Mobile payment service Venmo is introducing an account for teenagers, but parents and legal guardians retain complete control over it.
The Venmo Teen Account launches in June and allows a teenager aged 13-17 to have a Venmo Teen Debit Card (Mastercard) as well as being able to send and receive money via the Venmo app.
Setting up this new type of account requires a parent or legal guardian to also have a Venmo account as the two accounts will be connected. By default, both the payments and friends list will be set to private, and only the guardian can change the settings.
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The guardian can view the account balance, transaction history, manage the PIN, choose to lock or unlock the debit card, view the friends list, and block interactions with specific individuals if necessary. There's no monthly fees and no-fee cash withdrawals using the debit card at "participating ATMs." Direct Deposits can also be setup to allow for funds to be paid directly into the account.
Venmo says the aim of the Teen Account, alongside offering some financial freedom to younger teenagers, is to help "teach financial responsibility and understanding." But even if you decide against using the Venmo Teen Account, there's a number of things you can do to raise saving-savvy kids.