Withdrawal limits set by most banks are generally higher as compared to the average money requirement of a minor. Thus parents should ensure that the child does not indulge in unnecessary cash withdrawal from his/her account.

Children are not responsible enough to handle debit cards safely and might end up misplacing/losing them and the card thus landing up in unsafe hands of thieves and fraudsters.

Internet banking scams are on a massive rise these days. When adults are increasingly falling prey to phishing scams, the chances of children becoming victims to such scams is much high.

Parents are thus advised to be alert in such cases and effectively monitor the child's account so that the goodness of the idea behind opening up such accounts continues to remain.