<p>17 year old is going to New York for 4 weeks for summer program. He is going to need money for art supplies, subway and spending money.
Any suggestions as to the best way to supply him with money. I don’t want to give him my credit card.
Options I have considered-
travelers cheques- I would worry he might lose them or have them taken.
A pre-loaded mastercard- It he loses it the cash is lost.
Trying to set him up with a bank account here with an ATM. - I would need to do some research into different banks since my bank will not give a universal ATM to someone under 18.
thanks</p>
<p>At 17, I think he should probably get a bank account, anyway. Some banks will allow him to get an ATM card (though not a debit card) at 16, so ask around. Otherwise, set up a joint account or just get an account in your name and give him the ATM card to use. It’s not exactly within bank rules, but you can set up an account and give your son your ATM card for four weeks without a problem.</p>
<p>Does your son already have a savings account in his name? When my daughter was 16, she went to a summer program and we were able to get a debit card for her savings account.</p>
<p>How about an American Express Traveler’s Check Card? Less bulky than travelers checks – one card to keep in his wallet. He can use it as a credit card and ATM card. It is reloadable. AMEX says that it can get you your funds in 24 hours if lost or stolen. Drawback – there a $15 fee to get it.
Check out all the bank options.</p>
<p>When my son went to France for 4 weeks, we set up a bank account that was in my name *(to young to have his own) and ordered a debit card. Obviously the debit card was in my name, but he used it. As long as he had the PIN number, he had no problems. Used it in the stores, as well as at the ATM’s. I was also able to check his cash funds online and would put money in the account as needed.</p>
<p>I’m not a parent, but the Visa (or Mastercard) GreenDot card seems like a good option. You’ll be able to check his balance online and add more money as needed, so if he loses it, it’s not quite as disastrous as losing the whole balance for his trip. He’ll also be able to find a replacement at a drug store / corner store if needed.</p>
<p>Sounds like a fun trip! :)</p>
<p>Checking card would be a good option. Link it to your account so you know that he is not taking out to much and wasting it.</p>
<p>deceptacon: I am Optimus the autobot</p>
<p>His bank will give him an ATM linked to his account but because he is 17 it can only be used at their branches. Not much good across the country.
Has anyone had any trouble using either the Mastercard or American express travel card? I like the idea it is reloadable so I don’t have to put all his money on it right away.
Thanks for the input</p>
<p>Mom60, time to get a new bank. We bank through USAA Federal Savings Bank, and everyone, including our youngest, has checking and savings accounts. Both of the boys have their own ATM cards, and Son2 has had his since he was 13. They are full MasterCard Debit cards, and work just like any other debit card. Whenever I need to move money out of (heh!) or into their accounts I just go online and transfer the funds. It takes a couple of minutes, and the transfer is instantaneous. I’ve actually helped out Son2 as he was making a purchase – the card declined, he called me on his cell, I moved some money, and they processed the card again successfully. (He paid it back!) </p>
<p>Sounds like your bank is still in 1997.</p>
<p>While my S was in high school he had a Visa Buxx card; I could load money to it from my account and therefore, could limit the amount on it but also add to it anytime more money was needed. Not sure how many banks offer this though…</p>
<p>I love USAA Federal Savings bank, too! Besides the advantages that WashDad mentioned, they will also refund ATM fees (there’s a limit, something like up to 5 per month, which should be plenty), they pay interest, and you can deposit checks using a scanner and your PC, or they will provide you with postage paid deposit mailing envelopes. </p>
<p>They offer a credit card especially for college students - the first year, the credit limit is $500 and it increases yearly as long as the student has used it responsibly and paid bills on time.</p>
<p>My D both got universial ATM cards with the Visa Logo at 15, it was a joint account with daddy…BofA…</p>
<p>Bank of America (BofA) will give your S an individual account with a ATM debit card (no credit card) at his age.
Plenty of BofA ATM’s here in NY.
Hope he has a fun trip!</p>
<p>My daughter used the debit card linked to her savings account in Spain when she was 16. I don’t understand why your bank will only allow your son to use his at their ATMs.</p>
<p>I actually love my bank. It is a regional bank and we have all of our business and personal accounts with them. They will give him an ATM debit card if the card is also in my name. Which I guess is a possiblity. My D actually likes having her savings account at the local bank without universal use since she can’t easily spend that money. She has a checking at a nationwide bank that she uses regularly.
I also have a 2nd checking account with BofA and they are the worse for service in our town but I will see about opening an account for him there.
I haven’t seen a USAA federal savings here but I will look into it.
He is going to South America in the fall so I guess we should bite the bullet and get him an ATM card.</p>
<p>I have been looking into this for my d also who will be a at a summer program this year and we want her to have a debit card. Both of the credit unions where I have accounts don’t do it until 17 or 18. I just chatted online with a BoA rep and she also nixed it until 16. When I said I heard others had this since 13 here is her reply. </p>
<p>The Custodial Savings account is only available for existing customers online and is free for the first year. When you open a custodial account, the custodian often is but not limited to, a parent or guardian that controls the account for the benefit of a minor. The custodian must be at least 18 years old. After the first year the monthly maintenance fee of $1 is waived with a minimum daily balance requirement of $100.</p>
<p>so if anyone has other details about even a co-signed account where we can get her a debit card with her name (my CUs said just to have her use one with my name on it!!!) please post more details. I don’t know whether to try other CUs in our area (which I prefer to fee-charging banks for the most part) or look more into Visa Buxx which I did before but also had quite a few fees if I remember.</p>
<p>thanks</p>
<p>I’ve had a credit card since I was 13. I never had a problem. Never lost or anything. I’ve also used AMEX Travelers checks which I would highly suggest. Since they need to be signed, a lot of places ask for ID anyway and even so, they can be canceled right away and you’ll get a new check later.</p>
<p>mom60 - USAA Federal Savings Bank is online only. Find them at <a href=“http://www.usaa.com%5B/url%5D”>www.usaa.com</a>.</p>
<p>another vote for USAA bank here. We have our joint accounts there and both my sons (17 and 13) have a “teen checking account” with our names on them. The teen checking account comes with a check card – which I can transfer funds into easily. My older son used his in Egypt last summer – no issues at all and my younger son is in Europe now – card works great. They can use it at any store and any ATM.</p>
<p>Also – the USAA teen checking account has no monthly fees and no minimum balance, Atm charges are refunded to your account once a month… you can open an account with $25. Deposits are easy to make – you just scan the check and it appears in your account (almost like magic – I haven’t been inside a bank in months). Their customer service is absolutely fantastic.</p>