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The third-party online payment service from eBay Inc. has launched a Student Account service that lets parents establish a separate PayPal account for their teenage children and set limits on their spending.
PayPal, the third-party only payment service from eBay Inc., has launched a Student Account service that lets parents establish a separate PayPal account for their teenage children and set limits on their spending.
The new account system is designed to let parents use their mobile phones to check account balances and transfers funds to a student account on either a single or recurring basis. Parents can establish up to four sub-accounts for their teens and receive cell phone alerts whenever a specified maximum balance is reached.
And, of course, teens can check their student account balance and send a text message from the account asking Mom and Dad for more money.
"As a parent I understand the challenge and stress of raising kids that are financially responsible," says Don Fotsch, PayPal vice president of customer experience and design and parent of six, ranging in age from 8 to 19. "With the Student Account, I know I can give my kids a level of financial independence while remaining on top of my kids` spending."