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These days, it’s important for teens to have access to money when they need it. Many financial institutions offer debit and savings cards for teens, including Pelican! Our Teen Checking works with our Team Pelican Youth Savings account and gives teens ages 13-17 their own secure debit or savings card.

These accounts are also a great opportunity to teach your teen about successful money management before they get to the “real world.” But it’s important to lay some ground rules and make sure you’re on the same page before you send them off with the plastic!

We’ve put together some guidelines that can help your teen manage any account, but also included tips specifically for Pelican’s Teen Checking!

Make a Plan to Spend Wisely

  • Discuss wants vs. needs with your teen.
  • Decide on a weekly spending limit. Help your teen create a budget to remain under the limit.
  • Review the account activity together each week and make adjustments to ensure the budget is being followed.
  • Set a monthly savings goal of at least 10% of the teen’s earnings for emergencies and large purchases. If your teen has no financial obligations, encourage them to save at least 50% of their earnings.
  • Remind your teen that the spending limit on minor cards is $250 a day and ATM withdrawals are limited to$105 a day.
  • Review the account fees that your teen will be charged for using foreign (non-Pelican) ATMs along with the costs and penalties for overdrawing their account.

Track Spending

  • Have your teen download the Pelican app on their phone for up-to-date account information. Visit pelicanstatecu.com/mobile for more information and to download today.
  • Work with your teen to keep a check register, either on paper or in an app, in order to track where their money is going and will go in the future.
  • Keep receipts for at least two weeks to ensure purchases are charged correctly.
  • Utilize [email protected]'s My Finances program to track spending, budget, and save for large purchases.
  • Set up account balance notifications in online or mobile banking as a reminder that the teen is approaching their spending limits. These alerts should go to the parent and the teen by text and/or email.

Discuss Account Security

  • Make sure your teen knows the importance of reporting a lost or stolen card to the credit union IMMEDIATELY. This can be done 24/7 by calling 1-800-351-4877 or visiting [email protected] or PelicanMobile.
  • Remind your teen to never select a PIN that someone can easily figure out (such as a birthdate), always keep their PIN private, and never give their account password or information out.
  • Discuss the dangers of online purchases and how to protect their account information from scammers. We recommend a parent being present every time an online purchase is made.
  • Let your teen know that Pelican has 24/7 card monitoring, and that they may be contacted by email, text, and/or phone to confirm or deny that they made a purchase. It’s important that they only answer yes or no, and never accidentally give a phishing company pretending to call about fraud, locked cards, or other card related issues any card or personal information.

For more helpful tips for you and your family, visit our blog, Pelican State of Mind.

You can also set up a free financial wellness and money management session for your teen by contacting one of our Nationally Certified Credit Counselors at [email protected] or visiting pelicanstatecu.com/wellness.