The idea of your child traveling abroad should fill you with excitement, not constant worry. As a Private Bank client, you can help make sure your kids have access to the money they need when they need it—responsibly, safely and on your terms. No matter where they land.
Jeremy’s son Doron* was thrilled to be spending his junior year of college studying abroad in Italy. Though Jeremy shared in his son’s excitement, he was also nervous about making sure Doron had access to money while he was traveling. As a Private Bank client, Jeremy was able to share his benefits with his son. And make sure he was safe and financially sound from 2,000 miles away.
Before Doron set out on his travels, Jeremy brought him in to meet with his private banker, Sherry. Sherry set Doron up with a J.P. Morgan checking account and debit card.
Jeremy set up a weekly transfer from his own account to Doron’s to cover his expenses while traveling. Doron now had a budget to stick to, without having to worry about international transaction fees or ATM fees making a dent.
By setting up account alerts, Jeremy was able to keep in touch with his son and stay on top of his spending habits. Tour tickets to the Vatican, gelatos, and school supplies? Check. A high-spend alert and overdraft from a pub crawl in Dublin one Friday night? Nothing a father-son chat and a one-time transfer couldn’t fix.
Using the J.P. Morgan MobileSM app, Doron could easily check his account balance, set his own account alerts and split bills with friends, right from his smartphone.
All good. Until after a night with friends at a local hostel in Berlin, Doron woke up to find his wallet and his passport gone.
In a panic with no money or ID in a foreign country, Doron called his father. As an authorized person on the account, Jeremy was already on the phone with his service team reviewing the fraud protection alerts that had come in overnight. The thief was halfway to Paris, and had purchased thousands in computer parts with Doron’s debit card. But Doron would soon be back on his financial feet.
With his service team on the line, Jeremy was able to easily terminate the stolen card, report the fraudulent charges for reversal and have a new debit card issued for Doron. Doron was then able to easily access his new debit card from his Apple Wallet, and use it to pay for an expedited passport, food, and a train ticket back to Italy.
Disaster averted, Doron continued his European adventure. Under the watchful eyes of Jeremy, Sherry, and the support team.