The program allows parents to set up accounts for their children and control their deposits and spending by creating a maximum of four sub-accounts linked to their primary PayPal account. Parents allocate a certain sum of money or create a recurring allowance for their children to make internet purchases. In order to control the childs budget, parents can monitor the amount of money that their children spend, and set up alerts to notify them of account activity (e.g. receiving text or e-mail messages notifying them that they must approve any purchase that goes beyond USD 100.) Parents can transfer funds online or via a mobile phone. PayPal Student accounts do not require sign-up or transfer fees. Customers can also receive a Student MasterCard debit card which is connected to theit student account. PayPal has not yet revealed the specific date when it intends to make PayPal Student Accounts available for a larger number of consumers.
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