Venmo announced today that it’s introducing teen accounts, allowing parents and legal guardians to open a Venmo account for their teenagers so they can send and receive money. The account, which has no monthly fees, also comes with a Venmo Teen Debit Card. Each Venmo Teen Account is connected to and managed by a parent’s personal Venmo account, but the teen account has a separate balance from the parent’s account.
The Venmo Teen Account allows parents to monitor transactions, manage privacy settings and send money to their teen. Teens can track their own spending in the Venmo app and may be eligible to receive direct deposits, enabling funds to be paid directly into the Venmo Teen Account from an after-school job, for example.
Parents can choose whether to grant their teens access to the Venmo app. They can view the Venmo Teen Account’s balance and transaction history, manage the Teen Debit Card’s PIN, ...
