Parents have the responsibility of being their children’s first teacher, before they think about leaving home for kindergarten or college.
The first rule is to teach children to be responsible and accountable for the decisions they make. With the world’s unstable and unpredictable economy, it is safe to assume that everyone needs to start putting a few dollars back, and to be thrifty in their spending and wise in their investments.
This is why teens need to learn at an early age, that money does not grow on trees, but if you have money you can make it grow for you. Chase Student Debit Cards is the first start in making this happen for your teens.
Is there a limit on Chase student Debit cards?
Yes. Chase currently has a spending limit of $300 for purchases, and $500 for other Chase ATMs. So, if you are worried that your teen will overspend, there is no need to worry.
Chase will cap the daily amount allowed for purchases, and will not honor any additional purchases that exceed the daily amount. If teens access funds outside of Chase’s ATM systems, the limit is decreased to $400.
To obtain clarity on any of Chase’s student’s checking account or debit card information, you can call the customer service department at Chase by dialing 1-800-935-9935.
How can you check a chase high school debit card spending limit?
You can check the spending limit on your card by calling the number on the back of the card. Every account is different, so all spending limits will not be the same.
One piece of information you need to know about your spending limit, is that ATM withdrawals will also count towards your daily spending limit. If you use a non-chase ATM you are subject to a $3 fee by Chase, and another fee by the ATM provider that you withdrew the money from.
So make sure you are taking out all the money you are going to need for any reasons, because you will be charged another fees or more fees, if you withdraw your funds from another ATM, other than Chase. However, Chase will not charge you a fee for withdrawing funds from any of their approved ATMs.
Does Chase High School Checking have a Debit card?
Yes, Chase’s students’ school checking account comes with a debit card. Parents can take their children to the nearest Chase bank and help their teens open their very first checking account.
The account can be set up to accept Zelle and direct deposit, and there are no monthly fees.
Best of all, as your teens mature through middle school, high school and college, the account can be upgraded to meet their needs. This allows teens to develop a sense of pride and accomplishment, as they see their money grow and earn interest. Their first debit card will be like a credit card to them, limited only by the amount they put into the account.
Does Chase have a transaction limit?
Yes. The daily limit you can withdraw through an ATM is much lower than an actual in-person withdrawal. If your ATM spending limit is $500, and your daily transaction limit is $1000 dollars, you will not be able to withdraw the entire $1000 through the ATM.
However, if you were to go inside a Chase branch, you will be able to withdraw any amount up to $1000 or $1000.
This is where so many customers get confused. Caps and limitations are in place for several reasons. One reason is to make sure the customer does not overdraw their account, which can result in insufficient fund fees. Another reason is that accounts are set up according to age, account type, and account set up. Some parents might put a spending limit on their student’s account if they fear their teen will overspend.
Nevertheless, there are instances when parents can increase their teen’s spending limit. Teens, as they get older, can also request an increase.
However, as your teenagers get older and you progress through different grade levels, their debit cards change, and so do the transaction requirements and daily spending limits.
The importance of credit and money are two important elements that children need to learn at an early age. As parents, it is our responsibility to teach our children these important concepts.
Chase offers parents a helping hand in helping their teenagers to understand how money, investment, and savings work. Students can open a savings or/and checking account in their own names.
Having a student debit card at any early age is not a requirement, it is a privilege. Children with part-time jobs can begin building their credit and establish a relationship with their bank, and Chase makes this possible.