Family Money is an app that allows parents to assist Kids between 8 to 17 to develop wise money habits by using a prepaid debit card and an account resembling a piggy bank. Transfer money from an existing bank account and transfer the money to your child’s prepaid credit card as well as a savings account by way of allowances and chore payments. However, you can only have one parent on each account, and establishing chores and assigning chores can be a hassle.
It is the Verizon Family Money card for prepaid debit cards, and apps include features for managing chores and saving options. Many of your usual parental control options. It’s one of the latest available products, and you’re probably curious about how it compares. We have put together this review to get an idea of how you can anticipate seeing Verizon kids debit cards fit in this rapidly growing corner of the world of finance. Below is a Verizon Family Money Review for 2022.
What Is Verizon Family Money By Experts
It is ideal for parents who need at least five credit cards for their children. The card has the basic allowance and chores capabilities and none of the special features. If you’re looking for more than five cards, you might be better off using cards such as Greenlight, which is a dollar cheaper than Family Money and comes with an affluent vault and 1 per cent savings reward each year. This is what Verizon Family Money Review is for.
Verizon Family Money Kids Debit Card will not allow you to create regular chores. Parents must create each task every time and mark each task separately for payment.
If you’d like your child to clean the dishes and dispose of the trash each night, you’ll be on your phone several times throughout the day to schedule and accept each chore.
With $5.99 per month, the ability to plan chores should be available on the mobile app. The app also can only let one parent be able to access the account. This may be a major issue for those wanting to join both parents in the account.
- Parents don’t have to be Verizon customers to be Verizon
- Five accounts are required.
- Excellent parental control features
- There is no interest to be paid
- More expensive
Benefits and Features
First on Verizon Family Money Review is the benefits and features, If a parent registers to an account on the Verizon Family Money account, they can add up to five kids to their plan. Children are provided with the option of spending Cards (prepaid debit cards) and earning and saving money using an app called the Verizon family money app. Each account can hold up to 5 Spend Card.
Verizon Family Money Review (For Children)
With this Family Money app, kids can see how much they can spend with their Spend Card, how much they’ve saved towards their goals, and how much they’ve earned. The dashboard will provide the kids’ activity and the amount spent on various areas like food or entertainment, separated by per cent.
- Children can finish chores to earn money and receive some money from parents. They can look up each task’s description and ensure they are completed as they complete them.
- Spending: Users can choose how much cash they want to put onto their Spend Card. They can have up to $1,000 available on their card at any time and spend as much as $5,000 per month.
- The Verizon Family Money Cards can be used nearly everywhere within the United States that Visa is accepted, with a few exemptions for minor security.
It isn’t possible to exceed the limit of an account with a Family Money account or spend more than what is allowed on the Spend Card. The cardholders cannot use their cards for ATM cash withdrawals or withdrawals at retail stores. They are not able to make use of ATMs to view their balance.
Family Money Spend Cards aren’t currently able to be linked to Google Pay, Apple Pay as well as Samsung Pay, but Verizon plans to incorporate this feature in future versions of the card.
Save: All Families Money account comes with Savings “Vaults” for every child. These are where they can put aside money that is not being used with their credit card. The users cannot set savings goals in the Family Money application and won’t earn interest on savings; however, their parents can inspire them to save funds by rewarding their accounts with rewards or increasing the amount they are allowed to spend.
The cardholder can keep up to $1,500 stored in your Vault anytime. They can transfer money between their credit card and savings accounts, and their parents can.
Family Money is a bank account that does not offer a donation option. A family Money account does not provide the possibility to make a donation or invest in money.
Parents can also transfer additional funds into their children’s accounts through one-time or recurring transfers or transfer money from their child’s account to their own at any time. You can transfer money directly to their children’s Spend Cards or the Vault.
Parents can utilize Family Money to assign the chores to their children, which is done via the application. Parents must be able to approve each chore that their child does before payment is made (if parents don’t wish to be required to approve the chore, they may disable this feature). If they wish to motivate their children to take on the responsibility independently, they could give rewards for extra chores or good behaviour.
They may limit their children’s daily spending to $100 or $500 or $1,000. They also have the option to enable or deactivate purchases within the travel category. These might include flight tickets, hotel stays, or rental cars (most are reserved for minors). Parents can access the app and can enable and deactivate Spend Cards.
The money loaded onto Spend Cards should come via the Family Money Wallet or the account holder’s account, who is the primary. The funds can only be transferred through ACH transfer through a linked external bank as of now. It is possible to link up to three separate other accounts with the Family Money account.
Parents can make no more than two transfers to their accounts daily, but not more than $250 or less. Monthly funds are only $1,000 per month per sub-account. The account can be transferred as much as $2,500 to their sub-accounts in a month.
The maximum balance for the Family Money Wallet, including the primary account, can be no more than $5,000.
During their trial, parents can include two kids. When the trial is over, they can increase the number of children in their plans.
Benefits of Family Money over Competitors
Secondly on Verizon Family Money Review is the Benefits of Family Money over Competitors, One of the major benefits of Verizon’s Family Money app and platform is that it lets you create as many as five accounts to be sub-contracted. Other apps for family finances permit this number but charge per additional child. This might be your best choice if you’re a large family looking to cut costs.
It is a Family Money app that is also suitable for children. As young as eight years old can be sub-account users and receive their individual Spend Cards. Furthermore, this app is straightforward enough for novices to use. This is perfect for teaching opportunities and a simple introduction to money management.
Verizon Family Money Review (Potential Drawbacks)
Thirdly on Verizon Family Money Review is the Potential Drawbacks, A few things that can make Family Money less attractive are the transaction and spending limits. Family Money is a limited-use account. Family Money Wallet can’t have an average daily balance greater than $5,000. It is also impossible to make more than $250 per day to a sub-account or increase their balance to $1000 per month to the account. Customers also do not have cash access since they cannot use their ATM cards or get cashback.
There are many rules for parental controls, too. The app might appear fluid, but the fine print proves it isn’t. Parents, for example, can define spending limitations for their children; however, they can select from three pre-set choices. They can assign chores to their children, but they cannot set them to repeat. They can also fund transfers to a sub-account at any time, but they can only do it up to two times per day.
Perhaps the most significant problem is that parents can only make payments to the wallet using ACH transfers. This is extremely disappointing. We’d love to have Verizon permit parents to transfer money into their accounts using direct deposit, card transactions, checks, check deposits, cash reloads and more shortly, as this is extremely limited compared to other similar products. You can connect up to three different bank accounts. However, this isn’t enough to make up for the problem.
How to Sign Up
Forthly on Verizon Family Money Review is the How to Sign Up, Being a member or a customer of Verizon Wireless is not necessary to sign up for the Family Money account.
To join Family Money, install the application and follow the instructions to sign up new users.
Your trial of one month will start automatically. Inviting children to be part of your household will allow you to order spending Cards for them. These will be delivered within five to 10 working days.
If, after your trial period, you decide Family Money isn’t for you, You can choose “settings” inside the app and then cancel without paying any charges (as long you cancel before the billing period begins).
How do I get the Verizon Family Money Debit Card For Kids?
Also on Verizon Family Money Review is the How to get the Verizon Family Money Kids Debit Card, Create and connect the Family Money account to receive your Verizon Family Money Kids Debit Card in just eight steps:
- Visit the site of the provider and follow the instructions to apply.
- Select Get started.
- Follow the instructions to install Family Money. Follow the steps to download the Family Money app from the Apple or Google Play store.
- Start the app, and then select Start.
- Select the parent to answer questions to establish your profile as the account owner.
- Check your email for the Family Code.
- Include the information of your child’s information and the Family Code to set up your child’s account.
- Connect an account with a bank to transfer funds into the Family Money Wallet.
Also on Verizon Family Money Review is the Eligibility, To start an account with a Family Money account and qualify for a card that allows you to spend money, You’ll have to meet the following conditions:
- Parent must be at minimum 18 years old
- Age range: 8-17 years old
- In the US
- You should have an account with a US bank account
Verizon Family Money Review includes the Eligibility, Verizon money will require the following details when you apply for an account with them:
- Full name
- Valid residence address
- Birth date
- Social Security number
- Photo ID issued by the government
How long will it take to get my card?
It will take between 8 and 10 business days for your child to receive their debit card that is prepaid once you’ve added their details into the Family Money plan. As you wait for your kid’s new Spend Card, you can create an ongoing allowance and create tasks that earn extra cash.
Is It Secure?
Also on Verizon Family Money Review is the security of Verizon Family Money, Verizon secures your information by encrypting your account’s data. You can also create biometric logins and 4-digit PINs to make purchases.
All transactions requiring a signature can be covered under the Visa Zero Liability Policy, which means you’re not liable for any fraudulent transactions. If you find an unauthorized or incorrect payment, Visa’s app will allow you to secure the debit card that you have prepaid and challenge the charge.
Parents may also restrict categories of merchants such as travel, which means hotels, airlines, and car rental purchases can’t be able to pass through.
The importance of teaching kids and teens about financial literacy are never more crucial — especially with the majority of young adults today (76 per cent) who do not even have an understanding of basic concepts of finance.
Encouraging your children to understand finances, good spending and saving habits, and investing could aid in preparing them for success in the future, reduce anxiety, and generally enhance the quality of their life. Verizon Family Money is a fantastic tool and resource to help your kids succeed.