My main point is just that a joint checking account provides all the benefits the Visa Buxx card does and usually provides them at a cheaper cost. Someone spending $500 a month in overdraft fees needs to seriously re-evaluate their financial situation, regardless of what method they’re using to pay. You can also tell your bank to not allow overdrafts if you wish.

Charges and Fees Fee Name Amount
Inactive Fee (after 6 consecutive months of no transactions, the card will be charged $1.00 per month until the balance is depleted or you make another transaction) $1.00 per month
Visa/PLUS Network ATM domestic and foreign cash withdrawal and balance inquiry (The terminal owner may charge additional fees and “surcharges” for ATM transactions) $1.00 per transaction
Lost/Stolen or Replacement Fee $5.00
Express Delivery Fee $5.00
Non-Sufficient Funds Fee $10.00
Transactions made in foreign/international countries in foreign currency 1.0%
Transactions made in foreign/international countries in U.S. dollars 0.8%
Foreign/International Transactions.

Some banks do seem to have odd policies for teenagers. I have a friend whose credit union won’t give her a debit card until she turns 18. Doesn’t make any sense when there are plenty of banks that do allow minors to have debit cards.

I distinctly remember having this same problem as a teen. In fact, I think I remember the Visa Buxx card being rolled out for the first time right around this time. I never got it, specifically for the problems mentioned in this article — too expensive, too many fees, etc.

However, the problem I ran into was that my bank wouldn’t let me sign up for a checking account. They said I had to be 18 because a check is a “legally binding document” and that minors were not allowed to sign such documents and have them be binding. The bank officer said that the only way a minor could get a checking account was if they became an emancipated minor (which brings in a whole slew of issues), and going through all that trouble just to get a darn checking account was not worth it.

I remember being pretty annoyed because I had an ATM card linked to a savings account, but no real way to buy things online because I didn’t have a Visa/MC branded card. The ATM card let me get cash if I was out and about, but that didn’t solve the problem of online purchases.

I ended up finding a Visa Buxx-like card that didn’t have any of the fees and went with that until I turned 18 and opened a checking account a few weeks after my birthday.

Have things changed? Maybe you need a parent to co-sign for the account? I think checking accounts should be valid for any person at any age, personally, as you’ll learn pretty fast what happens if you bounce a check or try to overspend with a debit card. In fact, it would probably be better if you did have to have a parent co-sign the account so that they would ensure you don’t make a mistake that ends up costing you too much money while you’re only 16 or 17. Better to have some training wheels to start.

Actually, teens can still be added to their parents credit card account. The new law does not prevent this.

The Buxx card is not a better option. It charges way too many fees and teens would be better served by opening a checking account.

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