by Anja Mayriedl, Euro am Sonntag
Which financial transactions are minors allowed to engage in and which are not?
Euro on Sunday: You have limited capacity to work between your seventh and eighteenth birthday. Most monetary transactions are therefore pending ineffective and only take effect as soon as the parents agree.
There are exceptions, however. If minors pay with pocket money or with money that has been made freely available to them, no subsequent consent is required – if three conditions are met: Payment is not made by credit card or in installments, and there are only one-off costs. In principle, young people are allowed to buy a smartphone, but they are not allowed to sign a mobile phone contract.
The amount of the costs does not matter at first. The theoretical extreme case is the 17-year-old son of a multimillionaire with correspondingly high pocket money who can buy a car for supervised driving. Caution: If the parents have told their child in advance what they are not allowed to spend money on, and they do so anyway, the contract is again ineffective.
Bank transactions are also possible via a so-called youth account or Schlerkonto, which works on a credit basis. Both parents must agree to open an account. You can also determine the type of transactions, for example whether transfers are allowed or not. You can change or revoke this at any time. Cell phone contracts and subscriptions are not allowed here either. Loans to young people are also prohibited – unless both parents and a family court (department of the local court) agree.
Basically: Parents do not need parental consent if there is no legal disadvantage in doing business with money. Example: If a minor receives money as a gift, although the parents do not want it, they cannot say anything about it. It is different when the gift is tied to a condition. For example when the grandmother demands that her grandson visit her regularly in return for a generous Christmas present.
Image sources: Romolo Tavani / iStock, Africa Studio / Shutterstock.com