The alliance enables the Credit Union Association of New Mexico (CUANM) to offer a co-branded version of the PAYjr Programs to its existing customer base of more than 500 credit unions, as well as to future clients of the association’s CU Succeed youth financial education program.
The PAYjr Programs include an online allowance and chore management system designed for younger children and a PAYjr Prepaid Card for teenagers aged 13 and up.
Under the terms of the agreement, CUANM will offer a PAYjr CU Succeed Prepaid Card that provides teenagers flexibility and spending independence while preventing overspending. Money can be loaded electronically onto the card through the completion of chores, recurring allowances set up by parents, one-time loads or by direct deposits from employers.
Cardholders can track and manage their own expenses online, and the PAYjr system also provides SMS text messaging or email notifications to keep parents and teens aware of card activity, including balances and loads to the card.
In addition, parents can use the PAYjr Program to assign, manage and track household activities, as well as keep a tally of the money earned by their children. Parents can print weekly calendars to review progress, or log on to the system at any time to view and manage their accounts.
Teens are early adopters of new things, and as we become more ‘cashless’ they will need a means to make purchases online and other venues that accept major credit cards. It makes sense to start them out with a prepaid card that limits how much they spend, when they spend, and where they spend, said Sylvia Lyon, president/CEO of CUANM.
The PAYjr partnership will enable our CU Succeed clients to deploy this program with little or no commitment of IT resources in a relatively short period of time, and simultaneously deliver a product that parents need and teens want, she continued.
