We have banked with US Bank for nearly 20 years. Visa Buxx Cardholder Services provides debit cards that you can link up to your checking account. It is referred to as "The Relationship Card" and designed to teach children money management skills. Apparently if there is no activity on the card for 90 days they begin charging the card $2.00 per month until there is a zero balance and then close the card out after depleting all of the funds. So if you have a child who is saving, just to save or saving to make a large purchase, they begin being charged, which is purely counterproductive to promoting money management or trust in financial institutions. Additionally, because we did not have a US Bank locally after moving, every time my children try to withdrawal cash they are charged a $2-$3 fee. I understand a business wanting to make a profit for providing a service, however the money on these cards sits in a state of limbo, and the card holder never earns interest. The overhead is minimal because there are no statements sent out to customers and everything is done electronically. Therefore, this bank and Visa Buxx Cardholder Services simply make money off of interest just sitting on these cards, provide little to no services, and then essentially penalize children. Although the agreements are signed by parents or other adults, the money essentially belongs to minors, who are not able to legally enter into a contract and then unfairly charged. I think that these programs are a scam, designed to further make the rich, richer.
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