Gen-Z is hard at work, but banks have been standing in the way.
Current is stepping in to offer the hustle generation the services they need to earn money and build businesses.
Teens are working hard to make money, and in ways different from previous generations. A lot of that work is “gig” work — a teenage mainstay. But these days, they aren’t getting paid as often in cash when they feed a neighbor’s cats over winter break or tutor the kid down the block. The parents that hire them want to pay them through their bank app, so not having a bank account becomes a barrier. The same goes for teens with more traditional part-time jobs, where employers want to pay them via direct deposit. For that, they need a bank account with routing and account numbers.
And what about all those teens that are buying and selling collectible clothing on eBay or Etsy, or earning money on YouTube or Twitch? They are really stuck. Many eCommerce platforms can be started with a debit card, but then require a bank account to access incremental services. Traditional banks are hesitant to provide services to adults who earn money this way. Teen entrepreneurs, with no credit history and more inconsistent revenue, find banks often take a hard pass.
So for many teens hustling to make money, their parents end up becoming their banker — not an ideal solution for anyone in the family.
Current introduces Direct Deposit, Routing and Account Numbers for working teens.
Current was launched to meet the financial needs of this underserved community. We want to build a better bank for the new generation, one that removes barriers to earning money, and allows young adults to connect their money with the people, brands and experiences they value. As a natural progression, we are working towards adding routing and account numbers to our product. These will soon be rolled-out at no additional charge to all of our customers.
