About company
FamZoo is a virtual family bank where parents act as bankers and their children as customers. Through FamZoo, parents can automate allowances, reward kids for chores or good grades, pay interest on savings, and penalize them for incomplete tasks. It provides a safe platform for family finances management, accessible via a website or app. Parents can easily set up and manage accounts, while kids can learn financial responsibility. Optional prepaid debit cards allow kids to spend within limits set by parents, providing a hands-on learning experience. With FamZoo, families can track spending, set savings goals, and foster good money habits.
Key features
- Prepaid Cards for All Ages. FamZoo provides prepaid cards suitable for both kids and teens, allowing parents to easily manage their children's spending while teaching them financial responsibility.
- Instant Card-to-Card Transfers. The platform enables instant transfers between FamZoo prepaid cards, facilitating quick and convenient money movement within the family.
- Free App. FamZoo offers a user-friendly mobile app, available at no additional cost, allowing parents and kids to access their accounts anytime, anywhere, for seamless money management on the go.
- Direct Deposit for Teens. Teens using FamZoo can benefit from direct deposit functionality, enabling them to receive funds directly into their FamZoo accounts, providing a convenient way to access their money.
Pros and cons
Pros
Cons
Reliability
Yes, FamZoo is reliable. The funds in the card accounts are insured to the maximum limit provided by the FDIC as long as we are able to fully verify the cardholder’s identity.
Products
IOU Accounts
FamZoo's IOU accounts serve as a convenient tool for tracking money held elsewhere for your child’s account. Whether your child earns money from chores or receives funds from other sources, you can credit their FamZoo account accordingly. Additionally, you have the flexibility to deduct money for penalties or shared expenses, such as when your child purchases items using their account balance and you reimburse the cost. These transactions, both credits and debits, can be automated, allowing for seamless management of allowances, shared expenses, and financial education within the family unit.
Prepaid Cards
FamZoo provides prepaid debit cards, in the form of debit Mastercards, designed for children to use under parental supervision. These cards offer the flexibility of being accepted anywhere that Mastercard is welcomed, including online and in stores, and can also be used for ATM withdrawals. Since they are prepaid, kids can only spend the amount loaded onto their card, making it a secure option compared to carrying cash. Parents can easily manage and monitor their child's spending through the FamZoo app, adding an extra layer of convenience and security. With a FamZoo membership, up to four prepaid cards are offered free of charge, with additional cards available for a nominal fee. While these prepaid cards are available to cardholders aged 13 and older, parents can still order cards on behalf of younger children to track their purchases effectively.
Other services offered by FamZoo
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Customizable Sub-Accounts. FamZoo allows users to create customized sub-accounts within their main family account, making it easy to allocate funds for specific purposes or family members.
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Missed Payment Tracking. FamZoo provides tools for tracking missed payments or incomplete chores, allowing parents to enforce accountability and teach financial responsibility to their children.
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Savings Goal Tracking. FamZoo helps users set and track savings goals, whether it's for a big purchase, a college fund, or an emergency fund. This feature encourages saving habits and financial planning within the family.
Conditions and requirements
Conditions
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$25.99 for 6 months, which equals $4.33 per month. You save $9.95 or 27%.
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$39.99 for 12 months, which equals $3.33 per month. You save $31.89 or 44%.
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$59.99 for 24 months, which equals $2.50 per month. You save $83.77 or 58%.
Requirements
- Parent or Guardian's Age. Primary account holders must be at least 18 years old to open a FamZoo account.
- Children's Age. Children can be any age, even younger than 13, to be included as account holders under their parent or guardian's FamZoo account.
- Citizenship and Residential Address. FamZoo services are available only to American citizens with a US residential address.
- Opening Deposit. To open a FamZoo account, a minimum opening deposit of $5 is required.
Network of ATMs
To access cash from your FamZoo prepaid card, locate an ATM machine, enter your PIN, select CHECKING, and complete the withdrawal transaction. FamZoo does not charge any ATM fees, but you are likely to be charged a fee by the ATM operator. It's important to note that you cannot deposit cash onto your card from an ATM. Instead, you can explore FamZoo's cash load options for adding funds to your card. Since the switch to SouthState Bank on October 29, 2019, FamZoo cards no longer belong to a free ATM network. Therefore, it's advisable to consider getting cash back from an in-store purchase instead of using an ATM to minimize fees.
Apps like FamZoo
- Greenlight is a financial app designed for families, offering features like parent-controlled debit cards for kids, chore management, and savings goals.
- Axos Bank provides online banking services, including accounts for teens and kids, with features like parental controls and budgeting tools.
- GoHenry is a family banking app that offers prepaid debit cards for kids, customizable parental controls, and financial education tools.
- Jassby is a family finance app that allows parents to manage chores, allowances, and spending for their kids, with features like virtual debit cards and savings goals.
Editorial opinion
Additional Resources
- FamZoo Reviews
