Children’s spendings are under ATM control
A guide to children’s cash cards
By Sergey Vasiliev
Parents give their children pocket money: usually small sums sufficient for a week or a few days. This allows them to control their child’s spending and the child learns to plan a budget. Of course, a situation may arise where money is needed unexpectedly so the latest solution is for children to have their own ‘cash cards’: another step towards adulthood.
Only some banks in Belarus are offering the service, as additional cards on existing adult accounts: BelInvestBank is among them. Naturally, the main account holder (the parent) can set limits on their child’s card and can also receive SMS-notifications for each transaction. Limits can be set for the type of transaction, country where they are permitted, maximum spend and frequency of use, with cards able to withdraw cash from ATMs or be used for purchases, topping up mobile phones or paying for Internet services. Cards can even be used for remote banking. Children as young as 6 may be given a card: valid for five years.
The Head of Card Services at BelInvestBank’s CardCentre, Natalia Kudryavtseva, tells us, “Convenience and safety for children’s cards are among the advantages. Cards are much safer than cash since they can be blocked if lost, safeguarding parents’ money. Children can learn to use a pay card easily; there is plenty of information online to help them, as well as advertisements. Certainly, it’s a way to teach financial literacy and independence: drawing out cash from a machine, paying for purchases in shops, and using remote banking services.”