JPMorgan Chase introduces new Chase account to raise financially smart kids

By Pavithra R

JPMorgan Chase in its constant effort to help parents and kids manage allowances, monitor spending, complete and check off chores, and save towards a goal has announced the launch of Chase First Banking, a new checking account with no monthly fees explicitly designed to help parents teach kids and teens about the significance of money management through the Chase Mobile app.

The new account was built by Chase in collaboration with Greenlight, a company on a mission to help parents raise financially smart kids. With digital transactions gaining momentum, kids are losing their chance to get in touch with real-time discussions on the value of money and how to think about purchases.

“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,” said Allison Beer, Head of Digital for Consumer & Community Banking at JPMorgan Chase.

Chase First Banking accounts can be opened for free by parents, adult family members and legal guardians through their Chase Mobile app.It has 3 features: Earn, Spend and Save. The workflow is as follows:

For adults:

• Earn tab allows owners of the account to set allowances and assign chores, including how much kids will receive and when they need to be completed.
• Spend tab to set limits on the amount kids can spend and at what types of stores with alerts enabled when spending happens.
• Save to have exclusive control over moving funds once kids complete a goal.
• Added features such as turn on and off, lock their kid’s debit card, and cancel and adjust chores or allowances are also available.

For kids:

• A personal debit card that can be used only based on the spending limits set by their parents.
• Earn to get a track on what chores they have been assigned, check them off when completed, and see when their allowance is paid.
• Spend to know how much they have and where they can make purchases.
• Save to work towards a financial goal and alerts their parents when it’s been achieved.
• Provision to lock or freeze their card if they misplace it.

“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,” said Kavita Kamdar, Head of Chase First Banking, JPMorgan Chase.

Recently, JPMorgan Chase unveiled Digital Hub for businesses fraud protection.

JPMorgan is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. It serves nearly half of America’s households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing.