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A Debit Card for Teens – Financially Educate Your Teen

OPEN AN ACCOUNT

A debit card for teens is the first step to teaching financial freedom. Parents can help guide their children on the right financial path with the help of Pearl Hawaii’s Teen Debit Card Checking account (for teens aged 13-17). Overall, parents can manage spending habits and teach them positive financial behaviors through the use of a debit card. Essentially, parents can monitor transactions and get alerts concerning the account and advise their child along the way.

PLAN FOR YOUR FUTURE TOGETHER

Ultimately, give your teens the financial tools today to build the future they want. Keep track of their spending and help them save toward their goals with PHFCUOnline and our mobile app. Also, teens can customize their banking experience within our online banking system and they can choose their own debit card design. More importantly, teens can learn with LIFE Manager, a tool within Online Banking, that helps members budget their assets. Additionally, teens can set up and work toward a specific savings goal, and you can choose to reward them when they get there.

Overall, you should teach your teen how to use a checking account, including how to use SnapDeposit for checks, effectively manage their money, and avoid paying fees. Also, talk with them about why saving a portion of the money they earn makes sense for their future. Additionally, teaching about money also includes the dangers of fraud. Talk to them about the importance of keeping their account secure, identity theft, and rest easy knowing that you are guiding them along the way where you will receive alerts and have controls via an app.

FINANCIAL FIRST STEPS WITH A DEBIT CARD FOR TEENS

ALLOWANCE MADE EASY

  • Transfer funds anytime
  • Set up your child’s allowance with a recurring transfer or transfer money as needed.

COMPLETE OVERSIGHT FOR YOU

  • Total Access for Parents | As a joint account holder, you manage your child’s account.
  • Complete Control for Parents | Turn off their card if spending gets out of hand shut down the card if they lose it, set limits on how much they spend, or let them spend money only in a certain zip code.
  • Free Account Alerts | Receive text messages if your child exceeds spending limits, their account balance is low, or they have met the thresholds that you set.

FREE FEATURES

  • No monthly service fee.
  • Additionally, there is no minimum deposit.
  • Your child can use any First Hawaiian Bank ATM to access their cash.
  • Debit Card customization and same day printing with Instant Issue
  • An app that gives you complete control and app where they can manage their own transactions and savings.
  • Online Banking that’s customizable so your teen can practice money management
  • Free Account Alerts. For example, you can receive text messages if your child exceeds spending limits or their account balance is low- plus more!

OPEN A DEBIT CARD FOR YOUR TEEN

Simply, open your teen’s account online now to get started.

If your teen does not have some type of teen account, they should have one. Pearl Hawaii’s Teen Debit & Checking account will help open conversations that will guide them through the rest of their life. What’s the key to teaching your teen smart money management skills? It’s talking to them about money and giving them increased responsibility for managing their own spending.

Young individuals face the task of learning how to manage spending and saving before becoming adults. Developing sound financial habits is critical.

TO DO | TEEN ACCOUNT

WITH A TEEN ACCOUNT, HELP YOUR TEEN…

  • Learn about budgeting.  With Pearl Hawaii’s LIFE Manager, they can manage their assets and expenses all in one place. LIFE (Loans, Investments, Finances, Earnings) Manager helps them see the bigger picture. Additionally, you can create a budget, plan out your life, assign accounts, add expenses or income, create goals, or monitor your progress, and spending habits. Log into PHFCUOnline and get started.
  • Show them how to save. Ask them to save a portion of everything they earn and deposit it into their savings. What they plan to spend, have them deposit the amount in their checking account.
  • Teach them to comparison shop and find better deals. Whenever they want to buy something, have them do the research first. Perhaps they can get a discount online or at a specific store.
  • If possible, start building their credit score. With their savings, sign-up for a Secured Credit Card. Use it to make small purchases and pay off the balance on time and in full every month.
  • Help them understand the difference between Wants versus Needs.
  • Teach them to forget about peer pressure. Sometimes their friends have the newest cell phone or the next and up-and-coming name brand. Teach them that spending for appearances is a poor person’s money habit.

WHY OPEN A BANK ACCOUNT FOR YOUR TEEN?

It’s never too early or too late to open a bank account for your teen so they can develop strong financial habits. As they grow, let them take control of their finances while you monitor their progress.

  • Help your teen think before buying.
  • Help them learn the difference between needs and wants.
  • They can access their money using a debit card.
  • Your teen can practice creating and sticking to a budget.
  • Having their own account can help them learn to save money.

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Building trust, nurturing dreams, inspiring hope. From home or car loans to Hawaii’s most innovative banking services, Pearl Hawaii is committed to you. Bank at any of our Oahu locations in Waipahu, Ewa Beach, Waianae, Honolulu, Pearl Harbor, or near the Airport. Additionally, you can bank using PHFCUOnline just like one of our branches. To contact us, call us at 808.737.4328, toll-free at 800.987.5583, or email us at MyFamily@phfcu.com.

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