Search

×

Honor Bank Blog

The Modern Allowance: Control and Monitor Your Children’s Spending with CardValet

Posted by Norm Plumstead on Oct 10, 2017 9:00:00 AM

Untitled design (33).png

What is CardValet? CardValet is safe, easy and has many benefits. It’s great for cardholders who want to manage their debit and credit cards through their mobile devices. Getting started is easy. Simply download the CardValet App, found on the App Store or Google Play. CardValet is free to Honor Bank debit cardholders.

Once downloaded, CardValet manages risk by allowing you to define when, where and how your card can be used. Part of CardValet benefits allow you, as parents, to remotely control and monitor your children's spending when they use your credit and debit cards. You can actually control the debit card they use.

You have access and control, anytime and anywhere. CardValet from Honor Bank ensures that you will receive alerts whenever your payment cards are used.  You establish transaction controls for dollar amount limits, merchant categories, transaction types and geographic locations.

You control CardValet by being able to turn the cards “ON” or “OFF.”  When a card is "ON," transactions are allowed in accordance with your usage control settings. When the card is "OFF," all transactions except recurring payments are denied until the card is turned to "ON” again.

These controls can also be used to disable a lost or stolen card. Another safety feature of CardValet is to actually turn your cards “OFF” when you aren’t using them.

What Honor Bank’s CardValet also includes:

  • Location-based Controls. The My Location control can restrict transactions to merchants located within a certain range of your location (using the phone's GPS); transactions requested by merchants outside of a specific region can be declined.
  • The My Region control uses city, state, country or zip code on an expandable interactive map; transactions requested by merchants outside of a specific region can be declined.
  • Alerts can also be set up to inform you of specific types of transactions. CardValet can send an alert when a card is used, when a transaction is approved and exceeds any of the permitted use policies, or when a card transaction has been attempted but is declined. The alert is sent in real time, immediately after the transaction has taken place or has been declined.

You can monitor transactions to protect your accounts. For example,

CardValet can report or restrict PIN and signature transactions performed with Honor Bank debit cards, enabling you to manage, track and report specific types of transactions and quickly detect unauthorized activity.

You can customize your experience by choosing from a variety of options. Transactions can be monitored or controlled for specific merchant categories such as gas, hotel, travels, restaurants and groceries.

Touted as a Modern Allowance Convenience for your kids, it’s also a safe and easy way to control and monitor all spending and use of your debit and credit cards. You even use it to create a family budget.

All payment cards offer both convenience and risk. It’s your card, on your terms.  With your Honor CardValet, you can control your spending and your children’s when using your cards, and protect your family against fraud, all through a simple, easy-to-use app on your mobile device…offered to you by Honor Bank.

 

HB_Logo_Color_Stacked.png

fdic.png

Topics: Checking, mobile banking