A new circular from the State Bank of Vietnam (SBV) is drawing criticism from parents as it permits children ages six and up to use ATM cards.
According to Tuoi Tre, the new regulation will take effect on August 15, lowering the legal age limit of owning an ATM card to six years old. The previous age limit was 15 years old.
“Vietnamese citizens from six to below 15 years old will be allowed to open and use their ATM accounts, with the consent of their legal custodians,” Bui Quang Tien, head of SBV’s payment division, told the news outlet.
The debit cards will allow young children to make cashless payments, however the kids will not be able to withdraw money from ATMs. Parents can also place spending caps on the card, and in some cases, request that the card only be used to pay only for school fees or meals.
Though an account's primary cardholder will have the final say over how and when money is spent, some parents believe opening up the use of ATM cards to young children is inappropriate. Saigon resident Le Phuong Lan, who has a nine-year-old son, is concerned her child will request an ATM card once the rules have changed.
“My son immediately asked me to open an ATM account for him to keep his lucky money, promising that he would only use the money with my consent,” Lan told Tuoi Tre.
“But I rejected his request,” she continued, “telling him that even adults like me sometimes lose control of spending, let alone a nine-year-old boy.”
Still, experts say the rule exists in other countries and ensures the child's money is being spent in the way parents intended.
“It is safer to have children pay by card than cash, meaning parents are able to control the spending,” bank card expert Duong Hong Phuong told the news outlet.
[Photo viaRT]
