What is UPside?
UPside Visa is a reloadable prepaid Visa card designed for the 13-25 age group and their parents. The card remains under the supervision of parents.
- For high school students, it’s a great alternative to cash allowances that are unsafe, offer no spending control and often require trips to the ATM. It’s also a great educational tool to learn about financial literacy.
- For college students, it’s a convenient way to manage their money, track spending in real-time and stay away from credit cards. College students can receive occasional funds from their parents, receive a pay check directly onto the card and even write checks online (For cardholders 18 or over)
The UPside Visa Prepaid Card is not a credit card: your child can only spend the money that has been loaded beforehand into the UPside card account. There is no credit card bill to pay at the end of the month, no late fees, no risk of going into debt.
If your child loses the card, funds loaded on the UPside card account are not lost. As long as you notify us promptly of a loss or theft, this money is 100% safe.
How does it work?
- Parents register for a card online, in just a few minutes. (There is no credit check. Applying for the card will not affect your credit as a parent). As a parent or guardian, you are the legal owner of the card account and signatory of the card contract with the bank. Your child is the designated cardholder.
- We ship a reloadable Visa prepaid card to your home address, in the name of your teen, which you or your teen can activate over the phone.
- Parents create their online card account, where they can:
- load funds from their checking account or their credit card
- review details of where and when the money was spent
- create an allowance schedule
- Parents can monitor multiple cards for each of their children under the same online account
- The child creates his/her own online access, entirely separate from the parent’s, to monitor his/her own spending, check the remaining card balance, and much more, from any computer or even from his/her cell phone.
How to load money onto the card:
- From the parent’s checking or savings account through direct debit, it’s entirely free!
- From the parent’s credit or debit card, funds are instantly available. Perfect for emergencies ($2.50 convenience fee is added).
- They can set up weekly or monthly payments for automatic allowances (from either their checking or their credit card)
- The child can also receive a direct deposit from an employer if he/she has an after school or a summer job (it works as if he/she had a checking account).
- Funds can also be loaded with cash through a GreenDot MoneyPak available at 50,000 retailers nationwide. Perfect for loading cash tips or money from summer and afterschool jobs.
Benefits for your child
- The card is safer than cash. If the card is lost, the funds loaded are not.
- Your child will demonstrate financial responsibility
- A real-time tracking of all account activity. Unlike with most banks, all transactions are posted in real time, offering an up-to-the-minute overview of all activity on the account.
- Even checks are reported in real time as they are issued online ( Cardholders 18 or older).
- Flexibility and Independence:
- To make online purchases without having to borrow a credit card or use cash in stores.
- Ability to suspend the card from their cell phones if it’s been misplaced or lost.
- They can also set up instant access to the card balance from their cell phone and setting up alerts when the card balance of available cash gets too low.
- Earn cash back with the UPoints Reward Program from point-for-dollar loads (Edge only), sponsoring friends and purchases on the UPside Mall.
A child in college?
The all-in-one banking service to keep your child away from debt and credit cards.
- Free Direct Deposit service: your child can get his/her on-campus job paycheck deposited right onto the card with our.
- UPside will also provide an online check writing service to all cardholders who are 18 or older. Perfect if your child needs to pay a rent or a car loan.
- A 360 and real-time tracking of all activity on their account. All Visa purchases are posted in real time. Checks issued are also reported in real time. A precious tool when every dollar counts!
Benefits to you as a parent
- Convenience of monitoring allowances online.
- Teach your child about money and managing a budget.
- Control where and when they spend their money with up-to-the-minute online access to all activity on the card.
- Receive alerts when the card balance is low.
- Peace of mind:
- Instant loads for emergencies, especially when your child is away from home.
- The money is never lost when the card is lost.
- Keep your child out of debt when he/she goes to college
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