Capital One MONEY for allowance management, or something else?

[sweetpea3829]

Have any of you used Capital One's MONEY program with your "old enough" child/teen?  If so, how did you like it?  

 

With four children, helping them manage their little wallets and pocketbooks is proving daunting.  When we are at the store, inevitably, somebody will clamor to buy something because they "have 20 dollars!!!"  

 

Letting one kid pull out his billfold and scramble through his pennies will lead to another kid doing so, and so on.  

 

Plus, we rarely keep cash on hand, and it's proving to be a royal pain in the rear end to make sure I have enough cash to actually dole out allowance.  

 

So I'm looking for a money management program for children  under the age of 13.  Something that will provide a debit card for them, linked to their own account...an account that *I* am also linked to and can shuffle allowance money, etc. when needed.  

 

Pre-paid visa cards often have tons of fees, so that's out.  

 

But this MONEY program seems to be just about what I'm looking for.  The problem is, we don't bank with Capital One and I have no intention of leaving our main financial institution.  I'm not crazy about linking my own personal checking account with a different bank, either.  So how would I move money around from my account into the kids' various account?  

 

And I would want them to have a debit card...that's kind of the whole point, kwim?

 

Thoughts?  

[Rebecca]

I think this is just for teens? Maybe it is for eleven and up. I am not sure.

 

I got my son a MONEY card for his sixteenth birthday. We do bank with Capital One. I LOVE it. I can transfer money to him if needed and it transfers immediately. He loves it too.

 

There are different ways to handle your thoughts/questions about the banking aspect. I am sure you will find one that suits you.

 

-Rebecca

[HomeAgain]

We did Family Mint.  It's not a real bank, but a virtual pretend one.  I could "transfer" cash to my kid, have him dole it out to various categories in his online account, and keep a small bank book in his wallet with amounts listed in each one.  When he chose to make a withdrawal I could either hand him real cash or have him subtract it from his bank book while I used my debit card.

 

We did a lot of discouraging of impulse buys, though.  I was almost always willing to go back if he hadn't set a budget/made a list before he walked into the store. 

[athomeontheprairie]

Can you get a debit card through your bank? I have access to all of my accounts, my kids, and parents I can easily move money around if needed from one account to the another (Though I seldom do).

They offer debit cards on all aunt's. Oldest has one. But she us NOT an impulse buyer. I'm not so sure I want my dd9 to have easy access to her money. She REALLY wants to save... Right up until we pass the toy aisle

[SkateLeft]

I'd contact your bank first and see if they offer a youth account. Personally, I think it's easiest to stick with the same bank.

 

My kids all have youth accounts with USAA that are linked to mine. They all have debit cards, and I can easily transfer money into their accounts, including my youngest son's allowance. When my older kids hit 18, their accounts transitioned to adult accounts but I'm still on them, and I can deposit money if they need it while they're away from home. 

[sweetpea3829]

Can you get a debit card through your bank? I have access to all of my accounts, my kids, and parents I can easily move money around if needed from one account to the another (Though I seldom do).

They offer debit cards on all aunt's. Oldest has one. But she us NOT an impulse buyer. I'm not so sure I want my dd9 to have easy access to her money. She REALLY wants to save... Right up until we pass the toy aisle

 

I have some impulse buyers here, too.  Which is part of why I want them to have their OWN debit cards, linked to their OWN accounts.  I want them to learn, now, the impact of irresponsible spending, before they become adults and can incur fees.

 

And that's kind of the rub...youth accounts are not supposed to be charged overdraft fees (if I understand correctly...at least, most of the banks' youth accounts that I've learned of, do not).  They act like a prepaid debit card.  When the money's gone...you get a decline.

 

And that decline, as embarrassing as it can be...is a learning opportunity, kwim?  

 

So this kind of precludes just opening an account and then giving them a debit card.  If it's not specifically a youth account, they can incur fees.  And the bank that we use, does not issue debit cards to children younger than 15.  

 

So it seems I'm probably going to have to open a Capital One MONEY card for each kid (as appropriate).  I'll have to figure out how to get money in and out of it.  But we'll figure it out.  Wish they had a branch nearby...while banking is primarily digital nowadays, there's still value in teaching your kids how to actually go to a brick and mortar bank and use it...kwim?  

[sweetpea3829]

I'd contact your bank first and see if they offer a youth account. Personally, I think it's easiest to stick with the same bank.

 

My kids all have youth accounts with USAA that are linked to mine. They all have debit cards, and I can easily transfer money into their accounts, including my youngest son's allowance. When my older kids hit 18, their accounts transitioned to adult accounts but I'm still on them, and I can deposit money if they need it while they're away from home. 

 

Man, USAA has some great stuff...I wish we qualified!  Alas...our military connections do not bank with USAA.  

 

And our bank does not offer anything for youth.  Which is unfortunate!