Student Accounts is a way to receive money from your parents, for your everyday needs, even if they don’t have cash on hand.
It allows you to:
Get your own debit card, with your name on it.
Shop online with your own PayPal account.
Get money from your parents, immediately, in case of emergency or unexpected events – If they OK your request.
Learn about money management by being able to view & analyze all of your purchases – things you buy online and with a debit card – in one place.
Know how much money is in your account – anytime, anywhere – by texting “bal” to PAYPAL.
How Student Accounts works
- Student Account is a “sub-account” to a parent’s PayPal account.
- Parents are able to easily transfer money from their checking accounts into the sub-account.
- Parents control how much, how often, and when they put in money
- Parents can set up automatic payments so that a set amount is deposited to the student account every week or month.
- Parents can disable the account if they feel it is necessary.
- Students can use the account
- Online with stores that take PayPal or MasterCard
- Offline with stores that take MasterCard
- Students can get cash from an ATM with the debit card. PayPal would charge a $1 ATM fee whenever this is used.
- Students can not overdraft the account and can not spend more than their balance.
My thoughts on this plan: At the moment, my son is on a very similar plan through Liberty University. He has a debit card that he can use both on and off campus. We have the ability to put money into the account as well as check to see what he is spending. It has worked well for the first year. Even with a debit card, it is important that a student be accountable for his/her spending and be on a budget.
What are you thoughts about a program like this? Would you participate in this or a similar program for your teenager?
0 comments:
Post a Comment