TD Bank has launched a new reloadable prepaid card, TD Go, exclusively designed for teenagers.
Available for purchase online, the new TD Go prepaid card will be accepted at all the POS devices where Visa debit cards are accepted.
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Parents can open and add funds in the TD Go card through online using a debit or credit card or through direct deposit method.
Upon activation, parents can check their teenagers spending online and receive email and text alerts on transactions, balances and adult-oriented purchases.
TD Bank retail deposit payments head senior vice president, Tami Farrow, said the development of smart spending habits is a journey and many parents want to offer teens a gradual path to increasing fiscal freedom.
"With the launch of the TD Go Card, TD Bank is offering parents a convenient and safe environment to get money to their teens and an easy way to monitor spending," Farrow added.
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By GlobalDataUnlike credit cards, where teenagers can spend lavishly, the TD Go card does not allow teenagers to do so.
Additionally, if a card is lost, it can be immediately cancelled and replaced unlike cash.
