Current Adds Account Numbers and Direct Deposit to its Teen Debit Account

Leading Gen Z finance app expands its services to meet the needs of entrepreneurial teens

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Dec 05, 2018, 06:00 ET

NEW YORK, Dec. 5, 2018 /PRNewswire/ -- Current, the leading U.S. app and debit card for Gen Z, today announced that it will add routing and account numbers to its debit account capabilities. Launched in response to high demand from its users, direct deposits will mostly benefit working teens, many of whom are earning money outside of the traditional job setting but struggle to find financial services under the age of 18.

"Gen Z's entrepreneurial spirit is strong, and they are looking for ways to earn money on their own terms, taking part in the gig economy and starting their own businesses," said Stuart Sopp, founder and CEO of Current. "These working teens need a debit card for supplies and services, and a way to get paid including direct deposit and routing and account numbers so they can connect with ecommerce platforms."

Traditional banks typically offer teens access to accounts on a conditional basis -- only if they have recurring direct deposit from an employer. This leaves teens who earn money on their own without a banking solution.

"Introducing direct deposits was a natural next step to fill a gap in the market. It enables our users to take a key step in their personal financial management that will carry them through to college and beyond," continued Sopp.

In addition to direct deposits, Current recently launched instant transfers, which allows parents to send money to their teens instantaneously, and with no hidden fees.

The new developments will sit alongside Current's core offering, where parents have the ability to automate allowances, set up and reward chores, and maintain visibility into their children's spending with real-time notifications. Teens can spend the way they want, donate directly to charities of choice, save for what matters the most with Current's savings goals feature, and see their balance whenever they want.

The new direct deposits and instant transfers are available immediately via the Current app on Google Play and the Apple App Store.

About Current
Founded in 2016, Current empowers teenagers to connect their money with the people, brands and experiences they value. Current's debit card and money management platform brings a new financial experience to teenagers, because the future of finance is social and digital. Current's flexible, API-based platform adapts to the needs of each user, allowing parents to transfer money, automate allowances, set up and reward chores, put spending controls in place, and maintain visibility into their children's spending with real-time alerts. For more information please visit www.current.com, and follow us on Twitter and Facebook.

Current users can also earn money from allowance and by entering challenges from @Current_Card.

CONTACT: Amanda Drain, 212-462-1308, [email protected]

SOURCE Current