ATM card for DC

With rising costs and increased learning needs, financing our children's education is no longer a simple walk in the park. Discuss with other parents about how they are managing their finances to cope with their expenses.

At what age do you think your DC is mature enough to have his/her own ATM card?

12 years old
1
9%
13 years old
3
27%
14 years old
0
No votes
15 years old
2
18%
16 years old
1
9%
17 years old
1
9%
18 years old
0
No votes
> 18 years old
2
18%
When he/she starts working, regardless of age.
1
9%
 
Total votes : 11

ATM card for DC

Postby ngl2010 » Sun Dec 01, 2013 10:16 am

Yesterday I learned that children can have their own ATM card at the age of 12. It will be linked to their own kids account. I was tempted to make one for DS so he can start taking more responsibilities and manage temptations to spend money at the age when it is easier for us to shape/teach him.

However, the thought of him missing the card or forgetting the PIN number or forced by people to withdraw his money prevented us to make ATM card for him.

What do you think about giving ATM card to your DC?

Btw, children can have Debit Card at the age of 16.

ngl2010
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Re: ATM card for DC

Postby mummy OnABudget » Sun Dec 01, 2013 11:39 am

I don n din allow lol n ds alsi dont know about ut I just dont think is safe

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Re: ATM card for DC

Postby slmkhoo » Sun Dec 01, 2013 2:02 pm

I prefer to remain my kids' 'ATM' for the time being. As you say, there are risks when they are younger, and I don't think what they can learn will outweigh those risks. Anyway, when they get money from me, I am more aware of their spending too. I don't know when I will allow them to have an ATM card or debit card, but not now (my girls are 14 and 16). I myself only got an ATM card, credit card and cheque book at 19yo when I went overseas to study, and although I was very responsible (if I say so myself), I saw that others got into some difficulties managing their finances. My father was very careful and responsible about his finances, so I must have picked up a lot from him over the years, I guess. I am amazed at the trust he put in me at 19yo - I hope I will be able to trust my girls that way at that age too.

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Re: ATM card for DC

Postby jedamum » Sun Dec 01, 2013 5:52 pm

I will consider letting elder son hold the atm card for purpose of making monthly tuition payment or top up ezlink. If so,the amount will be kept minimum for usage and we will open another separate savings account and treat this atm account as payment account. He will make his own nets payment to tuition centres if he still having tuition and top up his own ezlink. We can use internet banking to manage the amount and monitor the usage.

At times can also get him to detour to make grocery purchases for me, using nets payment, if needed.

This is my plan la.

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Re: ATM card for DC

Postby zbear » Sun Dec 01, 2013 8:43 pm

I share the same view as slmkhoo. My kids are of the same age as hers and I also don't see a need to give them ATM cards for now. They much prefer getting money from me than look for a ATM.

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Re: ATM card for DC

Postby sleepy » Mon Dec 02, 2013 9:22 am

I leave one stack of $2 $5 and $10 in their cabinet. My kids will just help themselves when topping up pocket money in their purse. No need pin number. I don't keep track, all base on trust. They will inform me if cash run low.
Don't think they will ever ask for atm card. To them, bank is for savings only, can only deposit, will feel heartpain if ask them to withdraw :laugh:

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Re: ATM card for DC

Postby starlight1968sg » Mon Dec 02, 2013 9:27 am

It will be a time when a child needs to learn to take charge of his/her finance ie start to own an atm card or even a credit card. When would be the appropriate age? A case by case basis?

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Re: ATM card for DC

Postby Nebbermind » Mon Dec 02, 2013 9:51 am

starlight1968sg wrote:It will be a time when a child needs to learn to take charge of his/her finance ie start to own an atm card or even a credit card. When would be the appropriate age? A case by case basis?

Maybe after they complete A level and depending on how much savings inside the a/c, perhaps another a/c just for expenses.
cc...thet can get it when they start having an income. If not income, why would they need cc.

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Re: ATM card for DC

Postby Sun_2010 » Mon Dec 02, 2013 10:05 am

I got DD an ATM just b4 Sec1 with about $100 in the account.
She is the kind who give me all the gift vouchers etc that she gets from school - doesnt spend money unnecessarily, but on the other hand also doesnt care much about money, or "value" of money" . So the idea was to instill some money sense, and manage money.

Not as much as I would have liked to. She mainly uses her card to top up her ezlink, and on some occasions when they had to buy stuff for school work at Art Friend.( which will be later reimbursed by school). The Popular book shop at her school doesnt accept NETS.

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Re: ATM card for DC

Postby Sun_2010 » Mon Dec 02, 2013 10:07 am

jedamum wrote:I will consider letting elder son hold the atm card for purpose of making monthly tuition payment or top up ezlink. If so,the amount will be kept minimum for usage and we will open another separate savings account and treat this atm account as payment account. He will make his own nets payment to tuition centres if he still having tuition and top up his own ezlink. We can use internet banking to manage the amount and monitor the usage.

At times can also get him to detour to make grocery purchases for me, using nets payment, if needed.

This is my plan la.

Why didnt I think of this?

Thanks Jedamum. :udawoman:

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