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+--- Thread: Debit card for 14 year old? (/showthread.php?tid=257993)
Re: Debit card for 14 year old? - datbeme - 07-14-2021
Absolutely. See what your bank offers for student accounts. For instance, Chase has a high school checking account with debit card, online access, etc. You may have to piggyback onto your own account, but that's desirable anyway so you can help watch over her balances and spending, easily transfer funds, etc.
It's a good chance to ease her into the process. Soon she'll be depositing babysitting and birthday checks in the online app.
Edit. Sorry, I guess I posted this from an old tab, so I'm a little late to the party. What I said above may not apply for your credit union, but for a responsible 14 year old, I would think longer term than something targeted at 10-12 year olds. Those accounts have their place, but as others have said, this may be a good time to move to something you she will keep using throughout high school and possibly college.
Re: Debit card for 14 year old? - macphanatic - 07-14-2021
Gareth wrote:
[quote=bazookaman]
I've found several places that offer some kind of refillable, monitorable card. Just wondering if anyone had any real world experience.
Why not just open a checking account for her that would come with a debit card? I feel like I had a checking account at that age (though honestly, I can't remember how young, but definitely by high school). Banks nowadays seem to offer tailored accounts for kids with parental controls, though you may need to have an existing account to take advantage of those programs.
Many banks won't issue a debit card to kids under a certain age. We had to get a TD Card that you pre-fund. There was a service charge every time we added funds to it but it was better than the prepaid cards one can get at retailers.
Re: Debit card for 14 year old? - Rolando - 07-14-2021
Yeap. I opened an account for her use at my Credit Union. Direct Deposit a small allowance every payday for her, same as her older sibs.
Funny thing is, her older, adult, sibs still get a $1 Direct Deposit from me, just because I'm too lazy to remove it and the accounts require a direct deposit to be open.
If they need cash I can transfer to their accounts instantly online, and they can pull as needed.
Re: Debit card for 14 year old? - Michael - 07-14-2021
We did this 20 years ago with our teenager. At the time the only real option that didn't require the kid have a bank account was VisaBuxx. We did it through Wells Fargo (they're not doing it anymore but other banks are). There was no charge for it and we funded it through our account. She couldn't overdraft it so if there wasn't enough money she couldn't buy anything so our account wasn't in danger if she overspent. We used it to help her learn the value of money. We offered to increase her allowance and put it on her card. We'd still pay for essentials (regular blue jeans, underwear, regular shoes, etc.) but she was to pay for her wants (fancy blue jeans, etc.). It worked out very well. I remember the first big purchase she made was for a pair of clunky shoes that were popular at the time. She wore them just a time or 2 when they went out of style. She learned a lot from that and started being careful with her purchases. Those early experiences have stood her in good stead in the years since.
Re: Debit card for 14 year old? - NewtonMP2100 - 07-14-2021
.....thought that teenagers and kids were already a debit......on the parents......???
Re: Debit card for 14 year old? - deckeda - 07-14-2021
Our oldest teen has a Venmo card that gets filled. But he should have a checking account. That said, I don't want to tie him to one that really costs anything if possible, nor to one that depends on being a student or direct deposit to remain cheap/free.
Re: Debit card for 14 year old? - macphanatic - 07-14-2021
deckeda wrote:
Our oldest teen has a Venmo card that gets filled. But he should have a checking account. That said, I don't want to tie him to one that really costs anything if possible, nor to one that depends on being a student or direct deposit to remain cheap/free.
I would check with your school to see if they have any deals with a credit union. Our school district does and even had a "branch" in the High School. I think they shut it down during Covid but are re-opening it in the fall.
Re: Debit card for 14 year old? - graylocks - 07-14-2021
deckeda wrote:
Our oldest teen has a Venmo card that gets filled. But he should have a checking account. That said, I don't want to tie him to one that really costs anything if possible, nor to one that depends on being a student or direct deposit to remain cheap/free.
try a credit union. the accounts at my CU are free with no strings other than keeping $5 in a savings account.
Re: Debit card for 14 year old? - Ombligo - 07-14-2021
When my son started his first bank account, I made a deal with him. For every $20 he added, I would add $5 but for every $10 he withdrew, I would withdraw $5.
He quickly discovered the adding $5 was much better than losing $5. It instilled the disci0pline to save money, and think twice before spending his savings.
Re: Debit card for 14 year old? - jdc - 07-14-2021
CU. both my kids have their own cards/accounts (14 and 17) and the app allows me to put money into their account anytime. Overdraft is set to our account... not that they will need it.