It’s a little difficult to say whether a 14-year-old is allowed to have a debit card. Banks and other financial organizations typically prohibit minors from opening accounts or obtaining debit cards without the knowledge and permission of a parent or other responsible adult. A 14-year-old is thus only permitted to have a debit card if their parent or legal guardian agrees to register a joint account with them or add them as an authorized user on their own account.
A smart technique to teach a youngster about money management while maintaining control over their spending is by adding them as an authorized user on the parent’s account. To make sure their kids are using the card appropriately, parents can establish spending limitations and keep an eye on their transactions. The Capital One MONEY Teen Checking account and the Chase High School Checking account are two examples of the unique accounts and debit cards that some banks provide particularly for adolescents.
The Netspend card is an additional choice for parents who want to provide their child with access to a prepaid debit card. The parent can load money into this card and then give it to the youngster to use as money. Although there isn’t a set age limit for getting a Netspend card, it’s crucial to remember that anyone under the age of 18 needs a parent or guardian as a co-owner of the account.
The Go Henry card might be a smart option for parents who desire more control over their child’s spending. Go Henry is a prepaid debit card for children and teenagers that enables parents to establish spending restrictions, exclude particular businesses from the card’s network, and get real-time alerts for each transaction. Go Henry is not free, it should be noted; each child must pay $3.99 per month to access the program.
The age restrictions for getting a debit card can differ based on the bank or financial institution, so it’s crucial to keep that in mind as well. With parental permission, some may let youngsters as young as 11 use debit cards, while others would call for the child to be at least 16 years old. As a result, it’s critical for parents to do their homework and select the best option for their child depending on that child’s particular needs and preferences.
Conclusion: Even if a child as old as 14 can possess a debit card, it’s crucial for parents to carefully analyze their options and pick a card that will enable them to keep an eye on their child’s spending and instill in them the value of money management. There are many solutions available to assist parents and children in navigating the world of personal finance, whether it is a joint account with a typical bank, a prepaid debit card like Netspend or Go Henry, or a specialized teen checking account.
Undoubtedly, a 13-year-old can own a phone. It’s crucial to remember that parental permission and supervision are required. In order to protect their children’s safety and wellbeing, many parents decide to keep an eye on their kids’ phone usage and impose limitations.