Every adult has a debit card. Cash seems to becoming almost obsolete. The average age in America to open a bank account is 18. What is a teenager supposed to do, when mom or dad don’t have any cash on them and can’t swing by an ATM? A new start-up is now allowing parents to link their bank account to a pre-paid debit card specifically for teens called “Current”. Current lets parents pay allowances or drop money into their account at any time. Parents can also regulate and monitor their children’s spending. No more wondering what the student is spending their money on, every time the card is swiped at a store it shows up on the parent’s and student’s app.
How does it work?
Parents sign up for the app, the family is mailed a debit card that works wherever Visa is taken, and the parents can control their child’s spending from their smart phone. Parents have the ability to set-up payment options per chore, recurring allowances, or one time payments connected to their own back account. Parents can also control where their kids or teens spend their money, allowing for lessons in financial responsibility.
The Current app allows parents to block out certain groups of retailers, like bars or hotels. Current also offers a Savings account for students to save for a rainy day, and a Giving account, where kids can donate to charities. Teaching kids how to use money wisely will help set them up for success in the future.
Subscription fees are $3/month for the first child account, $4/month for two accounts linked to the same parent account, with each additional child account at $1/month. Options for long-term commitments offer a discounted rate to parents.
The app allows for spending notifications, and the ability to “pause” the card in case it becomes lost or stolen. Current states that kids should be at least 13 to open an account. Parents can worry less, knowing that their student will never be stranded without access to money. Students will have a visible reminder and statement letting them know where and how they are spending their money. Current is helping teach responsibility one swipe of a debit card at a time.
Teens can now purchase items safely in stores and even online. Parents can rest easy knowing how and when their child is spending their money. Current is taking away the guess-work and annoyance of having to carry cash for student age teens. While giving this monetary independence to students, Current offers peace of mind to the parents.