Image / Courtesy of Bangor Savings Bank
The new Pling teen debit card and app issued by Bangor Savings Bank.
Updated: October 17, 2024
Bangor Savings puts basketball's Flagg brothers on center court to tout teen debit card
Photo / Courtesy, Bangor Savings Bank
Coming soon to a Bangor Savings Bank near you: Cardboard cutouts of the basketball-playing Flagg brothers, Maine natives who tout a new debit card for teens called pling.
Bangor Savings Bank has released a debit card and app for teens that's being promoted by two young basketball stars from Maine, Cooper and Ace Flagg of Newport in Penobscot County.
The card, called pling, is being touted as a tool to help teens become financially responsible and independent via an account managed by their parents.
"The word 'pling' is inspired by the sound of coins dropping into a piggybank or jar," Bob Montgomery-Rice, president and CEO of Bangor Savings Bank, told Mainebiz.
"It's the first step for children learning about savings, and we view 'pling' as the next step in their financial wellness journey."
Released in September, pling is available for all parents and guardians of youngsters who are age 13 or older.
The card has a daily spending limit of $2,500 and cannot be redeemed for cash value, according to the online user agreement. Users are also charged a monthly fee of $3.99, which Bangor Savings is waiving for "early adopters."
Montgomery-Rice reports strong demand for the new product so far.
“We purposely designed pling to be more than just a product offering and focused on providing a solution for teens to learn about financial wellness — making a real impact on the holistic financial future of families,” he said.
“Creating financial empowerment in our communities is central to our ‘You Matter More’ promise. The pling card program is a valuable resource for families to help teens learn good money habits from a young age.”
With $7.5 billion in assets as of June 30, 2023, Bangor Savings ranked as the largest Maine-based bank in the 2024 Mainebiz Book of Lists.
The bank’s collaboration with the twin Flagg brothers is in the form of promotional cardboard-cutout likenesses that will be on display at Bangor Savings branches, starting next month.
“We’ve always valued the importance of being prepared both on and off the court,” said Cooper Flagg, who will play this season as a freshman for the Duke University Blue Devils, in a news release.
Pling “is a great way for teens to start taking control of their financial future, and we’re excited to help spread the word in our community,” added his fraternal twin Ace, currently in his senior year of high school in Florida.
Josh Steirman, director of government relations with the Maine Bankers Association, told Mainebiz that while he's not aware of imminent product releases similar to pling by other Maine banks, he believes they will continue to put a priority on financial literacy.
"Banks in Maine prioritize financial education, and that starts with kids and students," he said. "Learning smart money habits when young helps build strong financial futures.”
The Westbrook-based trade organization supported recent legislation to increase financial literacy coursework in schools, and will continue to advocate for expanded financial literacy education in Maine, he noted.
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