You may already have your first debit card and even a bank account, as banks in Bulgaria offer various services designed specifically for children and youth.

What do you need to know to make the most of them?

 

• Bank Account

If you initially had a bank card linked to your parent’s/guardian's account, after you turn 14, he or she can open a bank account in your name.

What kind of bank account can you have? A current account with a debit card is the most popular and practical solution. You can use it to receive money from your parents as well as from other sources – for example, a scholarship or salary if you work, and use the card to withdraw money from an ATM and make payments, including online. Debit cards have a limit, but in some cases your parent/guardian can change it, without exceeding the limit set by the bank.

There are usually no fees for opening such an account and issuing the card, as well as for their monthly maintenance. Withdrawing from an ATM of the bank where the account is opened is also usually free of charge or has only a minimal fee.

On the bank's website you will find a description of the required documents and the included services. You can also obtain detailed information at the bank branch, where an employee will answer your questions.

You may have a children's savings deposit or savings account opened in your name. You cannot withdraw money from it, only the parent/guardian can, and only with the permission of the district court. After reaching the age of majority, the account is transformed according to the current terms of the bank.

If you receive a salary or scholarship, you can independently open a permanent savings account in some banks when you turn 16.

Why is it useful to have your own bank account? This way you keep your money in a safe place and learn how to manage it. To operate your account, you can use mobile banking or online banking. This is an extremely convenient service, as it gives you constant access to your money. You can easily and quickly check what you have, pay, or transfer funds. You can also track where each payment was made and how much it is.

Operate your online account carefully and responsibly to protect yourself from fraud and abuse in the online space. For example, if you receive an email claiming to be from your bank and asking for your personal data, username or password for your online banking, you are certainly subject to a phishing attack. No bank asks for such information from its customers! If you receive such an email, do not respond under any circumstances, but contact the bank to inform them.

You can read about other types of fraud here.

 

• Debit card

A debit card may be issued for your current account. With it, you use funds from your current account to withdraw money from an ATM, pay at retail outlets and online. Since no cash is used, such payments are called cashless.

More information about the types of bank cards you can read here.

The conveniences of card payments are many - you don't need to carry a lot of cash, payment is made quickly, and if you lose your card, you can block it immediately. These conveniences are also associated with some risks - from ATM withdrawal fraud to card data theft, which you should be informed about and know how to protect yourself.

 

• Security of electronic payments

Due to increasingly inventive fraud, banks are constantly improving their security measures for electronic payments. If your card is contactless, as most payment cards are today, you only need to hold it close to the POS terminal to make the payment. When the amount is above a certain limit or after several payments have been made, you must enter your PIN. If your card is in the digital wallet on your phone, this will not be necessary, since in order to make the payment you have already used the phone code, fingerprint or facial recognition. This provides additional security and protection for your payment without having to enter your PIN at the POS terminal.

When paying online, in addition to the card number and its validity date, the CVV/CVC (Card Verification Value/Code) confirmation code written on the back of the card is entered. In addition, the so-called “two-factor authentication” (2FA) is performed, which is a combination of two components – a password and a code sent via SMS, generated with an m-token or facial recognition on the phone.

If receiving SMS notifications for made or received transfers is not part of the service package for your account, but can be additionally included, it is a good idea to take advantage of it. The service can be requested by your parent/guardian, who will receive a notification on their phone each time an amount is deposited and a transaction is made with your card. This will allow for an immediate reaction if someone tries to make an unauthorized payment and notify the bank. Keep in mind that in some packages this service is included, but in others you need to pay extra for it.

 

Get to know some safety rules when using a payment card:

• Be careful when withdrawing money from an ATM - avoid doing this late at night or from ATMs in deserted places, especially if they seem to be in poor condition.

• Pay attention to which bank the ATM is from. The best is to use your bank’s ATMs, as the fee will be the lowest or there will be none / or even nonexistent.

• If something in the ATM looks suspicious to you, do not use it. It may have been manipulated with an additional card copying device.

• Cover the ATM keyboard with your hand when entering your PIN.

• Withdraw contactlessly, if the ATM has such an option. This will avoid the risk of your card remaining in the device.

• If your card remains in the ATM, immediately contact the customer service center of the bank - the issuer of your card, to block it and find out what you need to do.

• Never share your PIN and 3D password for Internet payments!

• Do not give your payment card to anyone.

• If your card is stolen or lost, immediately call the customer service center of the bank that issued your card to block it. Some banks also offer the option of blocking or activating a card through their mobile banking.

• Do not make payments on unsecured websites! The key or padlock icon in the website's address bar indicates a secure connection, and their address begins with “https://”. This means that the data between it and your web browser is encrypted.

• Do not use free wi-fi networks in public places when making an online payment with your card.

 

 What is a payment card?

A payment card is a means of payment and is a plastic card with a magnetic stripe and/or chip, which contains information about the bank account to which it is linked.

On the face of the card is your name, the card number and its expiration date, the name of the issuing bank, the logo of the international card organization and the wi-fi symbol if the card is contactless. There is also the card chip and a hologram to protect against counterfeiting. On the back there is a magnetic strip on which the card number and its CVV/CVC code (Card Verification Value/Code) are written - the last three digits.

There are different types of payment cards. You can read about them here.