Venmo to Launch No-Fee Teen Accounts with Debit Card and ATM Access

Venmo is launching a new feature called Venmo Teen Accounts, which allows parents to create accounts for minors aged 13 to 17. The feature comes with a Venmo Teen Debit Card, which gives parents insight into spending, lets them send money, and allows them to manage privacy settings. The account has no monthly fees and the debit card will have no-fee cash withdrawals at ATMs. Teen accounts will be eligible for direct deposit and will be available to select users in June 2023.