Banks make the financial part of co-parenting difficult … hellish even. Outside of a joint bank account, there is no way with a traditional bank for two or more adults to jointly manage and contribute to a teen’s account. And a joint account is often a good long stride farther than many adults want to go, especially when they are recently separated or divorced.
Current, which makes a debit card and app for teens, offers these parents a solution … and relief. More than one adult can contribute to a teen’s Current account, track spending and saving, and get real-time spending alerts -- and do so without having a joint banking account. Each adult can connect one or more independent funding sources, which other adults on the account can neither access nor see.
How do we know we are solving a co-parenting problem? Our customers tell us all the time.
Cristina told us:
“My ex and I live in different states so our kids travel a lot. The Current card lets us handle travel expenses, allowances, and those little things that pop up when getting from one state to another without having to send them with cash.
Knowing I can get money to them within seconds if needed is a great stress reliever!
Setting up deposits from two adults, with two different banks in different states? No problem!”
And Mallory shared:
“I have two stepsons and they have different moms. Both sons have a Current Card. (Current) allows his parents to see first hand how he is spending money. Both households know if chores are being completed. This helps with consistency in parenting and outlining clear expectations for him.
Current has really eliminated one of those obnoxious side effects that blended families normally have to learn to work around.”
“I’m a divorced dad and sometimes it’s hard to drop off cash to my daughter. Current allows me to send her money instantly when she needs it.”
And it is not just teens. The need to co-manage finances lasts well into college for most families, and often beyond as parents continue to contribute to their children’s income even as they enter the workforce and start to navigate life on their own.
Among Current families there is a kaleidoscope of parenting scenarios. We have grandparents raising children, aunts and uncles co-parenting with a sibling that is single parenting, young adults helping out with younger siblings after they have left the home, and separated and divorced parents.
A recent Pew Research Center analysis found that 32 percent of children in America are living in a household with one parent or cohabiting parents, which means traditional banks aren’t meeting some of the most basic financial needs of one-third of all families.
To learn more visit current.com