When the child turns 16, parents will be notified and given the option to grant full control of the OCBC MyOwn Account to their child via their OCBC app. Parents have the flexibility to decide when they want to do so.
If the parent chooses to release control of the account:
- They will have 24 hours cooling off period to rescind the request via the OCBC app
- Once 24 hours have passed, parents will not be able to reverse this release of control process
- Their child will then be notified that control has been passed to them, and they can log in to complete the process
After the process is completed, and the child takes over the account:
- Parents can no longer view or get notified of transactions made on the child’s account, or set transaction limits
- The child can change transaction limits for the account on their own, but the maximum limits on the account remain the same
- The child can make changes on the details of the account (e.g. contact details)
- Do note for calls into our contact center, we will continue to only accept instructions from the parent
This option will be available to parents until the child turns 18. When the child turns 18, the account will be automatically converted to a FRANK Account, and parental controls will be automatically released for the child.
