Credit Unions completely understand that many of their members are just starting out in the world of credit and prefer to start with a simple savings account, as opposed to opening an expensive checking account. That’s why Alliant has designed the all-new Teen Checking Account, with no minimum balance requirement, no monthly maintenance fees, no overdraft fees, no minimum balance requirement, no transaction fees, and no service charges. The college-age teen that is looking to open an account can do so easily, without paying any fees or having to prove identity.
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Debit cards are becoming more popular than ever. Reports show that debit card transactions account for 27% of all retail transactions, and the popularity of debit cards has increased by 9.1% over the past year. To help teens learn the basics of using debit cards, Alliant Credit Union is launching a new teen checking account that is designed for teen checking accounts. The teen checking account has a debit card that is linked to the teen account. The teen can use the debit card to make purchases. The teen can also use the debit card to withdraw cash from any Alliant Credit Union ATM locations.
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You’ve probably heard of Alliant Credit Union. Many of our readers are Alliant customers, and we’ve previously had the chance to evaluate many of their products. Today, we’re looking at a teen-only account.
For families with teenagers, the Alliant Teen Checking Account With Debit Card is an interest-bearing joint checking account. It’s a free account for young people that allows them to deposit money, make payments and transfers, and earn interest on money they don’t spend. After reading this post, you’ll have a better idea whether this is the appropriate account for your adolescent.
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This article will teach you how to:
Teenagers between the ages of 13 and 17 are the target audience.
Teens who desire to save money and will utilize their accounts on a regular basis are good candidates.
This account makes the most sense for teenagers who want to start saving money and building their wealth since it pays interest. This account is co-owned by an adolescent and a parent or guardian, however the teen is the main owner and the adult is a partner owner. Certain rights are given to either the joint or main account owner, while certain permissions are granted to both.
This checking account automatically changes to a regular Alliant Checking account when the user reaches the age of eighteen. Both joint owners will remain on the account, but the adolescent has the option of removing their parent. Spending restrictions and rates will be increased, and a new debit card will be issued as a result.
This account has no minimum balance or initial deposit restrictions. Despite the fact that a teen is the main account owner, their parent has greater power.
To be eligible for a checking account and debit card, an adolescent must be a member of Alliant. If their parent, guardian, or another immediate family member is a member, they will immediately qualify for membership. This account must be created by both the teen and the parent.
Earn: Teens who are working may deposit paychecks into their accounts via the mobile app or set up direct deposit transactions.
This website does not allow teenagers to directly seek money from their parents, nor does it allow them to earn money by referring friends. Teens may get an allowance in the form of a regular payment from their parent(s), but this is one of the few opportunities for them to earn additional money.
Spend: Each Alliant Teen Checking Account comes with a contactless Visa debit card that works virtually everywhere Visa is accepted. This debit card may also be used to withdraw money from over 80,000 ATMs in the network. If a kid uses an out-of-network ATM and incurs costs, they may get up to $20 in monthly refunds.
Cash withdrawals from ATMs are restricted to $100 per day, while POS transactions are limited to $300 per day.
Teens may use their accounts to make checks, but their parent(s) must purchase and reorder the checks.
Teens are not allowed to conduct ACH transactions, but there are a variety of other options for sending money to pals. This account and debit card may be connected to digital P2P payment applications like Cash App, Venmo, and PayPal, as well as Apple Pay, Google Pay, and Samsung Pay.
Although this platform lacks budgeting tools such as the ability to create buckets for various kinds of expenditure, teenagers may use the monthly spending report to evaluate their spending patterns. They also lack the ability to put aside money for saving, as well as establish and monitor savings objectives.
Save: All balances in the Alliant Teen Checking account earn 0.25 percent annual percentage yield (APY).
A youngster must make at least one electronic deposit per month and opt into digital eStatements rather than paper statements to qualify for this interest rate. Users who make direct deposits, ACH transfers from other banks, mobile check deposits, and ATM deposits are all eligible for interest. Every month, interest is paid on the final day of the month.
The adolescent must give the parent access to their account before the parent may view all of their teen’s account details. They may do so by login into the app and going to the sidebar and choosing “Account Details.” They should then choose their bank account by clicking “Manage Joint Owners,” “Manage Online Access,” and “Manage Joint Owners.” This will provide their parent(s) access to this account’s activities via their banking site.
Once a parent has been granted access to see their teen’s activities, they may use transaction notifications to keep track of their spending. They may also look at their teen’s monthly transaction report to see how much money they’ve spent and where it was spent.
If a parent has a separate Alliant checking or savings account, they may use it to finance their teen’s checking account. They may also connect external bank accounts and transfer funds from there. They may make one-time or regular payments from their financing account to their joint account. They may set (and modify at any moment) frequency, amounts, and dates for regular transactions.
Parents may also fund the account using an external bank ACH transfer, direct deposit, check deposit, or a credit or debit card transaction. Standard outbound ACH transactions may only be initiated by the joint owner, the parent or guardian.
The parent acts as the main account contact and has account and administration rights that the adolescent does not have as an adult joint account owner. For example, the joint account owner is in charge of maintaining Overdraft Protection, which means they must determine whether or not to use it. Although this function is available to all account users at no cost, it must be activated before it can be used.
When Overdraft Protection is turned on, money from a linked savings account are immediately taken to cover transactions for which the checking account balance is insufficient. When overdrafting is disabled, transactions are rejected and overdrafts are not permitted.
Similarly, only a parent has the authority to request checks for their teen’s account. When you create an account, the first box of checks is free. Both joint account owners and primary account owners (teens) have the ability to challenge transactions; however, the joint account owner must sign any paperwork and will be the primary point of contact while Alliant attempts to settle the issue.
- There is no monthly maintenance charge.
- There is no charge for having a low balance.
- For ACH transfers, there is no charge.
- $1 per statement on paper
- Inactivity charge of $10,
- The cost for an inactive account is $10.
- if you need a new debit card, you’ll have to pay nothing.
- For the first order of checks, there is no charge.
- a $25 charge for insufficient cash,
- Wire transfer from the United States to the United States for $25
Users are urged to switch from paper statements to digital statements, which are also needed in order to earn interest (along with monthly transactions). You may also avoid the inactivity and inactive account fees if you make at least one transaction into or out of this account each month.
Teens will no longer be charged non-sufficient money penalties if they overdraw their accounts after August 2023. If a user’s account is overdrawn to pay for a transaction and the balance falls below zero, a $25 fee will be levied to their account, although it will be immediately reimbursed within a day or two.
This product is recommended for families that desire a free account that may be obtained by making regular deposits or transfers and getting electronic statements. Alliant does not charge a lot of money.
Another advantage of this product above others is the ability to transfer funds and access to cash. Most mobile payment applications allow teens to transfer money to their pals and make cash withdrawals at thousands of in-network ATMs. Alliant even pays for ATM costs.
However, although teenagers may easily access and transfer money, other account functions are restricted. The website has no planning or savings tools, and users can’t divide their money into saving and spending categories. Teens will need to work with their parents to evaluate their spending and develop budgeting and saving methods, or perhaps open a separate savings account, to get the most out of their first checking account. Most families, we’re sure, would prefer to do everything via one account.
Because Alliant sets such low daily maximums for these activities, teen users may find the account’s spending and withdrawal restrictions to be very restrictive. Customers may only withdraw $100 in cash each day, which might put teenagers in a bind when they opened a checking account to have more spending options.
Controls are also restricted on the part of the parents. Parents can’t stop their children from shopping at specific stores by imposing limitations, altering total spending limits, or putting spending constraints on individual categories. They also can’t utilize incentives like account bonuses or balance matching to encourage healthy behaviors like saving.
Customer feedback on Alliant is varied. Many customers have had bad encounters with customer support employees who were either unprofessional or didn’t know how to assist fix issues. Communication problems with users seem to be a frequent issue for this institution, with many customers reporting that their accounts have been frozen, transactions reversed, and so on without notice.
On the other hand, a large number of users and long-time Alliant members report having had good overall experiences with the credit union and customer service contacts.
On Google Play, the Alliant mobile app has a rating of 4.6 out of 5 stars, while on the App Store, it has a rating of 4.7 out of 5 stars. The software has been criticized for being buggy, but the overwhelming majority of users are happy with it. The program’s design is typical for a banking app, and it’s clean and simple to use.
You may reach Alliant’s customer care department by dialing 800-328-1935. If you have a non-urgent question, you may send a secure email by signing onto your account or ping Alliant on Twitter.
Some consumers choose to conduct some aspects of their banking transactions over the phone. If you want to do so, be aware that fees may apply that are not applicable to online or mobile banking (for example, an ACH transfer made online is free but costs $10 to conduct over the phone).
The NCUA insures all Alliant Teen Checking accounts up to $250,000. Alliant also offers free fraud protection to all members 24 hours a day, 7 days a week. Users must still notify the credit union as soon as they detect questionable behavior in order to avoid paying for transactions they did not approve.
You must first be a member of the credit union in order to establish an Alliant Teen Checking account. If you work for an Alliant partner company, are married to or connected to another Alliant member, or live in a Chicago suburb like Franklin Park, Elmhurst, or Prospect Heights, you may be eligible.
If the following requirements do not apply to you, you may still join Alliant Credit Union by becoming a Foster Care to Success member (FC2S). Thousands of foster teenagers are served by FC2S throughout the United States, with an emphasis on those who are aging out of the system. FC2S offers higher education grants and scholarships, as well as care packages, mentorship, and internships. (Alliant will pay FC2S a $5 membership fee on behalf of the member.)
Your adolescent will need to join Alliant Credit Union once you have — either before you begin establishing an account or when you begin the application process.
You may then create an account for them.
The Alliant Teen Checking account might be more collaborative and lacks some of the features you’re searching for, but it’s still a good choice. Keep searching if you’re seeking for the most complete platform with an abundance of instructional materials and controls. This checking account and debit card, on the other hand, may be the right fit for you if you want your adolescent to earn interest on their savings while also allowing them to avoid carrying cash.
Alliant Credit Union has a rewards checking account designed for teens with debit card access.. Read more about alliant credit union kids savings account and let us know what you think.
Frequently Asked Questions
Can a 16 year old have a bank account with a debit card?
Yes, a 16 year old can have a bank account with a debit card.
What banks let 13 year olds have a debit card?
The following banks allow 13 year olds to have a debit card. Bank of America, Bank of Hawaii, BBVA Compass, Capital One 360, Chase, Citibank (Citi), Discover Financial Services (DFS), Fifth Third Bank (FITB), Huntington National Bank (HNB), KeyCorp, M&T Bank Corporation, PNC Bank
Can my 13 year old get a debit card?
Yes, they can get a debit card.
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