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Blinded by the Sun |
I am looking for a reloadable debit card for young teens, for a variety of reason, security, ease of their use, ease for me to reload electronically etc... Anyone use a service like FamZoo . They are too young for their own checking account and I dont want them accessing my account. ------------------------------ Smart is not something you are but something you get. Chi Chi, get the yayo | ||
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Member |
add an account where you bank, create a pin & you both have a card/access + you can transfer electronically. | |||
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safe & sound |
This. And, if you deal with a bank that uses a decent app you can have complete control over the card. Spending limits and more. | |||
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Blinded by the Sun |
My bank has a monthly fee, unless you direct deposit, keep a balance above $1,000 ------------------------------ Smart is not something you are but something you get. Chi Chi, get the yayo | |||
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Member |
I added my teen daughter to my Amex card . She has own card , I can set spending limits alerts. Didnt cost extra. . | |||
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Info Guru |
Here's a list of options...When my son was in college in another town we used Bluebird to get him cash on occasion. Did not have any issues. https://www.nerdwallet.com/blo...ebit-cards/#bluebird Here's the list of Nerdwallets top 7 prepaid debit cards: https://www.nerdwallet.com/blo...prepaid-debit-cards/ “Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence.” - John Adams | |||
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For real? |
My 16 yr old has a Capital One card which her work checks get deposited into. No checks. No fees. She uses it as a debit card. Not minority enough! | |||
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Made from a different mold |
If you are eligible for usaa or navy federal membership, I would recommend either of those and they come with no fees or anything else ___________________________ No thanks, I've already got a penguin. | |||
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Funny Man |
Both of my boys, 13 years and 15 years, have Greenlight cards. https://www.greenlightcard.com...3G75wmBoCR50QAvD_BwE ______________________________ “I'd like to know why well-educated idiots keep apologizing for lazy and complaining people who think the world owes them a living.” ― John Wayne | |||
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Savor the limelight |
What happens if a Greenlight card is lost or stolen? Is the money gone? | |||
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Funny Man |
This is covered about halfway down the linked page in my first post. Just go into the app and shut down the card. Order a new card and carry on. Greenlight is a service that issues the card and provides the app to manage it. The money is attached to your account, not the specific card. ______________________________ “I'd like to know why well-educated idiots keep apologizing for lazy and complaining people who think the world owes them a living.” ― John Wayne | |||
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Blinded by the Sun |
No the parent can lock the card. If its lost some services give a replacement free subsequent cards have fees. FamZoo and Greenlight are similar. FamZoo is $44 year for multiple children. As the parent you can loan the child money with interest and they see the payment plan, you can also bill your child for things like $10 per month for cell phone. Ways to teach your teens about money. I kind of like the idea of being the kids bank, letting them get credit, loans with interest. That way they learn about credit debt. ------------------------------ Smart is not something you are but something you get. Chi Chi, get the yayo | |||
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Member |
I recently created an account for my teenager at USAA, and in a couple of years (age 18) I can take my name off of it and ownership transfers if I prefer. I can control all the functions of the account and card from my phone, but we both can view the account for day to day administration. | |||
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Member |
this is what you seek https://www.capitalone.com/ban...en-checking-account/ basically -- you get a checking account there (or linked) and transfer money onto their MONEY cards electronically through the website you can log in and see all their expenditures -- super easy to get them money if they are travelling -- just log in and xfer them some $$$ they can deposit physical checks also using the app great for them to have through college - you can login and have money on their card in 30 secs. i have put money on a card for a kid while they were standing in line to pay for soemething - that quickly very convenient no issues --------------------------- Proverbs 27:17 - As iron sharpens iron, so one man sharpens another. | |||
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If you see me running try to keep up |
Different than what you asked but I had mine start a savings account. I made her save half of what she made and made her get a credit card secured by her savings balance (I think it was a $1000 limit). Eventually she established her own credit, learned how to save and moved on to an unsecured card and was easily able to get financing on her first new car she bought due to a good credit history. | |||
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goodheart |
At some point, if the kid is responsible, having a credit card helps build a credit history. We got an AmEx card on my account for our daughter in college when she went to China, just available for emergencies, never used. When she and her husband years later went to buy a house, she had a record of excellent credit on AmEx going back to 1971, 11 years before she was born. _________________________ “Remember, remember the fifth of November!" | |||
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Savor the limelight |
Thank you. I read the FAQs on their website and it didn't say the funds are tied to the account. Neither did their homepage. Both mention tranfering or loading money to the child's card, which is why I asked. | |||
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eh-TEE-oh-clez |
Skip the debit card. Honestly, the card is gonna get hacked and debit cards are just an added hassle. Instead, get a *secured* credit card. You put $500 into the bank, then they issue you a card with a $500 limit. I recommend this because you at building a credit history with a credit card. Starting sooner, rather than later is better. | |||
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Ammoholic |
My parents were able to accomplish this by saying if you want money, go get a job. Don't get me wrong, they helped if an emergency came up, but other than that I worked. I'd suggest you have them open a joint bank account with you, get a job and put their own money in it. Then have them apply for a credit card with low limit. With that card have them use it for emergencies or whatever bills you want to pay for them or whatever allowance you plan on giving them. Then have them give you log in information to their account and monitor it and make sure they only use it for pre-agreeded expenses. If they have a really big emergency that exceeds CC limit you can transfer as much as you want between your account and their joint account instantly. This will do a few things. Allow you to make sure they don't run up debt. Allow them to build credit before leaving school. Still has them with own bank account to save and see how hard each buck earned is and how fast they are spent. In the end if they have a stake in the finances they will learn to value work and the almighty buck. Edit. Just noticed young teen part. Skip CC and do the joint account thing. Jesse Sic Semper Tyrannis | |||
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The Unmanned Writer |
You need a new bank. Can you join the Navy Federal Credit Union? Life moves pretty fast. If you don't stop and look around once in a while, you could miss it. "If dogs don't go to Heaven, I want to go where they go" Will Rogers The definition of the words we used, carry a meaning of their own... | |||
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