I recently received an email from my bank offering to settle with a FREE debit card for my child. The email specified that the debit card is available for children six years of age or older. And one PARCEL banks and financial institutions offer debit cards for children. What could go wrong with granting a first-grade line of credit?
It’s not like that THIS works, however. Basically you get a card with the name of your child that you control. You decide how much money goes there, and the online services and monthly statements are yours.
Many banks do and here is a list of the reasons why they make some pretty compelling arguments:
“Money“, both now and for the foreseeable future, is usually not a bunch of five and twenty years that you got from Grandma for your birthday. It’s usually just numbered on a screen. Have a card. debit plans prepare your child for how they will transact in the future.
2. TEACHING THE RESPONSIBILITY OF CHILDREN
When a child can check their balance, it gives them a better idea of budgeting and saving. Children will learn to make smarter decisions. It is hope anyway.
Seeing this balance will give them a better idea of the VALUE silver. Even if your child uses their money to micro-buy on a computer game, it won’t take long for them to see how little purchases can add up.
4. NO MONEY LOST
If she has a debit card, I might not have to constantly return the money she leaves lying around the house. This kid has a $ 50 bill from his grandmother that I gave him back at least six times. She literally LOST his money all the time.
So many banks have jumped on the kids’ debit bandwagon that it’s almost certain YOUR bank has a similar program. Although, if you are a Wells-Fargo customer, I suggest you read these fine print ADDITIONAL carefully. I wouldn’t put anything in front of these guys.