Replies to This Discussion

Permalink Reply by daricerene on May 17, 2009 at 8:46am

Ms. Latina,
I think you'd be doing your teen a huge service by teaching your teen how to manage finances through a debit card. Too many of us have to learn finances the hard way. I was one of them who had no guidance and it took me far too long to figure out how to budget, manage money and the value of credit. Don't set your teen back! Based on our current financial state in the country, my guess is that too many parents neglected their duties!

Permalink Reply by Amy Larison on May 18, 2009 at 5:50am

My 17yo son not only drives MY car but he carries MY debit card.....He is always asking if it is ok to make a purchase on it since my husband does the finances..He is very responsible with it at keeping the receipts, etc.....Only, he does not have to subtract it from the account, but I think it is a great lesson in managing money.......Good luck!

Permalink Reply by Ms. Latina on May 23, 2009 at 5:54pm

Thanks Amy! I think he will do well also. We spoke this weekend and are now looking for a bank, doesn't seem like too many offer it. I checked HSBC and they don't. Chase does if I have an account. Will ck to see if any others in the area offer it like Commerce.

Amy Larison said:

My 17yo son not only drives MY car but he carries MY debit card.....He is always asking if it is ok to make a purchase on it since my husband does the finances..He is very responsible with it at keeping the receipts, etc.....Only, he does not have to subtract it from the account, but I think it is a great lesson in managing money.......Good luck!

Permalink Reply by Stacey on May 28, 2009 at 6:03am

Hi there.

My 15 year old daughter has her own account and debit card. I think it has been a good experience overall. She saved some money last summer and wanted to open an account. I explained how quickly money is spent when you don't actually see it. She did good until around February and started using it for little things here and there. She currently has about $15 (started with $200). She was VERY surprised when she received her last statement.

Yes, she spent the money but at least she is 15 and not 25. We'll see how she does this year. She should be able to save a lot more this summer.

Permalink Reply by Donna on June 22, 2009 at 12:53pm

Only one way to go! VisaBuxx.com Your teen gets their own card, but it is linked to your personal bank account. They can use it just as a Visa card, or as an ATM card. Loadable up to $500 at a time, and they can take out a maximum amount per week that you delegate (like $100 or whatever). Or you can set it to put their allowance on it at regular intervals, which is something you set up once. Sometimes you just go online and "load" their card - takes 10 seconds and they have instant money. Or you can limit it, or cancel it, or whatever you like. When you go to the site, you will see that about 8 banks offer it through visabuxx - Wachovia, US Bank, etc. YOU have control (you can see what they do with it, limit things). Yes it is all linked to your own bank accounts, but it is what I've always had for my kids and now even with my son at college, it is a way to get him money instantly if he needs it.

Permalink Reply by Ms. Latina on June 22, 2009 at 9:52pm

WOW! I wish I would have known this beforehand! The only one that did it near me was Chase but I actually had to open an account for myself before they would let him open one. Thanks Donna for the info! Will check into and see if its better to switch!

Donna said:

Only one way to go! VisaBuxx.com Your teen gets their own card, but it is linked to your personal bank account. They can use it just as a Visa card, or as an ATM card. Loadable up to $500 at a time, and they can take out a maximum amount per week that you delegate (like $100 or whatever). Or you can set it to put their allowance on it at regular intervals, which is something you set up once. Sometimes you just go online and "load" their card - takes 10 seconds and they have instant money. Or you can limit it, or cancel it, or whatever you like. When you go to the site, you will see that about 8 banks offer it through visabuxx - Wachovia, US Bank, etc. YOU have control (you can see what they do with it, limit things). Yes it is all linked to your own bank accounts, but it is what I've always had for my kids and now even with my son at college, it is a way to get him money instantly if he needs it.