Personal Finance

Young Student - Emergency Card for access to cash?

  • Last Updated:
  • Jun 18th, 2019 8:25 pm
[OP]
Newbie
Dec 23, 2002
30 posts
10 upvotes
Cambridge

Young Student - Emergency Card for access to cash?

Hi All, a question I have....my daughter is 17 and moving out to Ottawa July 1st, as she's picked up a research grant prior to her starting university in Sept. She's not 18 till November, and I am trying to think of the best way for me to get her a card or have some access to cash that I would be responsible for as her father, but easy for her to get at if she needs it. Like a prepaid credit card? I know she can't have her own till she's 18, and she is quite the responsible kid, so I know she wouldn't abuse it but I don't know if there is a way that I could get a card with say a $500-1000 limit that I would be responsible for paying but she could use if necessary.
I just want to make sure she has access to cash quickly and easily?
Ideas?

Thanks all.
9 replies
Deal Addict
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Nov 14, 2003
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A bank account and a debit card - she probably already has both. You can email transfer her money when needed.
Last edited by batcave on Jun 14th, 2019 3:04 pm, edited 1 time in total.
Sr. Member
Jun 12, 2008
723 posts
163 upvotes
Ripley
Student bank account. My kids are authorized users on my credit card so they have their own card with their name on it but the bill is in my name. It is just for emergencies.

Also - the bank can limit how much cash they can get in a day and how much they can spend with interact per day.
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May 8, 2009
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batcave wrote:
Jun 14th, 2019 2:08 pm
A bank account and a debit card - ske probably already has both. You can email transfer her money when needed.
+1

17 year olds can sign up with Simplii & Tang, and no need to get overdraft (although overdraft has no fixed monthly fee with those subbies).

OP you could grab Koho for yourself. Then when your daughter turns 18, have her grab Koho for herself. Then you can do peer to peer transfer on Koho. Reason I suggest Koho is you said "access to cash", so I'm guessing for ATM use. For spend on prepaid, many of us will grab the Mogo card upon public launch.
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Jr. Member
Mar 12, 2006
150 posts
77 upvotes
Joint checking with your daughter. I did the same for both my children. One just graduated university, the other going next year.

Apply online for Simplii checking and saving accounts on your daughter's name. Once the account is open call them with your daughter present and convert the checking account to joint. You will see it in your list of accounts and moving funds happens with a click. The saving use for OSAP and any government money that your daughter may get.
Penalty Box
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Mar 10, 2018
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Rooster77 wrote:
Jun 14th, 2019 1:37 pm
Hi All, a question I have....my daughter is 17 and moving out to Ottawa July 1st, as she's picked up a research grant prior to her starting university in Sept. She's not 18 till November, and I am trying to think of the best way for me to get her a card or have some access to cash that I would be responsible for as her father, but easy for her to get at if she needs it. Like a prepaid credit card? I know she can't have her own till she's 18, and she is quite the responsible kid, so I know she wouldn't abuse it but I don't know if there is a way that I could get a card with say a $500-1000 limit that I would be responsible for paying but she could use if necessary.
I just want to make sure she has access to cash quickly and easily?
Ideas?

Thanks all.
Like others said. ⬇
titaniumtux wrote:
Jun 14th, 2019 2:17 pm
+1

17 year olds can sign up with Simplii & Tang, and no need to get overdraft (although overdraft has no fixed monthly fee with those subbies).

OP you could grab Koho for yourself. Then when your daughter turns 18, have her grab Koho for herself. Then you can do peer to peer transfer on Koho. Reason I suggest Koho is you said "access to cash", so I'm guessing for ATM use. For spend on prepaid, many of us will grab the Mogo card upon public launch.



Almost 17 years ago. What were you dong all these years?
Newbie
Dec 23, 2002
30 posts
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Cambridge
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Jan 21, 2014
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If you know she is responsible, then just authorize her as user from one of your CCs till she can manage that on her own. My daughter went to university in 2012 and I know that she would be responsible, I have her as authorized user on my $36K CL Visa without restriction. Till this day, she still is and has yet to charge a dime on the card. She has been using her own CCs for the expenses
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Jan 6, 2002
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mkl38s wrote:
Jun 15th, 2019 11:50 am
If you know she is responsible, then just authorize her as user from one of your CCs till she can manage that on her own. My daughter went to university in 2012 and I know that she would be responsible, I have her as authorized user on my $36K CL Visa without restriction. Till this day, she still is and has yet to charge a dime on the card. She has been using her own CCs for the expenses
Yup. Interesting anecdote:

I had an authorized second card on my mom's Scotiabank VISA in 1997-1999 in University. Closed out when I got my own CC after graduation (TD GM VISA FTW!!!)

My mom still has that BNS account active and with a CC account. My credit report shows an active CC account ($0 limit -- but still active, and still reported every month) for BNS VISA.

This being by far my oldest account on my credit report. Gotta wonder how much that improves my credit score and helped me get good credit early on after graduation (car loan, mortgage a few years later, etc.)
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Dec 12, 2009
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Rooster77 wrote:
Jun 14th, 2019 1:37 pm
....my daughter is 17
callernamet wrote:
Jun 14th, 2019 7:30 pm
Almost 17 years ago. What were you dong all these years?
Newbie
Dec 23, 2002
30 posts
9 upvotes
Cambridge
I'm going out on a limb here. They might have been raising a family.
Functional families take a lot of work & always amaze me.
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