Copper Banking offers a checking account with a debit card for your kids to build their financial literacy for a stronger future. They also help kids learn and make sound financial decisions by improving financial literacy using educational tools on the app, such as questionnaires.
It is also a great way to manage allowances or to teach your kids to be more productive by giving them chores tied to an allowance. This feature helps shape teens’ attitude about finances as they become aware that hard work earns money and helps teenagers understand how to manage finances.
Summary: Copper will take the hard work out of parents hands by helping them manage their children’s allowances, chores and teaching their kids financial literacy.
Deposits & Withdrawals
Safe & Secure
|HQ||3601 Fremont Ave|
N. Seattle, WA 98103
|Insurance||FDIC Insurance up to $250 000 via Evolve Bank & Trust|
|Deposit||– Direct Deposits|
– ACH transfers
– Wire transfer
|Withdrawals||– ACH transfers|
– Wire transfer
– Debit Cards
Copper banking reveals that 25% of teenagers lack financial education, and Merrill Lynch’s report indicates that over 70% of citizens aged 18 – 34 rely on their parents for support and have huge debts. With the help of their app, they hope to help kids to become financially savvy early on to prevent financial issues in the future.
Parents can also monitor their kids’ spending habits through the app and set up recurring transfers for allowances. These transactions are processed instantly, and within minutes, your kids will have money in their accounts.
Copper Banking offers an easy-to-navigate mobile platform. To sign up, you need to download the mobile app on your Android, iOS phone or by going here.
You will be required to provide a valid email address, personal information including names, dates of birth, and consent to receiving communications through your mail.
It uses Synapse to verify your employment and financial history. Once your personal identity information has been verified, you can now deposit funds in the account.
There are no fees charged to open an account. Deposits are also free, but you may incur transfer charges from your external financial institutions or linked bank accounts.
The account does not have overdraft penalties as it lacks an overdraft feature. If your account balance is insufficient while purchasing an item, you will need to deposit funds first before proceeding with the payment.
The platform offers exciting features that help teenagers to improve their financial literacy. When you click on the corner of the app, you will be redirected to great content and “how to” financial blogs that help shape your kid’s financial journey.
The app also provides financial literacy quiz to test your kid’s knowledge of money matters. Teens who successfully complete the first quiz receive a bonus of $2 from Copper. Parents can also pay the kids for completing subsequent quizzes. Another exciting feature is that It also offers a personalized debit card that makes your shopping more convenient.
There is a wide range of deposit and withdrawal options for parents and teens. However, deposits and withdrawals are made in USD only. Members use ACH transfers, Wire transfers, and direct deposits to their copper accounts.
They do not limit users on the number of deposits in a day or amount. The daily limit of transferring money from your linked bank account, debit, or credit card is $250. Copper reserves the right to increase or reduce your transaction limit.
Withdrawals are also made through ACH transfers, wire transfers, and debit card payments. For ATM and POS withdrawals, the daily limit is $500 and $2000, respectively.
There is professional and friendly customer support. If you have any questions or concerns, you can contact them through email: [email protected]
Copper also offers a range of FAQs to help you address common questions.
The platform is regulated and licensed by relevant US authorities in the respective states. The app provides a policy on information collection and sharing. It also uses end-to-end encryption and authentication to ensure that your information is safe.
Your money is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 via Evolve Bank & Trust.
For parents who want to financially set up their kids for a brighter future, help them build a greater work ethic, and understand the value of money, Copper’s Banking app would be an ideal option.