PayPal Student Account
Feb 6, 2012
Review by kelly60
Rated a Very Helpful Review
User Rating: Excellent
Web Site Experience:
Pros:Teaches responsible money management. Visa Debit Card can be used nearly everywhere.
Cons:ATM and inside bank withdrawal fees, but most debit cards have these.
The Bottom Line: Teaches responsible spending and money management. Teens have easy access to money, as well as balance and spending information so they can easily track their spending. Easy money transfers.
The PayPal Student Account is a great way to dole out allowances, or to teach teens about spending. This account is not a secured card, nor does it do anything towards building your child's credit, but it can help teens or young adults learn how to handle money responsibly.
Recommend this product?
Although my son is the only one permitted to log into his account, there is much that I can do from my own account so even though I don't control his spending, I can supervise how well he is managing his money. Since it is linked directly to my PayPal account, it is easy to add funds or check purchases that he makes.
To get the card, I logged into my PayPal account and clicked the link to set up a Student Account. Just fill in your child's name, date of birth (must be 13+), email address and a password. Your child will be sent an email, asking them to activate their account. They can also change the password if desired.
When setting up the account, you can choose whether or not to allow your child to send or receive money, make online payments (including automatic payments), transfer money from a bank account, or use their own PayPal Debit Card, or to text you if they need cash. As the parent account, I can also temporarily block spending or receiving money if I feel the need, or I can also make other adjustments to his account. You also have the option to be notified by phone or text if your child spends over a set amount of money, if their balance drops too low, or if they transfer money from a bank account.
Once this account is set up, your child can log in and check his balance and see all transactions at any time. I have access to this information from my account as well. You can also set up transfers (one time or recurring) from your account into theirs, or you can transfer money from their account into yours if desired. Transferring money from a PayPal Account is free though fees apply for funds transferred from a credit card.
Within a couple of weeks after creating my son's account, his PayPal Visa Debit Card arrived in the mail. To activate the card, he had to sign into his account and enter the activation code from the email they sent. It just took a couple of minutes and he had full access to any funds I sent him.
The money can be transferred instantly into his account from mine, and even if I don't have the funds in my PayPal Account, he will receive them right away. It takes about 4 days for the funds to get to my account from the bank, but he doesn't have to wait for them. This works out great because he can call or text and ask for more money if needed. It only takes a minute to log into my account and transfer him money if needed.
Read all comments (2)
Share this product review with your friends
Bibliogov 9781240598687 Parent and Student Savings Account Plus ACT Description The BiblioGov Project is an effort to expand awareness of the public d...
Help your students keep track of their cash with this practical, hands-on manual. Students will learn what an ATM card is, why a checking account is u...
Buy En Greve - A Graphic Account of the Montreal Student Strike by Ellyn, Laura and Read this Book on Kobo's Free Apps. Discover Kobo's Vast Collecti...
Store Search search Title, ISBN and Author Mental Health: A Student Nurse Account by Jack Bennington Estimated delivery 3-12 business days Format Perf...
Bibliogov 9781240628681 The Same High Standards for Migrant Students: Holding Title I Schools Accountable. Executive Summary Description The BiblioGov...
You are bidding on a BRAND NEW COREL WORDPERFECT OFFICE X6 HOME STUDENT (3 PCs) – Sealed Retail Box. Shipped free via USPS First Class Mail with tra...
Store Search search Title, ISBN and Author Fundamental Accounting Principles Student Guide for Sage 50 Complete Accounting 2013 (Formerly Peachtree) b...
Important Notice! Before purchasing this product, please be sure that you (or the person you are buying the product for) are eligible to use the Adobe...
Published in 1773, this three-volume work proved a bestseller in its day. Taken from journals and including Cook's first voyage to the southern hemisp...
Your students will embark on a grand tour without ever leaving home with BJU Press' Cultural Geography textbook. Each unit opens with a brief first-pe...