To ensure all accounts are protected, we verify the parent's identity with credit bureaus and other public sources in compliance with the US PATRIOT Act. Additionally, we encrypt and transmit parent’s and kid’s information using transport layer security (TLS) encryption and store it using industry-level security standards.
Parents and kids also have the option of using biometric logins with Family Money to keep their accounts secure. In addition, kid’s Family Money Spend Cards* are protected by a user-set 4-digit PIN for purchases.
To protect and ensure you are eligible for the Program, Family Money asks parents for some personal information to open the Family Money account.
In compliance with the US PATRIOT Act, we ask parents for:
- Legal name
- Physical street address
- Date of birth
- Social Security number
* The Family Money Spend Card is issued by the Metropolitan Commercial Bank (MCB, Member FDIC) pursuant to a license from Visa® U.S.A Inc, The best way to protect your family online is to keep personal information private.
The Social Security Number uniquely identifies each consumer. If someone else knows it, they can steal the consumer’s identity and pretend to be that consumer. A thief’s spending spree can cost the consumer thousands of dollars and countless hours, days, or years to remedy.
Generally, only the government, the consumer’s employer, doctor’s office, insurance companies, and financial institutions need this information. They will not call or write to the consumer asking for it.