NEW YORK—Chase has issued a “First Banking” debit card that is aimed at kids and teams that the nation’s largest banks said is designed to soothe parents’ fears when it comes to giving children easy access to money.
While under-18-year-olds get their own physical debit card, “guardians can tap in to a range of parental controls to monitor their child’s spending to ensure they won’t get into trouble with their newfound financial freedom,” according to the Wall Street Journal.
“Chase’s offering does all that without charging any monthly service, subscription or overdraft fees or requiring a minimum balance,” the report states. “Chase’s First Banking debit card does come with one big limitation, however. Parents must be existing Chase bank customers to access this card for their children.”
Parental Controls
According to the report, parents can:
- View and monitor their child’s account activity anytime
- Opt to receive account alerts whenever a purchase or ATM withdrawal is made
- Control how much can be withdrawn from an ATM
- Set specific limits on how much and where a child can spend, such as $15 for restaurant buys