SALFORD, U.K.–Salford Credit Union has become among the first in the U.K. to provide the Smartcash Visa debit card and account to its junior members.
Smartcash is a brand new credit union junior account designed specifically for members aged 8–16 and consists of a contactless Visa debit card, a specially designed mobile banking app and an online account that allows parents full access and control to ensure their children are spending and managing their money correctly.
“Smartcash will give young members the financial freedom they want, but at the same time allow parents and credit unions to provide the modern day financial guidance and education all youngsters need,” said Mark Brazendale, operations manager of Salford Credit Union, in a statement. “Not only does the card provide a safer alternative to carrying cash, it will also provide 8-16 year olds with a quick, convenient way to save money with the credit union without the need to visit the branch.”
The Smartcash Visa card is part of the Engage Credit Union Support Program from Contis Group. The company said it works by enabling junior members to receive their pocket money and other funds electronically by bank or credit union transfer, with those funds then made available on their debit card to spend on the high street, withdraw from an ATM or for making purchases online.
The Smartcash mobile app provided gives up-to-the-minute balance and account information along with a “save money” facility that allows the young member to send funds instantly to their credit union savings account without the need to visit the branch.
Rewards and discounts are available on toys, games and other treats through selected high street partners helping youngsters to stretch their pocket money allowance further.
According to Contis Group, strict card security and full parental control other safety features are specifically built into Smartcash and include restricted daily spending limits, SMS functions that alert the child and parent whenever a transaction is made, a temporary block feature should the youngster misplace their card and pre-programmed restrictions to prevent adult orientated purchases including gambling, alcohol and alike. The company noted it is not possible for the child to incur any debt or go overdrawn with the card as they can only spend the funds available to them in their account.