> Corey B wrote:
> > Yes - this account would have a very small amount of money in it. In
> > fact we could add money to it daily if needed. That way the account
> > might only have $100 in it at any one time.
> I wanted to modify the subject of this discussion because it might not > make sense to be in this group with the original title.
You might want to post if you find a bank that will allow you to get an
ATM/debit card with your child's name on it. Last year, when Bank of
American gave up their Visa Buxx program we started looking for a debit card for our 15 year old daughter. Many suggested the credit unions associated with the military, which might help you. Most banks, (Bank of American, Citibank) seemed to say that they couldn't put a minor's name on the debit card. We finally found a personal banker at Wells Fargo that let us do
that, but again, this is a student account (linked, with backup, to our
account), and you might need to be 13. Note, that with the debit card she has she can over draw. Just because there is no money it didn't necessarily stop stores from taking the card. We backed it up with our account, so she wouldn't get us a bad credit rating, but it's not like a preloaded card that they won't take when it runs out.
American Express has gift cards that are preloaded, and I believe you can also reload them remotely. But I'm not sure of the age limit, and I'm not sure American Express would necessarily be accepted in all the places your child will want to shop.
_____________________________________________________
Corey B
> My daughter will be traveling this summer with a school group. We are
> looking for a debit card or something similar that we could send with
> her to make shopping easier. We would prefer something that we can
> monitor over the internet or phone and that we can reload if necessary.
How about a normal debit card attached to a normal bank account? G o to your bank, open a new account, get a debit card for the account, give it to the daughter. Put in as little or as much money as you like, your
daughter can take it out. Monitor the transactions on the web just like
you do for your own bank account.
When I was 12 years old, in 1986, I walked alone into a branch of a major Canadian chartered bank, opened a bank account with the $80 cash I brought in, and left with a debit card and blank cheques. No parent
required. I have no idea of this is still possible, though.
If your bank has a rule against 10 year olds having debit cards, well,
they don't have to know. As far as they know it's your bank account and your card.
