Who’s ready to revolutionize the banking industry? So are we! By the time they turn eighteen, 80% of teens have experienced financial abuse. Not only that, but they feel they have no control over their finances, and 45% have poor credit scores. The goal of Copper was to give young adults the tools they need to build healthy money habits early on in life, as well as feel empowered to take control of their money and make smart financial decisions on their own all while having fun doing it!
How can I make money off of Copper?
You can make money in two ways: by charging your parents to use Copper or by receiving money through transfers. Copper Banking will charge their parents 2% of their balance each year, up to $20 per month, which goes toward developing features on our platform and making our bank even better. Copper also offers a low-cost transfers system that enables you to send and receive money using any type of payment method including cash, check, debit card or credit card. We charge a 2% fee on any transaction over.
In addition to these options, you can use your debit card to make free transactions within our network. This is why we are more than just a bank, but also a place where you can socialize with friends and pay for things that you want to buy. With our new changes in payments technology, transferring money will be even easier. So why should I use Copper?: The purpose of Copper Banking is not simply to help you organize your finances or balance your checkbook; it’s designed to help build smart financial habits early on so that when you’re ready to take full control of your banking later in life, it will come naturally and easily.
It may sound silly, but there are actually some very real benefits associated with Citadel Online Banking management in your teens: managing a budget teaches patience, self-control and delayed gratification. These skills are instrumental in navigating money as an adult. The more budgeting experience you have as a teenager (and by having Copper for example), means that when you go off to college next year with all its new expenses managing money will be like second nature to you because of all of these lessons learned while using Copper. If Copper isn’t free, what makes it different Copper Banking is free. Not only do we offer free checking accounts and savings accounts, but Copper Banking also enable teenagers to socialize their banking by integrating with social networks and giving them a network of friends they can connect through.
Everything about our service is aimed at helping teenage users gain valuable experiences about finance management that will set them up for success as adults. So far there haven’t been any banks targeted towards young people, so making something like copper would be pretty cool I think!
Does Copper bank charge monthly?
Copper charges a monthly fee, refunded in increments when teens meet certain goals. To avoid paying these fees, they must deposit at least $ per month or have at least a 3.0 GPA on a 4.0 scale in high school. There are also no minimum balance requirements to open an account and no overdraft fees for teenagers with more than in their accounts. These features help Copper Banking compete against traditional banks that charge unnecessary monthly maintenance fees and minimum balance requirements. If a student does not live up to these expectations, Copper may shut down their copper banking account until specific goals are met. Or copper will send text messages out to remind students of money coming due if student has not moved money around etceteras out into different accounts (savings).
If students want to manage multiple checking accounts, I would recommend opening two different coppers so each person knows where his/her finances stand. No punishment means they can continue staying afloat while still learning Copper Banking responsibility of keeping tabs on finances instead of learning by mistake off sheer forgetfulness which can lead right back into trouble (broke teen spending spree? High credit card interest?) And one piece of advice from having my parents do it – make sure you keep track of cash flow and write down what you spend so you don’t get off-track by forgetting about bills or other payments.
Most importantly, remember that even though you have fun money set aside in your copper before reaching 25 years old, it is more like a special type of emergency fund than anything else there is nothing wrong with taking some fun dough out to go see a show with friends! But be responsible and put it back into savings after give yourself some leeway since they are teen years as opposed to only using what’s needed/required from day-to-day expenses.
Also beware regarding life insurance policies most won’t pay out unless you’re over however, check coverage levels and terms such as natural causes/non life threatening/overseas death (if studying abroad, for example) to get proper level of coverage for your child: consider costs versus potential benefits. Also maybe consider adding them onto your own policy; many companies allow insured under 18s free add-ons in addition to primary policy holder offering that normally deducts premium of additional family members. Check plan details before making any hasty decisions! You don’t want their death benefiting someone else unless absolutely necessary.