You should open a savings account in the child’s name if the child saves more than $100. If your foster child is employed, please encourage them to save a minimum of half of their salary.
Savings accounts MUST require two signatures to remove funds. The first signature should be the child’s, and the second one should be the foster parents or the social worker.
It is vitally important that children have adequate money saved when they emancipate. If the child leaves your home, you must close the account and give the money to the social worker.
It is your responsibility to safeguard the child’s savings. Failure to do so can result in police involvement and/or losing your certification. There is a form that must be used if you are safe-guarding funds for the child/youth in your home.