The Wachovia Buxx is a kind of debit card specially designed for teens and the young people who still depend on their parents or guardians for finances. You might ask what benefits the teen will get by using the debit card? Its simple, this is like a financial lesson you are giving the teen. There is a high level of responsibility that is required and as the saying goes, “Charity begins At Home”. When he or she knows that they have the ultimate responsibility of what to do with the money, they will definitely spend it wisely. This is the perfect way for teens to gain valuable personal financial management skills.
So what are the benefits do you personally get by enrolling the teen for the Wachovia Visa Buxx? To the parents, you are able to provide your teen with a re-loadable visa card that you will load when you want. You could also be saving yourself the inconveniences of having to pay your teens allowances and pocket money in cash. You are also able to monitor how the teens spend the money so that should not be a worry. For relatives and friends this presents an opportunity for you recognize and support the teen financially. Furthermore you might want to buy them a gift but are not sure the best give for them. With the parents permission you just load the debit card and the teen can sort themselves out.
Administration the Wachovia Visa Buxx debit card is very easy and convenient. As a parent you do not have to worry that your teen might get carried away and use the money irresponsibly. This is because you have total control of the account. You can set up various parental controls on the card, for example a weekly deposit limit such that the teen cannot withdraw more than the amount you specify in a week. If you so wish you can even receive email alerts detailing where the teen and when the teen is using the card.
There are various ways in which the Wachovia Visa Buxx debit card can be used. Both the parent and the teen can be able to pay for goods or services purchased at merchants who accept visa debit cards and point of sale transactions, withdraw cash at financial institutions that accept visa debit cards for example banks, Carry out the above transactions on Automated teller Machines the support Wachovia, Wells Fargo, Visa or Plus debit cards, access online services related to the card balance and card account history as well as to access Wachovia or Wells Fargo telephone customer services.
Some other important aspects of this service that you should know include: You cannot transfer the cash balance available in a Wachovia Visa Buxx debit card to any other bank, debit or credit card. The card has a Personal Identification Number (PIN) that is made known to the holder and parent only. The maximum card value is $1,000 and this amount cannot be exceeded. The maximum amount that can be transferred to the card at any one time is $500 only. Initial card load minimum is $20. You can use the card internationally as long as it is accepted and are charged for every transaction you make with the card. This is a great way for young people to achieve financial security skills