It’s important for teens to learn how to manage their money, but as a parent… it’s also a little scary. That’s why Cash App launched Cash App Families, a banking experience made for teens ages 13 to 17. It helps teens learn to manage their money while giving parents complete oversight to keep them safe. Here’s what you need to know:
Parental Oversight Features
Being a parent involves a lot of push and pull between wanting your kid to learn and grow but also wanting to protect them. With Cash App Families, you get the best of both worlds, thanks to the parental oversight features. Parents get real-time notifications for their teen’s payments and purchases and can control which features their teen can access.
Worried about who your teen may be sending money to? Cash App has you covered on that, too. Parents are notified when their teen sends a payment to a new contact, and they can also block contacts and see payment notes.
Tools to Help Teens Learn
There’s lots for teens to love too! They get their own Cash App Card, which they can customize. They can also get direct deposits from part-time jobs as well as instant access to peer-to-peer payments, so if you send them money for their allowance, as a gift or for something else, they can use it right away. To help encourage teens not to instantly spend that money, though, Cash App Families has built-in tools for saving goals and budgeting.
No Surprise Fees
Teens don’t usually like to hear the word “no” (and really, who does?), but in this case, it’s a good thing. With Cash App Families, there are no monthly fees for parents, no monthly fees for teens, no minimum balance and no fees to send or receive money instantly.
Industry-Leading Security
You won’t be the only one keeping your teen safe! Cash App Families has advanced fraud prevention systems, which is why less than .01% of peer-to-peer payments on Cash App are confirmed scams. There’s also 24/7 fraud monitoring and proactive fraud prevention, as well as cutting-edge encryption on payments and user data. And parents can instantly lock their teen’s Cash App Card if they notice something fishy.
