Bank of America has begun marketing the Visa Buxx card, a prepaid stored value card for teens. The card gives parents the ability to monitor real-time transactions and to educate their teenagers about finances.
Under the programme, teens receive their own card, embossed with their name and account number, to use at places agreed upon with their parents. In addition, parents may designate gift givers, such as grandparents, who can also load value onto the card at any time. The Bank of America Visa Buxx Card also features gift certificates redeemable at specified merchants who have joined the programme.
Along with the card, teens receive instructions on how to use the card responsibly. The Bank of America Buxx Web site also offers tips on online merchants and useful Web sites.
"The Bank of America Visa Buxx card helps parents and teenagers work together to begin understanding financial responsibility," says Ken Kido, consumer card executive at Bank of America.
Security features of the card include limits on the amount of funds that can be loaded onto the card and limits on the frequency and amounts that can be withdrawn from an ATM. The card also carries a zero-liability guarantee that states the cardholder will not be liable for unauthorised use of the card provided notification is given within a reasonable time of the loss or theft of the card. The accounts also have a unique personal identification number (PIN), a user ID and password for online access to protect the security of the account.
WildCard Systems has been selected as the e-payments vendor for the Buxx programme at the Bank.