Venmo rolls out Teen Accounts with no-fee debit card and ATM access
Parents can access the account's balance and transaction history.Good news for parents with teens: Venmo is rolling out what it calls Venmo Teen Accounts. This lets parents create accounts for minors aged 13 to 17. It comes with a Venmo Teen, which gives parents or guardians an insight into spending, lets them send money and allows them to manage privacy settings.
According to Venmo, over 50 percent of parents are interested in using apps to help their children learn about money. The company also claims that over 45 percent of Gen Z want to have a conversation with an adult about managing personal finances. The Venmo Teen Account should hopefully bridge that gap for many parents or guardians out there.
Venmo says that the Venmo Teen Account has no monthly fees and that the debit card will have no-fee cash withdrawals at ATMs. Of course, the account will be able to send and receive money from family and friends. Parents and guardians will be able to see friends list, transaction history, account balance, and be able to manage the debit card’s PIN, lock and unlock it and block users from interacting with the account.
And since it’s separate from the parent or guardian’s account, teens will be able to independently track their own spending and learn financial responsibility. Venmo says that teen accounts will be eligible for direct deposit, which is great for those with part-time jobs.Great deals on consumer electronics delivered straight to your inbox, curated by Engadget’s editorial team.
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