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Paypal Launches Student Accounts

Paypal has launched Student Accounts which is a great tool for parents to help their kids manage money. They can be linked from a parent's account and instead of linking to a bank account all the money is able to be controlled by the Parent Account. It comes with a debit card and could be a great tool for a parent and a new college student just getting their start at life.

"Just in time for back-to-school season, PayPal today announced the launch of the Student Account, a fast and secure way for U.S. teens to shop online using PayPal and in stores with the Student Card, while providing parents with a variety of monitoring capabilities.

The Student Account eliminates the hassle of everyday money exchange between parents and teens, while giving teens the chance to learn good spending habits through the experience of being responsible for their own money. Parents can establish up to four PayPal sub-accounts for their teens, transferring funds into those accounts when needed, on a one-time or recurring basis.

Since the parents' and teens' accounts are linked, parents have full visibility into their teen's account balance, spending habits and budgeting skills. Parents don't have to worry about credit impact because the Student Account only allows the teen to spend what is available in their account." via Paypal

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