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Teenager banking

Last post Mon, Jan 30 2012, 3:29 PM by Yehipers. 1 replies.
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  •  Mon, Jan 30 2012, 3:29 PM

    Re: Teenager banking

    My 14 year old step daughter has an account with Nat-West. We pay her pocket money every month by standing order, she has a debit card which can be used at cashpoints and instore - clearly there isn;t the capacity for her to go overdrawn.

    I'm not sure if there is the capacity to limit how much she can take from the account, and we haven't investigated the possibility of 'sweeping' excess funds into her savings account automatically.

    don't know if this is of any help...but hope it is :)

    • Post Points: 5
  •  Thu, Jan 26 2012, 8:49 AM

    Teenager banking

    Hi
    I have a 13 year old with a standard Building society account for his pocket money. To withdraw, and deposit, we must make visits to the branch.

    Now he is older, we would like to be able to set up an account for him so we could pay in his pocket money by standing order every month, and he could withdraw via a cash machine - although we would like to be able to limit this facility to about £50 per day. When the account is say £75 we would want to transfer £50 to his deposit account. We are not talking great sums here, only about £15 a month.

    I can't seem to find any account that will allow either deposits by standing order, or limits to cashcard withdrawals. Am I asking for the moon? What would you advise?

    Thanks for your help
    • Post Points: 20