Transcript
Verizon Family Money 101: How to set up the Family Money app for you and your family.
As a parent, you sign up right in the app. Plan to spend several minutes setting up your account as you follow along with the guided steps. Have your social security number and online banking credentials available.
To get started, download and launch the Family Money app on your device. Tap “Get started” and select your parent role in the family. Enter your personal information and follow the prompts to create a username and password for your Family Money parent profile.
Next, you’ll need to add some additional information like your residential address and social security number. This is required by The USA Patriot Act to verify your identity. It is not a credit check.
In some cases, additional supporting documents may be needed to verify your identity. A copy of a valid photo ID, SSN card, and a utility bill issued to you within the last 60 days will be required to verify your identity. Once the process is complete, your Family Money parent account will be created.
Now, it’s time to sign up for the 30-day trial by linking your external bank account to your new Family Money Wallet. This makes everything cashless and convenient so you’ll be able to add money to your kid’s Vault on the go. Family Money uses instant bank account verification to link your bank account.
Once your bank account has been verified and linked to your Family Money Wallet, your trial starts. After the trial ends, a monthly fee of $5.99 will be charged automatically*. Begin funding your kids’ path to financial independence by adding some initial money to your Wallet. You can always add more later. We’ll let you know when the funds are available. It usually takes 3-5 business days. Now, your parent account is good to go.
It’s time to invite your kids and order their Spend Card. Enter your kid’s name, date of birth and email. Remember, your kid must be at least 8 years old to use Family Money. Once you confirm and submit, the Spend Card should arrive in your mailbox in approximately 8-10 business days.
Now, your kid’s Family Money profile has been successfully created. A unique Family Code will be emailed to your kid so you can help them activate the app on their device using your Family Code. To begin, help your kid download and launch the app on their device. Tap “Get started” and select “Kid”. To activate your kid’s Family Money profile, enter their email address and the Family Code we sent to that email. That’s it. Now your kid’s profile is good to go. Repeat these steps for any additional kids’ you added.
When the Family Money Spend Card arrives in the mail, parents have to call to activate it and must provide their personal information to activate the card. Back in the app, using your parent profile, you’ll see an Account setup status bar on the Family Money home screen. Use this to help track your progress and review the remaining steps if you didn’t complete everything at once. Once complete, you’re all set to turn over the steering wheel to your kids. Let them make their own purchases and stash away the rest for later.
If you have any other questions, check out our FAQ page to learn more.
