Crediting Monitors Draws Controversy
Does your 11 year-old child need access to an individual bank debit card,
complete with a Visa logo and accepted everywhere? Parents in the United Kingdom
are answering that question with a resounding “no” now that some of the major
banking chains are sending bank cards to children under 16. Traditionally the
banks only began to target minors 16 and older, but the TSB Lloyds bank contends
that the new bank cards are safe for the gamblers, the bank keeps tabs on the
accounts and does not allow online casino gambling – and besides, everyone else
is doing it.
This was the essence of TSB Lloyds response to the latest media coverage on the
issuing of Visa bank cards to minors as young as 11. The bank noted that it
restricts the use of the card at questionable sites like adult sex sites, online
casino gambling, and other questionable transactions. But what really is cause
for alarm is the fact that Lloyds alleges that the bank is only keeping up with
its competitors by targeting the minors with bank accounts.
Besides protection from land and online casino gambling, the card can be blocked
by parents. And although underage bank card holders are not required to tell
their parents, the bank contends that it does request that minors inform their
parents that they have he Visa authorized bank card. One anonymous and unhappy
parent though is angered that children are able to buy cheap cigarettes and fake
IDs with the bank cards – there are no policies and restrictions in place to
prevent this abuse of the bank cards.
Right now though, a big concern centers on limiting a minor’s access to internet
purchases and online casino gambling sites – a bank card in the hands of a minor
that is usable beyond an ATM could cause long-term problems now that the minors
have unprecedented access to monies and the freedom to keep the card a secret
from parents. |