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#16815 - 05/03/02 04:46 PM Visa Check Cards for Minors?
AMXSteve Offline
Member
Joined: Jun 2001
Posts: 75
Wilmington, OH, USA
We currently have a policy of not allowing minors (under 18) to have a Visa Check Card. Senior managment wants to reevaluate this policy. I've checked with Visa, and they have no age restrictions on the issuing of Visa branded cards. We only allow minors on checking accounts with an adult (parent/guardian). Without visiting the risks of minors and checking accounts, does anyone know of any federal or state laws/regs that preclude minors from being issued debit cards?
Thanks in advance for your help!
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General Discussion
#16816 - 05/03/02 04:58 PM Re: Visa Check Cards for Minors?
PABanker Offline
Gold Star
PABanker
Joined: Dec 2000
Posts: 491
Blue Ball, PA 17506
You may want to revisit your state laws and minors signing contracts for purchasing. That is one reason we do not allow minors to have the debit card in PA. We make exceptions but only with a Loan Officer or Branch Manager signed approval in rare cases.

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#16817 - 05/03/02 06:19 PM Re: Visa Check Cards for Minors?
1 Peter 5:7 Offline
Diamond Poster
1 Peter 5:7
Joined: Jun 2001
Posts: 1,339
TX
Your management may want to consider offering instead a Visa or MC stored value card, if you have no state law restrictions and you're large enough to justify the volume. These are marketed by many banks as an entree product for the teen market. Product comes with parental controls.
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Opinions are mine not my employer's, and should not be taken as legal advice.

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#16818 - 05/03/02 06:48 PM Re: Visa Check Cards for Minors?
Michele_Petry Offline

Platinum Poster
Michele_Petry
Joined: Jun 2000
Posts: 695
Louisville, KY USA
I'll add my two cents in on this one as a parent. I got my 13 year old son a Visa Stored Value card a year ago and I actually think it is a great tool. As a parent you can set an allowance (or withhold it!) and you get email alerts when money is added to the card. You also can see where all the money is spent so the cash doesn't go down into a black hole (mom I need $10 to buy ...) When my son went on a school trip to Germany, he used the card to get money out of an ATM (there was a fee but the exchange rate was better) and I was able to follow his purchases. I think it is a great tool and it surprises me that more banks don't offer the service.
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BankersOnline.com

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#16819 - 05/03/02 07:45 PM Re: Visa Check Cards for Minors?
I Wear Many Hats Offline
Platinum Poster
I Wear Many Hats
Joined: Mar 2001
Posts: 591
the beautiful state of ME
Our state law uses 18 as the age of majority to enter into a contract. We get around the check card issue by issuing the check card in the name of the adult who is on the account with the minor and let them give it to the child if they so choose.

opinions are mine and not necessarily that of my employer
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#16820 - 05/03/02 09:01 PM Re: Visa Check Cards for Minors?
waldensouth Offline
Power Poster
waldensouth
Joined: Nov 2001
Posts: 7,983
FINALLY ABOVE the gnat line
Interesting response from Visa - when we made this same inquiry, they stated that they would not allow it without a parent or legal guardian on the account. GA law allows minors to be treated as adults when it pertains to deposit accounts. We have a number of minor accounts with no parent, but since VISA provided that ruling, we have established the rule of no DEBIT card without a parent on the account.
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