We verify the parent's identity for every single account with public sources using the parent’s legal name, Social Security number, physical street address and birthdate, in compliance with the USA 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 account secure. In addition, kid’s Family Money Spend Cards* are protected by a user-set 4-digit PIN for purchases.
We do not conduct credit checks, and identity verification will not affect consumer’s credit history.
The Spend Card may be used at any U.S. merchant who accepts Visa, including online following the Family Money eligibility requirements. However, it may not be used to withdraw money from an ATM or to get cash back from the merchant.
For added protection, purchases in the following categories are automatically blocked:
- Money transfers
- Bars, liquor stores, and drinking places **
- Cigar stores and stands
- Lotteries, including government-owned
- Gambling, racing & casinos
- Dating & Escort Services ***
Each Spend Card has been embedded with an EMV® chip, managed by VISA®. It is a global standard for credit cards that use computer chips to authenticate (and secure) chip-card transactions. 1 EMV chips encrypt bank information making it far more secure than the old magnetic-stripe cards.
In addition, parents may block travel purchases, including airline tickets, car rentals, hotels, and motels.
* The Family Money Spend Card is issued by the Metropolitan Commercial Bank pursuant to license by Visa® . Metropolitan Commercial Commercial Bank, Member FDIC.
** We block purchases of alcohol based on Merchant Category Codes (MCC). Bars, taverns, nightclubs, cocktail lounges, and adult nightlife are blocked where the MCC reflects alcohol MCC.
*** We block purchases of dating/escort services based on the MCC. Merchants classified with a specific MCC that reflects dating and escort services are blocked.