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PAYjr is a new system that lets parents put their teen's allowance on a Teen Visa debit card. In effect, it allows for keeping a spreadsheet/checklist of chores for each child. As the chores get done, the money gets transferred to the child's debit card. No chores, no cash -- pretty simple. This way a parent can also monitor where and how the money is being spent -- and restrict certain transactions and locations to places and purposes they consider appropriate for their teen.

Not only that, but it is a great way of getting money to teens when they need it. All it takes is a quick transaction on the company's website and the money is there. What's more, there is never the possibility of paying a NSF fee like with teen checking accounts -- if the cash is not available on the debit card, a transaction cannot be made.

If this sounds familiar to you, it may be because you heard about it on the CBS Evening News a couple of weeks ago. The service launches in July, but you can check out the demo now at the PAYjr Teen Visa website.

Posted by: Greg at 06:37 AM | No Comments | Add Comment
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