Visa Cards for School Kids?

sinky666

I am posting because, following talks with my bank - I think I'm going nuts! They believe it is right for them to contact my 14 yr old son and offer him a visa debit card - and the only way I would be able to stop it coming is if 1) My son showed me the letter, and 2)If I then read the small print and realised I needed to contact the bank if I didn't want him to have one!

I think this is irresponsible banking - Am I wrong??

cifpower

The Visa debit card is more than likely an Electron card which means he can spend what he has in his account and no more. Quite a few banks do this - I think I am correct in saying that Natwest can issue teenagers Solo debit card. I do not think it is irresponsible banking.

bethanyrayne

sinky666 wrote: »

I am posting because, following talks with my bank - I think I'm going nuts! They believe it is right for them to contact my 14 yr old son and offer him a visa debit card - and the only way I would be able to stop it coming is if 1) My son showed me the letter, and 2)If I then read the small print and realised I needed to contact the bank if I didn't want him to have one!

I think this is irresponsible banking - Am I wrong??

I think it's a good idea that 14yr olds learn financial reponsibility ASAP in todays world.

He can't have credit since he is under 18 so their is no chance for him to get into debt.

Having said that I think the bank should have to consult you first being his legal guardian, not to mention his parent and therfore best placed to know whats best for your own child.

PROLIANT

Don't worry, the Visa debit cards issued to young people are programmed with a £0 floor limit ergo needs online authorisation to complete the transaction and if there is not enough money in the account it will be declined.

surreysaver

PROLIANT wrote: »

Don't worry, the Visa debit cards issued to young people are programmed with a £0 floor limit ergo needs online authorisation to complete the transaction and if there is not enough money in the account it will be declined.

In that case they ought to make it clear.

JayleighAnn

I have a Lloyds TSB Current account now as I'm 18, but when I was younger I had a Lloyds Under-19 account, I had a visa debit, and went overdrawn into an unauthorised overdraft without realising (got a bit money happy) and my bank allowed it, I just got a letter advising me to pay it back.

PROLIANT

surreysaver wrote: »

In that case they ought to make it clear.

What is the problem here? It is teaching young people to be responsible and preparing for the future when the banks begin phasing out of cash, cash is unsafe and expensive to produce and manage, plastic is secure and low cost to manage, why do we need cash? Simple answer is we do not.

clarkedexter

Sorry, but what bank is this?

The only one I knew did this was Barclays, and I thought they asked for parental permission

bethanyrayne

PROLIANT wrote: »

What is the problem here? It is teaching young people to be responsible and preparing for the future when the banks begin phasing out of cash, cash is unsafe and expensive to produce and manage, plastic is secure and low cost to manage, why do we need cash? Simple answer is we do not.

Yes, roll on the days when the banks, government, uncle tom cobbly and all will be able to track every step we take, every move we make, they'll be watching you! :eek:

clarkedexter

I'm sure Big Brother is very interested in where you bought your sofa ...

And I bet you have a Reward Card. What's the big difference between giving a company an itemised list of what you buy from them and a single value on a credit card, to (if you are the one person out of millions somehow chosen) be looked at by someone in authority?

PROLIANT

bethanyrayne wrote: »

Yes, roll on the days when the banks, government, uncle tom cobbly and all will be able to track every step we take, every move we make, they'll be watching you! :eek:

Na it'l not be that bad, just look at Visa pay wave, excellent system, if you lose your debit/credit card then you have only lost a piece of plastic and not the £100 in your back sky.