The newly introduced checking account offers access to over 35,000 free ATMs and provides parents and teenagers with account updates via email or text message. Money features a Debit MasterCard card which enables teenagers to access their own cash without having to visit the Bank of Mom and Dad. Money enables parents to work closely with their teenagers to teach them to prioritize spending and manage their personal finances. Furthermore, the Money Debit MasterCard has a USD 500 per day transaction limit for card purchases or ATM withdrawals and does not allow teenagers to overdraw their account.
The new debit card marks ING Directs first implementation of MasterCard PayPass, a capability which enables customers to pay by tapping their card on a PayPass terminal in order to pay for a purchase, thus eliminating the need for customers to swipe their card.
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