Some learn through books, and some learn through hands-on experience, which is the idea around the FamZoo Prepaid Debit card. Turn your household spending into a family affair, and a lesson around how to manage finances, by offering your kids a little real-time insight into their spending and handling a budget.
Working hand-in-hand with a mobile app and text alerts, FamZoo touts a prepaid card that can be used by parents, as well as kids within the family from preschool all the way up to college (and potentially beyond that). It is important to note that the card is intended to be managed and supervised by parents and caretakers. With that said, money within this prepaid account can be separated into different categories like investing, saving, spending, and charity, as well as special accounts for payments to allowances or other monetary gifts for the kids. There are no hidden fees with the account and no overdraft fees.
There are a variety of ways to reload the FamZoo Prepaid Card. The easiest is by using your checking account or automatically adding to it via a direct deposit. You can also reload your card with cash at retailers like Walgreens, Walmart, 7-Eleven, and more. Reloading can also be done through PayPal or Wells Fargo SurePay, as well as for free at ATM machines.
In terms of monthly fees, the longer you pay in advance, the more you save. For example, the cost for the account is $5.99 each month; however, if you pay for six months ahead of time, this breaks down the cost to $4.33 monthly, while paying for 12 months will end up being a fee of $3.33 each month, and 24 months equals out to a mere $2.50 per month. With that said, the first month after signing up is free.
It’s important to note, children under 12 cannot have cards given to them in their own name (rather, the child has a card, issued to the caretaker or parent), and you can order a separate card for them to track their purchases. Teens 13 to 17 will require conducting an online verification process before getting their cards.
This is a great financial tool for families to not only teach their kids about budgeting but to also stay on track themselves as there is no risk of overdraft or getting in debt (like you would with a credit product). Yet, you still gain access to the benefits of having a family credit card. Money can be transferred automatically between members of the family, which is great, especially if you have teenagers in the house. Plus, purchases can be automatically tracked via the app, and text alerts help to keep everyone in check of their spending.
FamZoo has a card limit of $5,000, with a daily spending limit of the same amount. Daily ATM withdrawals are capped at $510, and the daily cash reload has a limit of $2,500.
View more information about the FamZoo Prepaid Card.