Learn more about debit cards for kids. This is when a regular payment (e.g., a paycheque or government benefit) or a one-off payment (like a tax refund) gets automatically deposited into your account. Once deposited, the money can be used immediately.
What is a debit card & how does it work?
Debit card definition: A debit card is a payment card that lets you make secure and straightforward purchases online and in person by drawing money directly from your checking account. You're not borrowing from a line of credit like you would with a credit card or a “buy now, pay later” service; the money on your debit card is your own.
What is a teen debit card?
Teen debit cards are typically connected to a joint bank account that both parents and teens have access to. Many teen debit cards are simply prepaid cards that parents, as account owners, load with funds. Other times, parents and teens are joint owners of a checking account and can both add, withdraw or transfer funds.
