How to Upload Leads Into Prosperworks Copper
Teaching teens financial management is an area we often come up short in the U.Due south. While the education system has fabricated contempo strides, information technology'southward withal relatively uncommon for personal finance skills to be taught in loftier schoolhouse.
This leaves it up to parents to ensure their children can successfully manage money. To assist with that chore, Copper has created a mobile app that allows parents to monitor their teens' spending and saving.
With Copper, parents tin can as well easily move money back and along between their ain account and their teen'southward. Let'southward took a closer look at what Copper has to offer. Cheque out Copper here >>>
Quick Summary
- Few fees and most users shouldn't encounter them
- Requires a parent a guardian to sign up
- Teaches responsible saving and spending
| Copper Details | |
|---|---|
| Product Name | Copper |
| Min Deposit | $0 |
| Monthly Fee | $0 |
| Interest Rate | 0.001% |
| Promotions | None |
Who Is Copper?
Copper is an all-digital depository financial institution designed for teens. It was formed in April 2019 and is based in Seattle, WA. Its founders are Eddie Behringer and Stefan Berglund. Copper has raised $4.three million through seed funding.
"It became clear that our high school system was failing Gen Z by not equipping them with bones personal finance skills at a critical point before they become adults and can autumn victim to predatory credit," said Behrenger to Tearsheet.
"With fintech and open banking, nosotros realized we could build a financial product that provided tremendous value to teens and their parents and that would drive existent positive financial outcomes."
What Do They Offer?
While it'south website may lead you to think differently, Copper itself isn't actually a bank. Copper is a fintech company that uses SynapseFi for the backend applied science of its app. SynapseFi is a partner of Evolve Bank & Trust. The human relationship between those two entities is what makes information technology possible for Copper to offer banking services.
Copper is a mobile app that helps teach teens nigh financial literacy. Many banks don't accept accounts oriented towards teens. With parental oversight, Copper lets teens spend via an included Mastercard debit card. And parents are able to track and monitor their teens' spending.
Copper makes it easy to send money back and along between teens and parents. If parents want to send money for an assart, everything tin exist done digitally. Given the digital nature of our economy, this makes complete sense.
With their parent's assistance, spending and saving habits can be discussed. With assistance from Copper, parents can assistance their teens take command of their finances and learn to spend responsibly.
Related: Acquire How To Get Started Investing In High School
Debit Card
Copper accounts include a Mastercard debit card. The card is accustomed everywhere that Mastercard is accepted. You don't have to wait for the physical carte du jour to get in before you lot tin use it.
One time a parent funds the account, the virtual debit bill of fare can be used. Information technology can exist used from the Copper app or added to Apple Pay or Google Pay digital wallets. Y'all can also employ the debit card to withdraw cash at over 55,000 ATMs.
Related: The Best Prepaid Debit Cards For Teens
Depositing Cash
You may want to avoid this route if possible since information technology will toll extra. Copper uses the Green Dot network to add together cash to customer accounts. That means you have to go to a Dark-green Dot retailer location.
You lot can detect a Green Dot retail here. Note that these retailers often accuse a fee, which tin can be upwards to $four.95 per transaction. To avoid these fees, try to transfer funds digitally instead.
Savings Accounts
Copper recently added savings accounts to its listing of features. At present, teens tin easily set savings goals and monitor their progress. 1-time transfers to savings can be initiated at any time. Or Copper users tin set set up automated savings schedules.
Fiscal Instruction
Copper helps teach financial management to teens in two master ways. Get-go, it offers a financial literacy quiz which allows teens to test their knowledge and learn at the same time.
2d, it provides financial lessons that information technology calls "Cheat Codes." Copper's financial education department is headed upwardly past Liz Frazier, a Certified Financial Planner and writer ofBeyond Piggy Banks and Lemonade Stands: How To Teach Immature Kids Almost Finance.
Parental Involvement
Teens can withal spend all of their money in i location. The app gives them the freedom to practice that. That'southward why good parental involvement is essential to getting the most out of Copper.
Parents have certain controls through the app. These include:
Deposit and Spending Limits
At that place are some limits on depositing and spending funds in your Copper account.
Transferring coin into your Copper account through ACH is free. Information technology takes between iii-5 days.
If you use a debit bill of fare to transfer money into your Copper account, a pocket-size fee volition be assessed to encompass Copper's transaction cost. Y'all can likewise apply Venmo, Cash App, or Paypal to transfer funds into your Copper account.
Customer Back up
Copper is an online-only bank, and so y'all won't exist able to visit any local branches for in-person support. There isn't a publicly-listed client service phone number either. Support is bachelor only through e-mail at support@getcopper.com.
Are There Any Fees?
There aren't any monthly fees, account maintenance fees, or overdraft fees. At that place may, however, be fees charged by Copper'due south 3rd-party ATM operators if y'all make up one's mind to withdraw cash.
If y'all desire to add greenbacks to your account, in that location may be fees charged by Dark-green Dot retailers. A small fee is charged when using an existing debit card to transfer funds into your Copper account.
How Do I Open An Account?
You lot can visit the Copper website to open an business relationship. If you are under 18 years of age, you'll need a parent or guardian to finalize the account documents. Once you've applied, you'll need to download the app to access your business relationship and there is currently no mode to login on a desktop browser.
Open a Copper teen bank account here >>>
Is My Coin Safe?
Yes, funds are FDIC-protected through Evolve Banking concern. FDIC insurance protects against the loss of upwardly to $250,000 of deposits in the effect that an insured bank or savings association fails.
Is It Worth It?
For parents that want to teach their teens financial management, Copper is a keen supplement. In add-on to providing financial educational activity, it allows teens to utilise real coin rather than being limited to merely discussions or a form.
Copper doesn't cost anything to use if y'all avert its usage-related fees, which is fairly easy to do. Overall, it's worth checking out. Check out Copper here.
However, Copper doesn't offer whatever credit-building tools and pays virtually nil involvement on deposits (0.001% interest rate; 0.00% APY). If either of those drawbacks are a deal-breaker for you, you may want to consider culling teen checking accounts such as Step or Axos Outset Checking.
Copper Features
| Minimum Deposit | $0 |
| APY | 0.001% |
| Maintenance Fee | None |
| Overdraft Fee | $0 |
| Card Replacement Fee | $0 |
| Branches | None (online-only bank) |
| ATM Availability | 55,000+ |
| ATM Fee | None from Copper, merely fees may be charged the 3rd-party ATM operator |
| Customer Service Options | Email only |
| Client Service Email | support@getcopper.com |
| Mobile App Availability | iOS and Android |
| Bill Pay | No |
| FDIC Document | 1299 |
| Promotions | None |
Copper Review
- Pricing and Fees
- Ease of Use
- Client Service
- Features and Options
Summary
Copper is a debit carte du jour and mobile app that help parents teach their teens how to make smart financial decisions.
Pros
- No monthly fees
- Instant transfers from parent accounts
- Exclusive financial literacy content
Cons
- Deposits earn merely 0.001% (0.00% APY)
- Fees for cash transactions
- No customer service number
- Try Copper
Robert Farrington is America'southward Millennial Money Expert® and America's Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to starting time investing and building wealth for the future. Yous tin learn more nigh him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes virtually investing, student loan debt, and full general personal finance topics geared towards anyone wanting to earn more, go out of debt, and start edifice wealth for the future.
He has been quoted in major publications including the New York Times, Washington Mail service, Play a joke on, ABC, NBC, and more than. He is also a regular contributor to Forbes.
Source: https://thecollegeinvestor.com/35919/copper-review/
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