Prepare your kids for their financial future
It's never too early to start teaching kids about money, and there's no better way than hands-on learning! Stress the importance of saving with a Team Pelican Youth Savings account, or give your teen the financial freedom they crave with a Teen Checking Account, complete with their own, secure debit card!
Teen Checking & Debit Cards2
- For kids 13-17
- Any checking account opened in conjunction with a Team Pelican Youth Savings
- Earn up to $10 per A on semester-end report cards¹
- Real-time account monitoring and alerts
- Purchase limits
- Card controls for parents
- Add debit card to mobile pay apps like Apple and Samsung Pay
It’s easy. Team Pelican members ages 13-17 can add any Pelican checking account and card to their Team Pelican Youth Savings account! When tied with a Team Pelican account, that checking account becomes a Teen Checking Account.
Is it Safe?
Absolutely. We have all the features you need to safely and securely manage your teen’s account:
- Real-time Account Monitoring – Get text alerts every time your teen’s card is used, then check the MyPelican app for even more transaction details.
- Purchase Limits – Money in the palm of your hand is tempting, especially for teens. The purchase limit on teen debit cards is set to $250/day, and the ATM limit is set to $105/day.
- Card Controls – Teens tend to lose things. If your teen loses their card, you can disable it with the tap of your finger in the MyPelican app. And when they find it in between the couch cushion, you can turn it right back on again.
We know letting go can be hard for parents! That’s why we’ve put together a list of tips and best practices for you and your teen so you can successfully manage the account together.
Some Fine Print:
- Parents must be listed as the joint account holder on the account and both names will be listed on the teen’s card.
- Overdraft Privilege will automatically be turned off and is not permitted on these cards/accounts; an overdraft link to a line of credit, credit card, or savings account is permitted at the parent/guardian’s request.
- Teens will be asked to provide a photo ID if they have one.
- The teen MUST sign the membership application in order to be issued a card.
Teen Account Management
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.
- Have your teen download the Pelican app on their phone for up-to-date account information. Visit MyPelican 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 our My Finances program to track spending, budget, and save for large purchases.
- Set up account balance notifications in MyPelican 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 logging into your MyPelican app.
- 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 Tools and Resources page.
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@example.com or visiting pelicanstatecu.com/wellness.
1Pelican State CU membership eligibility required. Adult 18 years old or older must be a joint account holder on child’s Team Pelican youth savings account. Joint account holder must provide a form of identification for themself and the child, such as a birth certificate or Social Security card, to open account. Highest attainable grade on the report card pertains to each individual semester-end report card’s grading scale. Maximum of $35 per semester-end report card for Team Pelican accounts ($5 per A) and $70 per semester if the student also has an active Pelican Teen Checking account ($10 per A). Copy of official semester-end report card required. Only the student's most recent semester-end report card is accepted. Report cards are accepted for either of the major semesters, such as May-end and December-end, or terms, such as spring or fall terms. Team Pelican savings accounts are federally insured by NCUA.
²Pelican State CU membership and Team Pelican Youth Savings account required to open a checking account for a minor. If you are not a Pelican member, you must be eligible to open a primary savings account with Pelican to become one. The deposit to open a primary savings account starts at a minimum of $10 ($5 to join + $5 minimum balance). A minimum deposit of $25 is required to open Kasasa Cash or Kasasa Cash Back account. Must be 13-17 years of age to qualify. The purchase limit on teen debit cards is set to $250/day, and the ATM limit is set to $105/day. Parent/guardian must be listed as the joint account holder on the account and both names will be listed on the teen’s card. Overdraft Privilege will automatically be turned off and is not permitted on these cards/accounts; an overdraft link to a line of credit, credit card, or savings account is permitted at the parent/guardian’s request. Teens will be asked to provide a photo ID if they have one. The teen MUST sign the membership application in order to be issued a card. Not everyone will qualify. Pelican reserves the right to limit the number of accounts allowed per member, joint or individually.