My son is well over the age and old enough to go out with his friends to a movie or grab dinner or whatever and be a teenager and learn fiscal responsibility. I do not want any kid to have to carry a load of cash to cover anything he needs to buy and instead have his "own" personal debit card and learn some fiscal responsibility. As he is 15 he will be driving soon enough so I want him to be able to purchase gas and not have to fill it up myself or give him my personal cards. I want him to learn more about saving, spending, being thrifty as well as when necessary be able to leave a decent tip for a great water or waitress who work hard and have to deal with feeding a bunch of teenagers with him.
I have read through a lot of the options to get an account and a debit card as well as make a PayPal Account for Students over the age of 13.
I have not been able to find the answers to the following questions.
1. Am I able to get a Debit Card in his name and use my PayPal account to make any restrictions or other changes so I am able to keep up with anything he uses it for as well as have a limit.
2. If I am unable to do #1, I am assuming (please correct me if I am wrong), that I would be able to create a PayPal Account for Students and he will get his own debit card and be able to use the mobile PayPal app to monitor his account.
3. If I am relegated to #2 and creating a PayPal Student Account - I would like to find any extra or hidden fees that I may not have found anywhere.
4. If again a PayPal Student Account is made, does it have to be linked to a new bank account or may I be able to link my own bank account and his Mother and I use our own PayPal Mobile apps to monitor and make any adjustments necessary from adding money, maximum amount allowed to spend, prevent ATM usage, among the other common parental concerns other would have.
