MILWAUKEE — Landmark Credit Union has introduced SmartSpend Checking, a debit card-based checking account it said is designed to help members better manage their money while avoiding overdraft fees, according to the credit union.
The new account is available to members ages 10 and older and is aimed at children, teens and young adults seeking a simple banking experience with built-in spending controls.
“Parents are looking for opportunities to teach their children money management skills; kids want an alternative way to buy things when cash is not an option; and some young adults are seeking a fresh financial start,” Tim Mackay, president and CEO of Landmark Credit Union, said in a statement. “SmartSpend Checking was built with all this in mind.”
What’s Included
According to Landmark, the account includes:
- No overdraft fees.
- No monthly maintenance fee.
- No minimum balance requirement.
- Debit card access for everyday purchases.
- Fraud protection.
- Digital banking tools for monitoring spending and managing accounts.
Rather than allowing transactions that exceed the available balance, the account simply declines purchases when sufficient funds are not available, helping members avoid overdrafts, the credit union said.
What Survey Found
Landmark said research it conducted earlier this year found strong demand for the product among parents and young adults.
Among the survey findings:
- 50.5% of respondents said age 14 or older is the appropriate time for a first debit card.
- 42% said ages 12 or 13 are appropriate, reflecting the growing shift toward cashless payments.
- 81.6% of parents identified parental visibility and account lock/unlock controls as important features.
- 82% of young adults cited an easy-to-use mobile app as a top priority.
- 79% said the ability to easily send money to friends and family was an important feature.
Landmark said both parents and young adults ranked fraud protection and the absence of monthly maintenance fees among the most important account features.
Founded in 1933, Landmark Credit Union has more than $7.5 billion in assets, operates 35 branches and serves more than 400,000 members, according to the credit union.
