Family Money is a new financial service and app for parents and their kids to help with financial literacy and education. The new service includes the Family Money Prepaid Visa® Card Account (“Card Account”), which is a reloadable prepaid account that you (parents) can use to request and fund up to five reloadable Visa® prepaid debit cards (the “Spend Card” or “Card”) for your children to use. The Card Account and cards are issued by Metropolitan Commercial Bank (Member FDIC) (“Bank”) pursuant to a license from Visa® U.S.A. Inc. “Metropolitan Commercial Bank” and “Metropolitan” are registered trademarks of Metropolitan Commercial Bank ©2020. Under the Family Money Program, you are an Accountholder of the Bank, setting up a prepaid account with the Bank and you agree to the MCB Cardholder Agreement, Privacy Notice and Electronic Communications Agreement of the Bank (and other Bank agreements) provided during the account opening in the Family Money app. You can view all Family Money agreements including Bank agreements in the Family Money App (Settings - Legal & Privacy), or on this website. You also agree in the app to the Family Money Terms of Service and Privacy Policy.
As part of the Family Money app onboarding, you are required to link your external bank account to fund the Family Money Wallet account (from which you provide funds to your kids’s accounts (Vault and Card). Check with your external bank[s] to see what other charges related to funds transfers or debits from those external accounts may apply, including ACH transfer fees, insufficient funds charge, etc.
Spend Cards are reloadable prepaid cards (loaded with funds that parents transfer within the Family Money App) to their enrolled children and which are sent to eligible children by mail for use at approved merchant categories. The Spend Cards cannot be used to withdraw funds via ATM or cash back option at the store.
