Parents wary of handing cash over to teenagers have a new option: the TD Go Card.
The prepaid card from TD Bank and Visa, is designed for teenagers—and their parents. It offers text and email alerts that can be set up to go directly to parents, letting them know how much their teen is spending and where.
Prepaid cards are increasingly popular among teens that need to have access to funds when they aren’t with mom and dad. The cards are an easy way for parents to set limits and monitor spending, while teaching children how to handle finances responsibly.
An adult must open the account and fund it, using their own bank account or a credit card. They can add money to the card via direct deposit and even set up recurring deposits from their debit or credit account.
The card can be used anywhere that accepts Visa. It can also be used to get cash out of an ATM in case kids are somewhere that doesn’t accept credit card payments.
Safeguards provide peace of mind
Account controls let parents decide what activity they want to be notified about: for example, adult-oriented purchases can trigger a text message alert. Transaction and balance alerts can also be set up, so parents know when kids have made a purchase or when the balance falls below a certain amount.
Unlike cash, if the card is lost or stolen—a common worry for parents—it can be cancelled so the money is not lost. And there is a $60-per-week limit on getting cash out of an ATM, so parents need not worry about kids draining a large amount of cash from the card at one time.
Fees, terms and conditions
The card has an activation fee of $4.95, and loading money with a debit or credit card costs $1 per transaction. Direct deposit loads are free, as are purchases. Withdrawals from TD Bank ATMs are free of charge, but getting cash out of a non-TD ATM costs $3 in addition to the fee charged by the ATM owner.
Making a balance inquiry from an ATM also costs $3, so teens are better off using the online account center to check their balance. Paper statements cost $5 each, another reason to utilize the online account center. Replacement cards cost $5, with a $25 fee for an expedited replacement card in case of emergency.
There is an inactivity fee of $2.50 per month after 12 months of not using the card, but there is no monthly fee if the card is in use at least once a year.