US Bank to shut down Visa Buxx accounts

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As reported by Miles Per Day, it appears that US Bank is discontinuing the Visa Buxx program for existing cardholders.  They previously stopped allowing new members to apply quite a while ago, but existing members have been able to use their cards and, until last month, even order new teen cards since then.  It looks like those days will soon be over.

Buxx

A reader sent the above letter to Miles Per Day.  The letter indicates (among other things) that the last day to load funds will be October 24th.  Click the picture above to view the full story.

Interestingly, the letter also states that cash advance teller withdrawal fees will be waived effective August 31.  So, getting money out of the account should be easier and cheaper than before.

What’s the big deal?

Buxx cards are debit cards intended for teenagers.  Most Buxx cards (including these) can be loaded online by a parent with a credit card for a small fee.  Usually, you’ll earn credit card rewards (worth more than the fee) for doing so.  And, since they are debit cards, there are ways to unload the money cheaply or for free.

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