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FamZoo is a virtual family bank is a private online family “banking” system designed to help you teach your kids to earn, save, spend, and give money wisely. FamZoo describes this system with you as the parents as the “banker,” and your kids are the “customers.”
With FamZoo, you can manage your children’s’ fund through an IOU account or a prepaid card (subject to eligibility) or both.
IOU accounts help you keep track of all the money you’ve set aside for your child. FamZoo explains IOU accounts:
“Here’s how virtual family banking with IOU accounts works: Let’s say that your child, right now, has $30 in change in her piggy bank on her dresser and another $20 in birthday money in an envelope in her desk drawer. She hands you the actual money, and you, in turn, credit her FamZoo IOU account for $50. Congratulations! You’ve just become the “Bank of Mom/Dad,” and you’re now running your own virtual family bank. It’s still her money, but she’s just deposited it with you. She can see how much see has in your safekeeping at anytime by signing into FamZoo and looking at her IOU account balance.
Later, suppose you’re out with your child shopping, and she wants to buy something that you’ve decided she should pay for. You pay for it — cash, check, credit card, whatever works for you — and debit her FamZoo IOU account for that amount. She has effectively made a withdrawal and payment from her account at the “Bank of Mom/Dad.”
Prepaid Card helps you keep track of your child’s purchases and offer guidance on how their money is being spent.
FamZoo prepaid cards are a uniquely affordable, convenient, and educational MasterCard® reloadable card offering designed specifically for families. Linked together and accessed online through FamZoo’s award-winning Virtual Family Bank software, the cards are used collaboratively to share funds between family members and develop financial responsibility.
One of the parent cards — the primary funding card — serves as the automated funding source for allowance, chores, odd jobs, ad-hoc transfers, reimbursements, compound interest, and matching contributions delivered to child cards. Children sign in separately to monitor spending, while parents retain control through a shared dashboard. Additional tools include collaborative budgets, interactive savings planners, “child bill pay”, and automated IOU tracking.
Shared Dashboard for better money conversations with your child. You will have access to a shared online dashboard to view your children’s accounts and activity. And your children will have separate access to their accounts. It’s a great tool to help your child learn how to master money while they are still under your roof.
As a parent or guardian, you set the rules of the family banking system to match your values and needs. You can set up automated allowances, give rewards for chores, and set up odd-jobs offering work-like withholdings for savings, parent-paid interest on savings, expense sharing, matching contributions and more. You can also help set up a budget and provide loans (your money to be paid back).
FamZoo helps you educate your children with tools that work in real life. This is a great option for any parent looking to teach their kids about money, finances, and banking. It’s good for young kids and teenagers.
There is a monthly fee of $5.99 per month per family or you can choose to pay for the year upfront. *current as of March 19, 2018.
FamZoo is a great option for parents who want to help their children master money early in life. The FamZoo system makes it easier for parents to manage their kid’s money and teach them valuable money lessons.