Supervised banking for kids (or adults who need to be reigned in 😂)

Feedback & Ideas
22

@tom I found this about why some banks force you to be over 16/18 for contactless: a spokesman for Lloyds TSB said: “When contactless transactions are made, using our debit cards, they are authorised immediately at the terminal and do not check whether the customer has sufficient funds in their account”. Hence you can go in to debt (using a small overdraft) if you don’t have sufficient funding, therefore some banks need you to be 16. Although banks that force their cards to be online-only (like Mondo and seemingly Nationwide) don’t place this restriction on cards. There’s my two cents :wink:

23

I would probably be safe in assuming that the over 18 limit is more to do with the fact that the actual cards currently being issued are MasterCard ie. Prepaid credit cards and so credit card rules apply

Once debit cards are available then I would guess this may be reviewed

Could be wrong though!

24

The cards issued are not credit cards. They are prepaid debit cards.

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25

Ahh okay, in that case I don’t know!

26

Mondo uses Wirecard to supply its cards. The 18+ rule helped them pass through an agreement with wirecard much quicker. There’s no law stopping Mondo from providing it.

Since Mondo has got a limited license and would hopefully receive a full license shortly, they’ll probably not provide prepaid cards for under 18s. However after they receive their license, they’ll be able to issue their own cards and hopefully they’ll provide for under 18s.

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27

My 8 year old has a Mastercard contactless GoHenry card.

28

This feature will be really cool, I currently use GoHenry for all my children cards but the older one being 17 would love to use a Monzo so it’s a bit of a drag he can’t sign in yet.

Cheers

29

As said in the thread previously this is such a great untapped resource for future mobile only young customers, hopefully in the new year after monzo gets its full licence they will consider very seriously a “Go Henry” style solution to let Monzo users add their children to their accounts.
Even for a responsible banking stance to teach children about personal finance and responsibility its got to be a great advertisement for Monzo.

ps just edited the thread heading to Monzo from Mondo to avoid confusing new always Monzo users - what was all the fuss about :slight_smile:

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30

Can anyone say if this is something seriously being considered by Monzo?

My lad is 16 and looking for a bank account. I’d love to start him on Monzo, but he won’t wait forever. I know the full banking licence will be here in 2017, but when? If it’s something seriously being considered I’ll try to convince him to hold fire before the big greedy banks get their hooks into him!

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This comment from Monzo’s Facebook page today sounds promising :thumbsup:

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33

Thanks for clarifying this, but what if you’re 16 or 17? Still under 18 but theoretically forceable against debts.

Does Monzo have any plans to make the card available to 16+?

Thanks

34

I remember getting my first proper bank account with a debit card on my name at age ten, about eight years ago now. :scream: Luckily Monzo appeared just as I turned 18. :fire::tada:

It’s understandable that Wirecard have an age limit and so Monzo have the same limit by proxy, but Monzo is really smart and in a really good position. Once the current accounts are launched and Wirecard is dropped, I feel like an account for those under the age of 18 (with extra safeguards?) is something that could be implemented.

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35

Its been mentioned before but I would love to see Monzo getting younger people on board - thinking 14/15 year olds ish - to teach them money management with their parents oversight ( ? ) - responsible budgeting at an early age - it would be investing in future customers financial awareness, responsibility and stability

36

Me too. I’ve just seen that I’ve been caught out by @hugo’s practise of deleting his tweets so his confirmation that under 18 year olds will be able to sign up for a current account is gone. Could someone from the team please post that here?

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37

I think the deleted message said the new current accounts may be for age 15 and above

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38

don’t know if there would be any data protection problems, but offering a parent a couple of pre paid cards for their kids linked to the parents current account details and parents feed so the parent could top up and monitor their kids spending habits

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39

Naji’s just confirmed this here -

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40

I’d like an account for my little one who is 2 and then when she hits say 13 gets a restricted cash card account (no PDQ/online use etc) then at 16 upon parent approval could get limited current account then obviously full at 18

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41

Same here. Most of my friends and I get their cards at 16 and 17. It would be really great to have the limit at 16.

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