth in DCF care.
To open a SAMM account, eligible teens would need a valid form of identification, such as a Connecticut driver’s license, a Connecticut state or school issued ID or a Connecticut adjudicatory/dispositional court order. A DCF social worker would also need to formally refer a teen to the program prior to enrollment, and teens would need to complete financial literacy training facilitated by Liberty Bank.
“Our teens have told us loud and clear that they want more independence and the opportunity to make their own financial decisions,” said Interim DCF Commissioner Susan Hamilton. “Each year, youth ages 14 to 17 are preparing to transition toward adulthood. Having the ability to open their own bank account—and learning how to manage it responsibly—gives them confidence, dignity, and practical skills that will serve them for life. This partnership does just that by empowering our young people to build the financial foundation they need for a successful future.”
The financial literacy training can be done virtually or in person and includes courses on banking and fraud, setting goals and making financial decisions, making the most of your money and protecting your money and identity.
These SAMM accounts differ from more traditional bank accounts. The accounts do not include checks, and there are no overdraft fees. Liberty will rebate $10 a month in ATM fees, and teens will receive free monthly statements. In addition, participating teens will have access to local and knowledgeable bankers and gain real-world banking experience.
“When DCF shared that teens under the state’s care wanted to open bank accounts but couldn’t do so, we knew we had to find a way to help,” said Liberty Bank President and CEO David W. Glidden. “At Liberty, we believe feedback is a gift, and it can often lead to much-needed change. In this case, it has led to a new program that will help ensure that these teens can both save for the future and manage their money in a confident, smart way. It is our privilege to partner with DCF on this amazing initiative – one that will truly make a difference in our community.”
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