ALBERQUERQUE, N.M. -- The Credit Union Association of New Mexico and PAYjr have joined forces to help promote financial literacy.
As part of the strategic marketing partnership, CUANM will offer a co-branded version of the PAYjr programs to its over 500 credit union members and its CU Succeed youth financial education participants.
Under the agreement, CUANM will offer a PAYjr CU Succeed Prepaid Card designed to provide teenagers flexibility and spending independence while also preventing overspending.
Here is how the program works. Parents choose household chores online, designate a dollar value for those chores, and funds are deposited directly into kids' accounts or the co-branded debit card when chores are successfully completed. The system also allows for recurring allowances set up by parents, one-time loads or even direct deposits from employers.
Cardholders can track and manage their own expenses online, and the PAYjr system also provides 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 print weekly calendars for the refrigerator to review progress, or log on to the system at any time to view and manage their accounts.