Pros Explained

• No monthly fee: You don't have to worry about a monthly fee. In this way, Venmo is similar to many banks' standard no-fee teen debit accounts. 
• Wide fee-free ATM network: Compared to some traditional banks, Venmo offers a much more extensive ATM network through its partnership with MoneyPass. 
• Includes Venmo's service: Venmo is a useful service, and if you give your teen permission to use the app, they can send and receive payments to and from friends and family.

Cons Explained

• No rebates on ATM fees: If your teen uses ATMs outside the network, there’s no chance of recouping costs as with some teen accounts. 
• No international use: Unlike most teen and youth debit cards, Venmo’s Teen Account debit card can only be used in the U.S. 
• Limited deposit methods: You can only add funds to a Venmo Teen Account by Venmo transfer (by you or anyone else) or direct deposit. Many other teen accounts allow other useful funding methods, like remote check deposit, bank transfer, and debit card transfer. 

How Does the Venmo Teen Debit Card Work?

The Venmo Teen Debit Card is linked to a Venmo Teen Account, with the 澳洲幸运5官方开奖结果体彩网:debit card drawing on the teenager's Venmo balance. 

Parents can transfer money from their Venmo account to the teen's account for immediate use. Teens can then use the debit card online and in person wherever Mastercard is accepted in the U.S. and its territories.

Parents can choose whether to allow their teens to download the Venmo app. Here are the differences.

The ATM limit for Teen Accounts, in particular, is much lower than the standard Venmo ATM limit—$400 versus $1,000.

Teens can also set up direct deposit aꦯnd receive paychecks directly to their Venmo account. There are no minimum deposit or 🌳balance requirements, and no initial fees during setup.

Features 

The Venmo Teen Debit Card comes with𝐆 few bells and whistles. Early direct deposit is the only major feature beyond the basics of what you can expect from a teen debit card. If you get set up to receive paychecks in your Venmo Teen Account, you can receive the funds up to😼 two days before payday.

Certain features aren’t as robust as some competitors. For example, Venmo’s teen users can’t buy cryptocurrency, but Cash App’s sponsored accounts allow teens to buy bitcoin and invest in stocks (although, depending on your perspective as a parent, this could be a gꦆood or a bad thing).

Parental Controls

Once parents set up a Venmo Teen Account for their child, they can monitor the account's activity, including the balance, transactions, and transfers between their child and other Venmo users. They'll also receive notifications of account activity. 

Venmo defaults Teen Account transactions to private; only the parent or guardian can change that. Additionally, teens a๊re not allowed to initiate bank tꦺransfers to or from their Venmo account, cash checks, or receive payments for goods or services. 

Venmo Teen Debit Card Fees

• Monthly fee: $0
• Purchase fee: $0
• In-network ATM withdrawal fee: $0
• Out-of-network ATM withdrawal fee: $2.50
• ATM balance inquiry fee: $0
• Inactivity fee: $0

Customer Service

If you have questions, you can through an online form in y🦂ou✤r browser or mobile app or by using the app's live chat feature.

Customer Satisfaction

Online customer feedback about the Venmo Teen Debit Card is scant. However, Venmo is popular among teens for P2P payments, with 36% saying it’s their most preferred P2P payment app. Venmo is second after Cash App, which already offers a teen account and debit card. These statistics were released in spring 2023 by Piper Sandler; usage may increase with the new Teen Debit Card option.

The Consumer Financial Protection Bureau’s complaint database lists 1,207 matches where the search term “Venmo” is related to parent company PayPal Holdings and banking-related, mobile wallet, and money-transfer-related services. 

Overall, users are fairly satisfied with the app. The Venmo app has a 4.2/5 rating in Google Play and a 4.9/5 rating in the App Store, with millions of downloads.  

How to Get a Venmo Teen Debit Card

Parents or legal guardians can create a Venmo Teen Account directly from the Venmo app.ജ🙈

1. Tap your name in the top left corner of the home screen and tap "Create a teen account." Review the account features, then tap on "Get started."
2. Pick the color for your teen's debit card—options include blue, pink, black, key lime, and pink sherbet. Then provide your teen's full legal name, date of birth, and address.
3. Certify that you're their parent or legal guardian and read the account terms, then tap "Done" to complete the process. You can choose to add money now or wait. 
4. Then, you send an app invite link by text to your teen, who must confirm their number using a code, add personal information, and create a username and password. 
5. You will soon receive the teen debit card, which you can activate online through your Venmo app.

If you don't see an option to sign up for a Venmo Teen Account, it may be because you don't have the latest version of the Venmo app or you haven't yet verified your identity.

Alternatives to the Venmo Teen Debit Card

The Bottom Line

The Venmo Teen Debit Card and Teen Account meet most teen checking account expectations, with an 🔴added P2P option popular with Gen Z. There are few account fees (none, in most situations), and parents have some oversight of account activity and control over card usage. Ho𒁏wever, costs could add up if your teen ignores ATM network requirements, and those who need a payment option while traveling abroad may want to keep looking.

Ultimately, it’s worth taking the time to review and compare the top debit cards for teens to determine the best fit for your family.

Methodology

We reviewed 25 leading providers of kids’ debit cards to determine our ratings and recommendations. We compared company histories, product features and fees, and accessibility and ease of use. We also looked at parental controls and monitoring to♍ols, financial education resources, and any standout features. We broke down those criteria into several broad categories:

• Availability/Type
• Account Features
• Parental Controls
• Balance Details
• Fees