The idea is to cover everyday expenses without giving extra money to withdraw from an ATM
Savers have started moving their paychecks into children’s bank cards. The goal is to save money on taxis, writes “Telegraph”.
The idea is to cover everyday expenses without giving extra money to withdraw from an ATM.
Suggestions
Mass vaults offer preferential terms for children’s debit cards. They are issued to the parent’s account, and the adult can transfer the desired amount, and operations are limited to certain limits. If the card is lost or stolen, it can be immediately blocked.
Transactions are tracked by receiving an email or text message to the parent with each payment. In this way, if the card is in the child’s possession, you can monitor how much he spends, explained employees from a bank office in Sofia.
Usually, children’s debit cards are divided into two types – one is for kids aged 7 to 14 years, and the other is for teenagers up to 18 years old.
The latter are much preferred by youngsters who study and live apart from their parents in another city and thus can easily get pocket money.
Conditions
Parents often use these cards for everyday shopping for the home because of the better conditions. Children’s cards are free of opening and maintenance fees, and no additional money is due when paying in stores or when withdrawing from an ATM. “I often withdraw from the nearby ATM from the child’s card when I need to buy small things from the supermarket and I don’t have cash,” said Ivelina Manova from Sofia.
In some banks, there is also no reissue fee if the card expires. Apart from having an option to put a limit on the withdrawal of money from the card, it is very convenient for transferring scholarships, bankers added.
The vaults also offer a special card design that the child can choose for himself. Some financial institutions also introduce additional limits for children’s cards for safety purposes.
An example of this is the restriction on the use of the card in certain commercial establishments related to a subject of activity such as gambling, sale of alcohol, cigarettes, etc., bankers pointed out. Online transactions with the Teen Debit Cards are available to persons over 18 years of age and may be restricted upon request by the account holder.
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