PayPal on Aug. 11 is introducing a new service for parents with children who are in high school or college, CNET reports. Called Student Accounts, it centers on the use of a special PayPal-branded Mastercard debit card that is tied to a parent’s PayPal accounts. The parent acts as the provider and can funnel money into the account at predetermined dates, or–in what will most frequently happen–at the behest of their kids. Some of the perks include no overdraft fees and the use of a debit card that is not tied to a particular bank account, meaning the balance can come from a variety of sources. The system also makes it easy for parents to dole out cash and then track where it goes. In other words, parents can supply the $20 their children say they need for gas money, but if it ends up being used for a late-night beer run, the parents will know about it…

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