DALLAS — The $2 billion Texans Credit Union is the first financial institution in the nation to partner with PAYjr, an affiliate of MetaBank, to offer its members the Payjr Prepaid MasterCard. The Prepaid MasterCard allows parents to help teach their teenagers and children money management skills through a prepaid card that can be electronically loaded with money.

The PAYjr Prepaid MasterCard, gives teenagers flexibility and spending independence by teaching them how to manage their finances, but is prepaid to prevent overspending, Texans said. Money can be loaded to the card electronically triggered by completion of chores, recurring allowances set up by parents, from one-time loads or by direct deposits from employers. The PAYjr system also provides e-mail notifications to keep parents and teens aware of card activity including balances and loads to the card.

The credit union explained that the fact that the new product uses a card was a big draw. Today more items teens want, such as cell phone ringtones, music downloads and online video games, cannot be purchased with cash, the CU observed. The new prepaid card allows parents to better manage their teens' allowance electronically and track their spending at the same time.