Reloadable Prepaid Debit Cards for kids?

[snarlingcoyote]

Does anyone have any experience with this?

I'm thinking about setting my niece and nephew each up with one and putting $40 a month each onto it. Their family doesn't have a lot of money and now less thanks to some additional medical bills. This way the money would be in their hands to pay for things like fees for school clubs or to be able to pay their share if they go after church for pizza with their friends. I don't mind paying a small fee to set it up, but don't want to pay large fees either, and while I would trust the younger of the two if I deposited a larger sum every quarter, the older would be flat broke in a week or two.

Does anyone know of a way to do this without blowing a lot of money on fees? If I had an account with Wachovia or USBank, apparently, I could set something like this up, but I don't have an account with either one.

I'm almost thinking about setting them up with Walmart cards, but I really want the 0 liability. (The older tends to lose things as well. . .)

Ideas other than writing my mom a check for $240 every quarter that she doles out on a monthly basis to them?

 

[wvjules]

Does anyone have any experience with this?

I'm thinking about setting my niece and nephew each up with one and putting $40 a month each onto it. Their family doesn't have a lot of money and now less thanks to some additional medical bills. This way the money would be in their hands to pay for things like fees for school clubs or to be able to pay their share if they go after church for pizza with their friends. I don't mind paying a small fee to set it up, but don't want to pay large fees either, and while I would trust the younger of the two if I deposited a larger sum every quarter, the older would be flat broke in a week or two.

Does anyone know of a way to do this without blowing a lot of money on fees? If I had an account with Wachovia or USBank, apparently, I could set something like this up, but I don't have an account with either one.

I'm almost thinking about setting them up with Walmart cards, but I really want the 0 liability. (The older tends to lose things as well. . .)

Ideas other than writing my mom a check for $240 every quarter that she doles out on a monthly basis to them?

Did you check to see if YOUR bank offered something like that? DD has one one through NFCU. She used to have one through USAA. I do not pay fees for either one of them.

 

[Aunt Flancy]

Here is one I have been looking at from American Express

https://www212.americanexpress.com/...me=pass_markup_homepage&type=intbenefitdetail

 

[IllumFan]

I used Wachovia a few years ago with my stepson. I didn't have a Wachovia account and was still able to use set it up.

 

[whois figment]

I used the Walmart one and set up a direct deposit for a certain amount each pay check. This eliminated the monthly fees.

 

[Juliegirl1]

Can the Walmart card be used anywhere or is it only for Walmart? I can't access the Walmart website from work to get any information on it.

 

[pintamino]

Check out paypal student -- I had one for my brother for a while and was happy with it.

 

[snarlingcoyote]

wvjules - checked with my bank first, as I'd ideally like to just be able to transfer money over to them without any delays in cases of emergencies, no dice unless they're MY kids.

As for everyone else, I'll check it out. I did check Amex, but the fees were a bit high for my blood. What I could find at Walmart didn't suit, but someone at work mentioned buying a card at the B&M store, so I'll look there. I hadn't thought about Paypal, but that might be a solution.

Worst comes to it, though, I can send my mom the money for her to dole out. I just want them to stop worrying about things like Beta club dues or to tell me they're thinking about not taking the AP classes when I know it's because of the test fees. I want them to hang out with me because I'm the exotic relative, not because they don't have any money to do anything with their friends! (And if that means I can have an adult conversation with my folks occasionally, so much the better!)

 

[dfchelbay]

Does anyone have any experience with this?

I'm thinking about setting my niece and nephew each up with one and putting $40 a month each onto it. Their family doesn't have a lot of money and now less thanks to some additional medical bills. This way the money would be in their hands to pay for things like fees for school clubs or to be able to pay their share if they go after church for pizza with their friends. I don't mind paying a small fee to set it up, but don't want to pay large fees either, and while I would trust the younger of the two if I deposited a larger sum every quarter, the older would be flat broke in a week or two.

Does anyone know of a way to do this without blowing a lot of money on fees? If I had an account with Wachovia or USBank, apparently, I could set something like this up, but I don't have an account with either one.

I'm almost thinking about setting them up with Walmart cards, but I really want the 0 liability. (The older tends to lose things as well. . .)

Ideas other than writing my mom a check for $240 every quarter that she doles out on a monthly basis to them?

We've done this before by going to CVS and purchasing a Visa credit card there. They come in many different dollar amounts. You can find them in the same area where the restaurant credit cards are located. Take it to the register and purchase it. It costs I think $2.00 and it's immediately activated. Don't know if its exactly what you're looking for, but is immediately ready to use and only cost $2.00 with no fees per use...just a one time activation fee.

 

[twy715]

Love the paypal student. No fees. My daughter can make a request and i can transfer money in minutes thru text msg. Peace of mind when she is out in case of an emergency.

 

[hoosiergirl7]

Personally I think you'd be better off just sending them a check they can cash at their local bank or set up a bank account at a local bank for them and direct deposit money for them every month they can withdraw when needed.

I really dislike credit cards. I dislike kids with plastic even more. I have one and a debit card but I take out cash for everything I need. It's easier to swipe a card and not worry about it than it is to part with cash. I find that I'm spending less by paying in cash. IMO by placing a piece of plastic in their hands you're helping set them up for financial irresponsibility later. I know some may disagree but I own everything but my house free and clear and I'm not worrying how to pay my bills. I've been in debt and I don't ever want to go back.

I do want to give you huge kuddos for helping out your family. I'm generous with my family especially when they've been in need as well. Not having debt has allowed me to help out when it is needed.

 

[Leajess99]

Worst comes to it, though, I can send my mom the money for her to dole out. I just want them to stop worrying about things like Beta club dues or to tell me they're thinking about not taking the AP classes when I know it's because of the test fees. I want them to hang out with me because I'm the exotic relative, not because they don't have any money to do anything with their friends! (And if that means I can have an adult conversation with my folks occasionally, so much the better!)

You sound like a wonderful Aunt. I am not sure of debit cards though.

 

[dreamin_disney]

Personally I think you'd be better off just sending them a check they can cash at their local bank or set up a bank account at a local bank for them and direct deposit money for them every month they can withdraw when needed.

I really dislike credit cards. I dislike kids with plastic even more. I have one and a debit card but I take out cash for everything I need. It's easier to swipe a card and not worry about it than it is to part with cash. I find that I'm spending less by paying in cash. IMO by placing a piece of plastic in their hands you're helping set them up for financial irresponsibility later. I know some may disagree but I own everything but my house free and clear and I'm not worrying how to pay my bills. I've been in debt and I don't ever want to go back.

I do want to give you huge kuddos for helping out your family. I'm generous with my family especially when they've been in need as well. Not having debt has allowed me to help out when it is needed.

My dd will be 12 and loves getting giftcards. We've taught her at a young age the value of a $1. She earns money, gets money for grades, x-mas and B-day and let me tell you she holds on to that money for a longtime before spends it. Giftcards she gets also last her a longtime because she makes choices whats worth spending her $$ on. She will get stuff then put it back after she adds everything up and will say, well i really dont need it-lol! She also looks for sales and coupons. I think it can teach some responsiblity- just my opinion.

 

[Aristomommy]

If you can, join USAA. I have a kids account and a prepaid Mastercard for DD that doesn't have any fees involved. The money that stays in savings earns interest and then I transfer money to a card as needed. It can be used wherever Mastercard is accepted.

 

[Purseval]

I just gave each kid an ATM card with an account in their name then set up an automatic transfer of money in each week. Impossible to overdraw, easy to get to and I don't have to think about it. If there is an emergency I just make an instant transfer without having to leave the house.

 

[Kitzka]

I'm planning on getting DD the American Express pass. There is currently no fee until Oct 2011 and I think it's a great way to teach DD how the handle her money.

As much as DH and I are a cash only family, the fact is that we are a plastic world. My parents never really taught me how to use plastic properly. I got into some trouble with it in college and it was a hard lesson to learn.

As much as DH and I prefer to live in a cash world the majority of people operate in a plastic one and we would like to educate our DD on how to properly use plastic and cash.

Lara

 

[JB2K]

Does anyone have any experience with this?

I'm thinking about setting my niece and nephew each up with one and putting $40 a month each onto it. Their family doesn't have a lot of money and now less thanks to some additional medical bills. This way the money would be in their hands to pay for things like fees for school clubs or to be able to pay their share if they go after church for pizza with their friends. I don't mind paying a small fee to set it up, but don't want to pay large fees either, and while I would trust the younger of the two if I deposited a larger sum every quarter, the older would be flat broke in a week or two.

Does anyone know of a way to do this without blowing a lot of money on fees? If I had an account with Wachovia or USBank, apparently, I could set something like this up, but I don't have an account with either one.

I'm almost thinking about setting them up with Walmart cards, but I really want the 0 liability. (The older tends to lose things as well. . .)

Ideas other than writing my mom a check for $240 every quarter that she doles out on a monthly basis to them?

Sounds to me like you have been looking at "Visa Buxx" -- it's a good program, but these days limited to a handful of banks.

For those who have relationships with USAA, they, too offer a pre-paid debit card for the "young" users (just log-on and look for "Prepaid Card").

As for the Walmart card, it offers the same protections as any other debit card (and, as it is issued and managed by GE Money Bank, you can be assured it's not a "fly by night" thing) -- there are some fees associated with that card (but, if you are savvy, you may be able to legally circumvent some of those fees).

 

[clutter]

Worst comes to it, though, I can send my mom the money for her to dole out. I just want them to stop worrying about things like Beta club dues or to tell me they're thinking about not taking the AP classes when I know it's because of the test fees.

You need to make sure that the cards will let them take cash out. Clubs and test fees usually need to be paid by check or cash, you cannot use a debit/credit card. Same with going out for pizza with friends. Many small shops have a minimum for using credit/debit, which they won't exceed if they're splitting a bill. I'm thinking that sending a check each month would be better. (And I prefer using plastic generally.)

 

[Kitzka]

Does anyone have any experience with this?

I'm thinking about setting my niece and nephew each up with one and putting $40 a month each onto it. Their family doesn't have a lot of money and now less thanks to some additional medical bills. This way the money would be in their hands to pay for things like fees for school clubs or to be able to pay their share if they go after church for pizza with their friends. I don't mind paying a small fee to set it up, but don't want to pay large fees either, and while I would trust the younger of the two if I deposited a larger sum every quarter, the older would be flat broke in a week or two.

Does anyone know of a way to do this without blowing a lot of money on fees? If I had an account with Wachovia or USBank, apparently, I could set something like this up, but I don't have an account with either one.

I'm almost thinking about setting them up with Walmart cards, but I really want the 0 liability. (The older tends to lose things as well. . .)

Ideas other than writing my mom a check for $240 every quarter that she doles out on a monthly basis to them?

After looking at the Visa Buxx program-it seems the fees are minimal if you have an account with wachovia or USBank. Is it worth it to open one to fund the accounts?

Lara

 

[crjack]

Here is one I have been looking at from American Express

https://www212.americanexpress.com/...me=pass_markup_homepage&type=intbenefitdetail

OP....this is the new American Express Pass. The fees are much less than just buying the AM Ex cards at the store (I agree...those are crazy). There is a promo on fees now through next Oct and then it's only I think $3.95 per month per card.

I am actually going to get these for my teens and it doesnt look like you need to have an AM.EX account to add or transfer funds.

Definitely worth checking out.