TD Bank Launches Teen Card (Jan. 16, 2014)
TD Bank, the Cherry Hill, N.J.-based subsidiary of The Toronto-Dominion Bank, has launched a Visa-branded GPR prepaid card for teenagers—giving them the ability to make purchases in stores and online and enabling parents to track spending and set limits. Parents can open and fund the TD Go Card for their teenagers online using a debit or credit card, or using direct deposit. Once activated, parents can monitor spending online and receive email and text alerts regarding balances, transactions and adult-oriented purchases, according to an announcement.
“The development of smart spending habits is a journey and many parents want to offer teens a gradual path to increasing fiscal freedom,” said Tami Farrow, senior vice president, head of retail deposit payments, TD Bank. “With the launch of the TD Go Card, TD Bank is offering parents a convenient and safe environment to get money to their teens and an easy way to monitor spending.”
The TD Go Card has an enrollment fee of $4.95, and there are no monthly or POS transaction fees. Loading the card through direct deposit is free, and $1 if using a debit or credit card. ATM withdrawals and balance inquiries at TD ATMs in the U.S. and Canada are free. Customer service via phone and online is free. After 12 months of inactivity, a fee of $2.50 is charged per month.