Paypal has recently announced teen accounts which allows parents to open accounts for their teens. As it is a sub account of the parent, the teen account allows the parent control and oversight of the account. Parents can receive alerts, and grant permission for different functions of the students account.
The account allows the parent to get money to the student’s account instantly (an eliminates the need for expensive services such as Western Union)that is often used when kids are in college and are in need of money quickly.
Kids are issued Teen cards that allow them the convenience of a debit card without the dangers of a credit card. It is available to kids whose parents have paypal accounts are are aged 13 to 17.
My kids are ecstatic about these accounts. I haven’t signed up just yet, but it is inevitable. My son has wanted to start making revenue from his website but has not wanted to go my or my husband’s account. This will allow him to have his independence, while still allowing me to monitor who pays him what and why.
My daughter just wants a debit card and the ability for me to give her money without having to go to the bank and pick up cash which can take days as I won’t just drive to the bank on a whim.
In all, I think, the teen accounts by Paypal are a great idea. As someone who has held an account for the past 10 years, I feel safe opening these accounts and using them with my kids.
Parents Please Teach Your Teens to be Leaders