6 Myths About Debit Card Safety

6 Myths About Debit Card Safety

Have you worried about your kid taking and using your debit card when they go out, or shop online? Feel concerned about giving them their own card? When we think about debit cards for kids, most parents worry about debit card safety, and there’s no shortage of myths about card security. While it’s important to teach your kids how to shop safely, you might have trouble sorting through what is true or false. 

 

We’ve taken on the task of debunking some of the common myths about debit card safety below.

Myth #1: Debit cards are more susceptible to fraud

The financial industry has made huge improvements concerning debit card safety over the years. Banks have added many features that help protect your card from fraud, from personal identification numbers (PIN) and microchips to fraud monitoring services and security. Unlike cash, lost or stolen debit cards can be blocked or canceled in an effort to prevent financial loss. 

Myth #2: Your information isn’t as secure with a debit card

This myth is similar to myth #1. While cards are much more secure than most people think, it's still important to teach kids how to keep their money safe in-store and online. Money Safety is our sixth Money Mission topic that shows kids ways to reduce their risk of fraud. GoHenry cards for kids give you control over spending and keep your kid's information safely tied to your own.

Myth #3: Sending and receiving money is a debit card safety risk

It has been said that sending money to a debit card is less secure than sending money to a bank account. With debit cards like GoHenry these concerns can be laid to rest. Our debit cards are issued by Community Federal Savings Bank (CFSB), and accounts are FDIC-insured. In addition, kids have the ability to instantly send and receive money from their siblings and parents through the GoHenry app. Teens can do so securely with their friends, too.

Myth #4: If you lose your debit card, you lose your money

Even if your child loses their card, loss protection will keep their money safe. GoHenry parental controls allow you to freeze and replace your kid’s debit card (for free!) while protecting your child’s funds.

 

Myth #5: Traveling is difficult with debit cards for kids

In reality, international travel has never been easier. With a GoHenry card, kids and teens can use their card safely while traveling anywhere MasterCard is accepted. No need to exchange money, kids can simply use their debit card at a foreign ATM to pull out the local currency. 

Myth #6: Debit cards for kids are a scam and aren’t worth the fees

Having a debit card for your kids can be a great educational tool and help you teach important money lessons in a practical way. See what parents in our community have to say about GoHenry’s services and how it helps their kids build good money habits from an early age. 

 

 

Not yet convinced? Try GoHenry’s debit card for kids today, with a 30-day free trial. You can cancel anytime.

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Written by Kristin Yarbrough Published Mar 31, 2022 ● 3 min. read