Chase announced on Monday the launch of its new checking account, Chase First Bank, to help parents teach their kids and teen about the importance of money management through the Chase Mobile app. According to Chase, the account was build in collaboration with Greenlight.
While showing more details about the account, Allison Beer, Head of Digital for Consumer and Community Banking at JPMorgan Chase.
“Families are juggling so many more responsibilities today than ever before. To help, we’ve made it easy for parents to manage kids’ allowances, keep track of chores and teach important financial skills from within the Chase Mobile app.”
Here’s how it works.
For adults:
- As the owner of the account, the Earn tab allows them to set allowances and assign chores, including how much kids will receive and when they need to be completed.
- They can set the amount kids can spend and at what types of stores from the Spend tab and receive alerts when spending happens.
- They also have exclusive control over moving funds from Save once kids complete a goal.
- For extra peace of mind, they also can turn features on and off, lock their kid’s debit card, and cancel and adjust chores or allowances.
For kids:
- Each child gets their own personal debit card that can be used only based on the spending limits set by their parents.
- From their own Chase Mobile app, Earn lets them see what chores they have been assigned, check them off when completed, and see when their allowance is paid.
- Spend helps them know how much they have and where they can make purchases.
- Save helps them work toward a financial goal and alerts their parents when it’s been achieved.
- They can also lock or freeze their card if they misplace it.
Kavita Kamdar, Head of Chase First Banking, JPMorgan Chase, went on to add:
“Having this account is like having a financial health learner’s permit: kids can learn how to manage money, and parents have the ability to guide their experience safely and in real-time.”