Venmo teen accounts offer debit cards for ages 13+
This will give parents a new way to teach their kids about money.
Venmo, the popular mobile payment app, announced that it will launch Teen accounts. The new accounts will allow parents to give their teens a way to send and receive money directly from the Venmo app.
Furthermore, parents will be able to maintain control over their spending. The company states that teens aged 13-17 are eligible for accounts, hoping they learn money management through the Venmo app.
Erika Sanchez, Vice President of Venmo, describes why the company wants to venture into teen finance:
“Venmo is a natural place for teens to learn how to engage with money responsibly, especially considering 86% of Gen Z are interested in using an app to learn about personal finance.”
Venmo has also confirmed additional details about the service:
- An adult must link their account to a teen account
- The linked adult account can set spending limits, approve or deny transactions, and view their teen’s transaction history
- The linked account can also edit Privacy settings for friends lists and transaction history.
- Additionally, the linked adult account can also edit security information like PINs
- Mastercard issues the debit card
- There are no monthly fees, and in-network ATM withdrawals are free
- The teen account will allow direct deposit
Additionally, teens that use this service can also access financial education resources that will help them learn money management skills.
How can users sign up for Venmo Teen accounts?
For adults only, follow these steps: Venmo App > Me > Create a teen account > Teen Debit Card > Continue to enter information about your child.
Venmo Teen Accounts are rolling out to select customers from June 2023 and will be widely available in the coming weeks.
Additionally, parents have the option to choose a Teen Debit Card color and provide their teen’s details, such as name, date of birth, and address.
Can Venmo ensure teen security despite past privacy concerns?
A University of Southern California study found that 40% of Venmo users have had their personal information exposed on the platform, such as their names, addresses, and phone numbers.
Ultimately, criminals could use this sort of information to commit crimes.
Remember, Venmo isn’t your only option here. If you discover Venmo’s Teen accounts aren’t right for you or your teen, this list of the top financial apps for teens is a good place to start.
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