Capital One Money Review From a Mom of a Teen
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- เผยแพร่เมื่อ 29 มิ.ย. 2024
- Are you looking for a free bank account with a debit card for your teenager or child? Capital One Money is one of the best checking account options for ages 8+, but it has some pros and cons. My kids and I have tried it out for a few months and we'll give you an honest review.
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The information and opinions within this content are for information purposes only. Guidance is based on personal interpretations and in no way, represents legal or financial advice.
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Chapters:
0:00 Capital One Money Review
0:15 Mobile app for parents
1:23 Mobile app for kids & teens
1:53 Debit card
2:09 Using ATMS
2:39 Cons of Capital One Money
3:59 Pros of Capital One Money
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Thanks. Glad these concerns are well behind me...all in the past glad to say:-)
Oh good! Do you mean your banking is all set? Or that you aren't a teen anymore?
@@SmartFamilyMoney My children are no longer teens 🙂
Awesome info and review. Thank you!
Glad it was helpful!
Thanks for this review. We were using Step and Current Bank but, Step, after 11 months, they closed our account without an explanation. They did return all the money from all four debit cards back to the original debit card or bank it was taken from. I didn't know Capital One offered this. I do have Capital One. Thanks.
I do feel that the customer service is a bit better with Capital One.
Same.. they just closed my account recently and said I violated the terms of use which I don’t believe I did, when I reached out no explanation was given.
Thank you so much for explaining the details of the account. I want to get my son started with his own bank account and this seems perfect. Wow, the only thing I see that sucks is that they don't have zelle. What a bummer.
Capital One Money DOES have Zelle now, if the child is over 13!
Question - when setting up the account do I have to input my information for both kids or as I am setting the accounts it will ask if I want to add another kid? Hopefully that elks sense . Your channel is great
I set it up for both of my kids and I don't remember... I'm pretty sure I did one and then went back and did the other. I remember it was pretty easy though.
can kids designate funds as anything other than "spendable" or "set aside"? for instance, could they also add buckets for "giving" and "charity"? also, can kids easily transfer money out of their account to an investment account with a brokerage like Schwab? i.e. they they allocate some incoming funds to be invested, then when they're ready to invest it they transfer to their investment/brokerage account.
i have the teen account, if you take them to like a Walmart or something to that affect with a money service area, they can put money straight onto their card- if its cash that is. But i was curious too and found out Walmart allows it!
Oh interesting! What was the fee for that?
Hello can you give updated explonation?
Is your child able to add their card to their mobile wallet?(apple pay, google wallet) ?
What happens if they try to spend more than is available in the acount? WIll the transaction be declined?
I learned that no matter your age you can dive deep and continue to work on yourself.
Does anyone know how to make the kids account not show the money amount in the other accounts
When the app is set up on the teens phone what questions does it ask to link the account?
When setting up for a 14 year old, who should be the primary on the account?
hey did you ever find out the answer i’m wondering the same thing
@@darleneabiti7634 I just created one, your the primary account holder because your the adult, just let them create an login on there phone
Let the 14 year old be the primary. This is about them learning to be financially responsible. You'll still have parental control over the account.
Awesome review. Does the debit card automatically be mailed once you set up the kids account? Or do you go into the parent app and request it?
It ships automatically
Yes, it gets mailed automatically.
Is there any reason to have both a Step and a Capital One Money account? I just got a Step card and I'm not sure if I should sign up for Capital One as well.
Capital One will give you a few things that you can't get with Step (at least not yet, but Step keeps adding features). The biggest one is ability to deposit paper checks using the Capital One mobile app. Capital One will also give you access to Zelle for transferring money for free to other people at other banks (if you're over 13 and have parental permission).
How do you add paper cash to the teen account. I don’t have a barcode
Thank you for your review, I just signed my 14 year old son for the Money card. Does he set up his pin when the card arrives? I didn’t have that option when I signed him up for it. TIA!
I don't remember but I think so. I can change my pin in the Capital One app, so he can definitely do it that way at least. Do remember that he'll need his own separate login to use everything himself.
Can the Money Debit card be added to Apple Pay?
Hi awesome review thank you. Im not a parent but would like to open the checking account for my little sister she’s 12.
I already have capital one credit card
Can I open it for her ?
In the terms, it does say that the adult on the account must be the parent or guardian of the child, so technically, I don't think it's allowed. Here's the fine print: www.capitalone.com/bank/disclosures/checking-accounts/teen-checking-account/
If she's 12 or older then you can open it for her, if she's under 12 then it has to be a parent.
What about overdraft fees? Will the Capital One prevent the account from going negative???
There is no overdrafting allowed on Capital One Money. The transaction would just be denied. Here are the details: www.capitalone.com/bank/disclosures/checking-accounts/teen-checking-account/
We had Greenlight but the customer service was terrible. Looking into Capital One Money currently. Can I transfer money from my bank to my child’s account instantly like with Greenlight or is there a waiting period? Thanks
If you're transferring from one capital one account to another capital one account, it's instant. If you're doing a regular transfer from an external bank, it can take a few days. But if you use Zelle between your external bank and your child's capital one, it's instant. That's what I use with my kids (Zelle). They do have to be over 13 to use Zelle though.
Hello , for adding money, does my parent need capital one bank account? Or could they use any account OR use a credit card to transfer money
They don't need a capital one account. They can use any bank account to make a transfer. There's no easy way to use a credit card for adding money.
@@SmartFamilyMoneythank you so much
If i’m a parent how do I see my kids balance and transfer money to the card ( I don’t go to capital one i just opened the account for him)
You will need to set up your online access and you can use the web site or app to see their account. To put money in, you can set up transfers from your bank account at another bank.
Hello I'm a teen I apologize in advance if the questions sound dumb but I wanna make sure I have the right information. Ok so I want to have my own credit card to start building my credit from a young age and start saving money and ill have my mom make a joint or custodian account with me. Should I get the teen capital one bank account or should I instead get the step online banking account? and I'm wondering if I need to get a capital one bank account first before getting the step bank account or can I just sign up for a step account without it. Also does my mom need a step account for her to manage my account and deposit money into my account or only I need one.
If you're talking about getting your own credit card, does that mean you're over 18? If you're over 18, you should get an adult account, not any of these teen options. Capital One 360 would be a good option for a free bank account for adults. But, assuming you're under 18, you could be an authorized user on someone's credit card, but you can't have your own yet.
If you're under 18, Step and Capital One Money have their pros and cons. Step's main advantage is that it makes sending money back and forth really easy and fast. If you had Capital One Money, you'd probably also want something else to transfer money easier. Either Step or Cash App. You can sign up for Step without a bank account of your own, but it would be nice to have a bank account as well. And yes, your parent would need her own Step account for managing your account (again, assuming you're under 18).
@@SmartFamilyMoney okie thx
@@just_a_eric i have a capitol one credit card but it’s under my moms account is there a way im able to get my own login even though she basically manages the account im 20 btw and the card is under my name
Oh darn. I have three daughters. Would I be able to get three separate debit cards?
Yes, each daughter would get their own account with their own debit card.
So me and my mom opened an account but we both have the parent view. Do you know how I can get in the teen account??
You have your own username and it also shows you the parent view? That's not right - I would contact Capital One - I had to call them and they were very helpful.
Can the kids add the card to apple pay and use it before they physical card comes
On Capital One, no you can not use the card before it arrives. You could use the bank account numbers as a money transfer method though.
So with setting the account up for your kids did you put your own email or your kids emails for there accounts
I used my own email but then the kids needs to set up their own separate online login so I think they can use theirs on that part.
How do I get my login information for my capital one money account? Does my parents have it?
You have to create your own online banking login with Capital One with your own personal information. It's a completely separate online account. You'd start here: www.capitalone.com/help-center/credit-cards/enroll-in-online-banking/
Hello, my son mom and I are not together. Can she add her bank account while I link my bank/debit acct to our son…like having 2 parent banks acct to send money to one kid acct?
Yes. One parent will need to be the owner of the account but you can set up external accounts to make transfers. So let's say the mom is the owner of the son's capital one account and you have your regular bank account at Chase. You would go into your Chase account and add your son's bank account as an external account to make transfers. Also if the child is over 13, they will get access to Zelle and you can all do instant transfers that way. Another option is for all of you to join Cash app and use that to send money back and forth (although again the child's account will need one parent to act as owner).
Can you please do more videos about capital one Credit card and debit card
What would you like to know about them?
@@SmartFamilyMoney how to build credit score for beginners and what’s the best card to get for beginners
Idk if you can review banking accounts for teens that dont require the parent to be a us citizen or that have ITIN instead of social security numbers
I believe capital one will allow bank accounts to be opened with an ITIN instead of a SSN. I would contact them to confirm.
@@SmartFamilyMoney Have you confirmed it yet?
Can the debit card be used without a PIN, I'd prefer a card that requires a PIN everytime and cannot be run as credit like most debit cards. So if its lost or stolen then it can't be used.
Yes, it can be used without a pin. I believe anything that has a Visa or Mastercard logo on it is going to be able to be used as a credit card if the store allows it.
If the card is stolen or lost, then lock it until a new one comes in the mail.
Will the child have access, or can view, the parent's accounts like the patent can view/access the child account? Great video...
No. The child has their own login and can only see their own account.
And thanks. 🤓
Thank you! This was my only concern. Fantastic review!
@@SmartFamilyMoney this is where I'm stuck. We just ooened my daughters account. 1. Will she downliad and use the same app as me or is there a different app just for teen money accounts? 2. How does she get or create a log in for her account? Tia!
@@busyhappymama5573 Same! Did you ever figure it out? My son is logged in on his phone but the app is the same as mine and he has access to take and send money from our bank account.
how do you set up the app on the kids phone to link to yours without them seeing all of your stuff
The kid sets up their own login and will only have access to their own account (your login will have access to yours and theirs).
I got this account for my teen. But I can’t figure out to get them to just the kid side. I don’t know how to get her to log in to that.
The child has to create a brand new bank login in their name. If you get stuck, contact Capital One customer service - I needed some help from them and they were very nice and fast.
I feel dumb asking this, but I cannot figure out how to set the app up for the child account on her phone. When I try, she just has all of the information I have. Like she has the parent account too. How do I get her her own login info that lets her see her account that I’ve set up?
She should have her own unique login ID separate from yours. Here's the link for where you set that up. If you have any trouble, contact Capital One support (they really are quite helpful!) verified.capitalone.com/enroll/
Thank you , I was also looking for this answer
@@RobChav504 Me too! I even called and they had no idea what I was talking about. I closed my one son's account and opened an account with Fidelity but my youngest is too young. I'll give this link a try to see what they can do.
@@kristydigiacomo6471 it is a very good debit card, Imy son used to have GoHenry kids prepaid debit card, good app, but $5 monthly. This one is free and myvson really likes it
Question- I had my dad make an account but I’m having trouble logging into my account I don’t know how to get the login information?
If you have an account but you don't have your own online access, you have to set up a new online account just for yourself. Here's where you start: verified.capitalone.com/enroll/pii
@@SmartFamilyMoney thank you so much 🙏
If they use all the money in spending will it automatically pull from their savings or will it decline the card?
I believe it will spend the money from set aside but I haven't tried it and their FAQ doesn't answer that question.
Yep it does it said when my dad signed up for me.
Would you recommend Step or Capital One? I might get both but my mom said I might only be able to one. Which one would you get?
If you could only get one, I'd say Capital One is better. One of the best features is that you can deposit paper checks which can be really handy.
@@SmartFamilyMoney Ok thank you! I also would like to let you know that Step is for any ages. Not just 13+
@@tysoncarrgay yes Step changed the rules recently! It's great.
@@SmartFamilyMoney can there be more than one parent of capital one
@@tysoncarrgay I think only one parent can be an owner on the account but you could connect multiple parents to transfer money back and forth (or use Zelle with multiple parents).
Can you use the Capital One Money card with Apple Pay?
I'm not sure! It would depend on whether Capital One allowed it. They probably do but I haven't tried it. I hope someone else chimes in here to answer for sure!
Will they reimburse you if let’s say it gets hacked and someone uses it to buy something?
Yes, they should do that as long as you notify them immediately of any fraud on your account. Be sure to read all the fine print though.
Can you show us how to use ATMs with step and how to use the pin pad at a store?
Yes! I can work on that! I am planning to make a full tutorial for Step soon.
@@SmartFamilyMoney Ok thank you very much! I just want to make sure it's what I'm looking for.
Are you able to spend without the card? Or withdrawal money, without the card “yet”
Hmm, you could spend money with the bank & routing numbers if someplace accepted bank accounts as payment. You could use the bank & rounting numbers to spend money with another app like Cash App. But most places, you'd need the card.
@@SmartFamilyMoney thanks for the info
Does it have capability to get paid for chores like thr Chase First card?
No it doesn't have a chores feature.
Hi do you know how to make the account for the kid. Do I login into my moms account or what do I do?
The child needs to create their own login, in their own name. If you get stuck, call Capital One customer service - they're very helpful.
@@SmartFamilyMoney How do you make your own login as the child? And also how do you login the online access?
Does Zelle automatically enroll in the account? It's not letting me enroll into zelle.
No, it's not automatically. The adult has to give permission for Zelle and then the child can enroll.
I opened one of these accounts with my mom, but my mom doesn't bank with capital one and so i'm not sure how to set her as my parent. I have the money app but i can't tell if i am seeing the parent or the teen view of the app
I would call Capital One and have them help you straighten it out. They're pretty helpful!
did you ever find out how im wondering
@@yeye210. once I got signed in I checked with my mom and looked at her app view and saw that it automatically put her as a parent with a diff app view! I was just confused but there wasn't anything wrong haha
question- can i receive money from external bank cards through a bank transfer with this? thanks
Yes, you can set up external bank transfers with any bank.
@@SmartFamilyMoney another 2 questions
can i receive bank payments as a teen?
is this available in the uk?
thanks
@@hdawghimself Sorry I believe it's only available in the US and I know bank payments work very differently (and much better) in the UK.
@@SmartFamilyMoney if i were to use a bank to receive payments from external banks, what card should i get as an u18? thanks
@@hdawghimself If you're in the UK, I don't have any suggestions. Banking is generally very country-specific. If you were in the US, Capital One Money would be a great option.
Is it possible to overdraft?
No, they will just decline the transaction. Here's the details: www.capitalone.com/bank/checking-accounts/teen-checking-account/disclosures/#id_accounttermsandconditions
Hi, I want to set up a Capital One 360 Childrens checking for my daughter. Can she receive babysitting money on Venmo and transfer it to her Capital One account?
That would be possible except for the problem that Venmo requires you to be 18 to use it. You could connect your own Venmo to her account to get the money that way, or use a service that allows people under 18. Cash App allows kids 13+ to have an account with a parent. Or you can use Zelle at 13 through the Capital One bank account. I do wonder if Venmo will start allowing younger people soon since their competitors are.
I wanted to add that I would NOT suggest your daughter lying about her age to get a Venmo account. I know a teen that did this and he was not able to get verified and then was not able to get $100 that someone sent to him.
@@SmartFamilyMoney Thank you !
I will probably just link my Venmo acct to their account
So you need a Capital 360 account to set up a MONEY account?
No you do not need to open a Capital One 360 to open a Money account. 360 is the adult type of account and Money can turn into a 360 when the teen ages out. The parent is not required to have any account of their own at Capital One to open a Money account with the teen.
@@SmartFamilyMoney oh alright, thank you!
@@SmartFamilyMoney when they age out can it be their own debit card? like can it be an adult bank account
How can you add cash?
Unfortunately, you can't on the teen Money accounts. The adult 360 accounts have a way to add cash, but not the kids accounts. The teen would need to ask an adult to put it in their account and transfer the money.
Are the cards contactless
Yes, the capital one cards are contactless.
Is Zelle available yet?
YES! I've been using it with my kids on their Capital One Money account. It's really useful!
@@SmartFamilyMoneyhow do you activate this? do I have to call capital one to activate this feature ? Cause I don’t see this on my end
Can the teens transfer money ?
Yes it works like any regular bank account. They can set up external transfer to any bank with routing numbers or they can use it in apps like Cash App.
@@SmartFamilyMoney captial one doesnt work on cashapp
What's the app name
The app is just "capital one mobile". It's not a special one for the teen accounts.
@@SmartFamilyMoney thank you.
First
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@@SmartFamilyMoney Ya never forget your "first :-)
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