Fibank The new Fibank debit cards for children and teenagers are free and facilitate the children’s ability to manage money
Which is the best way to teach children how to manage their money? Through their own experience, of course.
After a detailed study of the growing need to work on the children’s financial awareness and culture, Fibank (First Investment Bank) now offers new debit cards specially designed for children and teenagers within the age group of 7 to 18. The purpose of the cards is to improve their financial education: to teach them how to control their budget, the expenses they meet and how to save money. The younger children get used to managing their pocket money and to be responsible for them and this will, doubtless, boost their financial success in later life.
It is precisely for this purpose that the debit cards Fibank's are designed with the lowest possible risk and the highest degree of control on the part of the parents: each card has aset limit, consistent with the personal needs of the adolescents and the family’s budget. The cards are exempt from issuance fees, maintenance and ATM taxes as well as for POS terminal payments and cannot be used for payments on the Internet. Parents can monitor the costs incurred by their children by choosing to receive e-mail updates or via the "My Fibank" electronic banking system. Thus they will have a complete report about where and how their children are spending money.
The debit cards for children and teenagers are issued for two age categories:
- For children between 7 and 14 years of age - Debit MasterCard PayPass Kids;
- For children between 14 and 18 years of age - Debit MasterCard PayPass Teen.
The attractive designs of the cards are also created by children and the selection was made by a competent jury at a special contest. Each client can choose from 3 different designs depending on his/her age group.
So far the feedback from parents has been extremely positive. According to the results obtained from the target groups, above all customers appreciate the security guaranteed by the card, the ability to set their own limits and to monitor the place and time of withdrawal from an ATM or a payment at a POS terminal.