Instead, they must trust their child and Capital One’s judgment, as the bank disables spending at merchants it deems age-inappropriate like liquor stores. ![]() Parents of teens using Capital One’s debit card won’t be able to set spending limits for certain stores or expense categories, block card usage at unapproved retailers, or reward specific chores-all common parental controls found with other cards designed for under 18-year-olds. That’s a small sum, but more than most other free kid’s debit accounts offer. For instance, a teen with a $5,000 checking account balance will make $5 back after a year. Its interest payout also means your teen can be earning while learning to budget and save. Unlike with almost every other free checking account option for children on the market currently, Capital One doesn’t require a guardian to set up and keep open an account with Capital One in order for their kid to do so.īecause this account comes with no monthly maintenance costs, balance requirements, or overdraft fees, it’s essentially a cost-free way to test whether your teen can manage their money with limited parental control. ![]() Similarly, the bank prevents kids from making purchases and ATM withdrawals that total more than $500 in a single day, but, again parents can drop that threshold by calling Capital One and setting a new customized limit.įinally, this Capital One account offers a unique perk that will appeal particularly to parents who aren’t bank customers already. Capital One limits daily transactions using the peer-to-peer transfer feature to $500, but parents can lower that amount and revoke access at any point. While parents have more limited oversight regarding their child’s spending with Capital One’s debit card option than they do with other competitor offerings, they can still view all account activity, opt to receive text or email notifications about card transactions, freeze the debit card whenever they want and set up recurring automatic allowance payments.įrom the age of 13, teens can use Zelle to send and receive money but only with a parent’s consent. In addition to interest payments and a physical debit card in their own name to use online and in-store, teens get fee-free access to more than 70,000 ATMs nationwide, including those in the Allpoint and MoneyPass networks, and the ability to mobile deposit checks in their name, set up direct deposit to their account, and section off funds into savings goals.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |