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What is a Venmo Teen account? Here's what parents and teens need to know
Has your teen sent or received money on Venmo? Perhaps you can access your teen's Bank of America or Wells Fargo teen account and can see multiple withdrawals for Venmo -- and you're wondering who else they're Venmo-ing?
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If you're interested in knowing how much money your child is receiving and sending on Venmo and to whom, there's now a way for you to have more visiblity over your child's Venmo balance and transactions.
You can now open a Venmo account specifically for a 13 to 17-year-old. This account comes with a debit card and parental controls. Recently, tech companies have been criticized by parents and government officials for not taking the necessary steps to keep teens and kids safe online. Now, some companies are taking strides to give parents agency over their kids' online activity.
What are the Venmo Teen parental controls?
With a Venmo Teen account, parents can lock, unlock, and manage the PIN for their kid's account. Parents can see and control who interacts with their child on Venmo, decreasing the likelihood of suspicious activity.
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Parents can monitor up to five Venmo Teen accounts and see friends lists, account balances, and transaction histories. Parents can also update privacy settings and receive notifications of transactions on their teen's account.
What comes with a Venmo Teen account?
A Venmo Teen account has no monthly fees, no-fee cash withdrawals at select ATMs, direct deposit eligibility, and debit cards available in many colors.
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With a Venmo Teen account, PayPal, Venmo's parent company, says teens can learn financial responsibility by tracking their spending. A Venmo Teen account is separate from the parent's account, giving teens a sense of independence while still having parental supervision.
How do you set up a Venmo Teen account?
First, the parent or guardian must have a Venmo account and download the Venmo app. In the "Me" section, they can find the "Create Teen account option" and begin creating their Venmo Teen account.
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Then, the parent or guardian must input necessary information about their teen, like their name, date of birth, and address. Parents can allow their teen to pick a debit card color, and then the account is set up.
When will Venmo Teen be available?
PayPal says that Venmo Teen is rolling out to select users in June 2023 and will be available to the public in the weeks after.