#FinancialInclusion #FinancialLiteracy / Chase Launches Free Checking Account For Kids, Teens

With Chase First Banking, built in collaboration with Greenlight, parents and kids will be able to work on managing allowances, check off chores and look at spending… Greenlight says its mission is to help parents raise fiscally-intelligent children.

… the application comes with parental controls for how much the children can spend and for which completed chores will cause allowance to be distributed. It will let parents determine how much kids can spend and at what sorts of stores, and control the movement of funds.

… kids will be able to use their own personal debit cards based on the controls set by their parents, allowing them to know what spending controls are applied and what chores they still have left to do. The application lets them know how much they have and when they can make purchases, and allows them to work toward a financial goal and let parents know when it’s been achieved.