Family Money 101

Do parents need to be Verizon customers to use Family Money?

Not a Verizon customer? Not a problem, Verizon and non-Verizon customers can download the Family Money app from the Google Play and Apple App Store...

Is the Spend Card ready to use upon receipt?

No. For your and your child’s protection, Cards are not activated upon arrival. To activate each Spend Card, parents will need to call 1-844-936-66...

Who can have a Spend Card?

A parent can request a Spend Card for up to 5 children, ages 8 and above. Cards are intended for children only, and a parent will not receive a Car...

What alternative options are there to submit required documents?

There are two alternative options to submit the required documents: Fax the documents and a cover sheet with attention to “Verizon Family Money” t...

How do parents resubmit required documents for a new account?

If an error or issue occurs at any point of the verification process, a notification will be sent to resubmit the documents needed. To upload docum...

What type of documents are required for account verification?

A copy of the following documents are required to complete the account opening process.*  Valid photoID (Driver’s License, State-issued ID Card, o...

Why do parents need to upload documents to complete the account opening process?

The USA Patriot Act requires Family Money to obtain, verify, and record information that identifies each person who opens an account. The documents...

Who has access to the educational content section?

Educational content is the financial literacy component of the Family Money app and is accessible to both kids and parents with active Family Money...

What is the educational content component in the Family Money app?

Family Money’s educational content is a resource of financial literacy topics created for both parents and kids. The content includes basic financi...

How can parents and kids check their Family Money balances?

Parents and kids can check their current balance anytime by logging into the Family Money App and navigate to Overview.  Parents can see available ...

What is the Family Money Wallet?

The Wallet is a Primary Card Account set up by the Bank for use by parents with the purpose of transferring funds from an external account. They ar...

How does the Family Code work?

The Family Code is a unique computer generated number sent to parents after they register their kids in the App. It is used by parents to invite ki...

Are there any load limits that apply to Family Money?

You (a parent) may make up to two (2) load transactions (ACH transfers) to your Wallet per day and the daily maximum amount you may load is $250. T...

Are funds loaded on to the Family Money Account FDIC insured?

Yes.  All funds in your accounts (Wallet, Vault, Spend Card) are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to the maximum am...

Do the Family Money Accounts or Spend Cards earn interest?

No. Interest is not earned on or applied to the Wallet balance or on the balance of any Cards or Vaults. .

Is the Spend Card a credit card?

No. The Spend Card is a reloadable Visa® prepaid debit card—not a credit card. Use of the Spend Card will not build credit history. It cannot be us...

When will parents see funds loaded onto a Family Money Wallet?

After enrollment is completed, you (a parent) can transfer funds to your Wallet at any time by authorizing an ACH transfer from your Funding Accoun...

Is there a minimum age to join Family Money?

Account-holders (parents) must be at least 18 years old. Spend Cards are available for kids who are at least 8 years of age.

How many parents can be on a single Family Money account ?

At this time, only one parent can be on a single Family Money account.

How is a parent billed the $5.99 fee to Family Money?

At the end of each billing cycle,$5.99 will be deducted from the parent’s Family Money Wallet. If there are not enough funds in the parent's Wallet...

When is the daily limit reset?

Daily Program Limits are reset at 3 am SMT. Monthly Program limits are reset based on rolling 30 days from the last maximum reached.  .

How long will it take for Spend Cards to arrive?

Your child(ren) should receive the Spend Card(s) within 8-10 business days. For any future replacement cards, expedited overnight shipping is avail...

Who are Family Money vendors?

Family Money uses several vendors to bring the Program to you including to link your external bank account and to provide support.  

When does the 30-day trial start?

A 30-day trial starts as soon as  the parent’s verified bank account is linked to the Family Money App during parent onboarding and after agreement...

Who can be a parent in Family Money?

A parent can be any adult who is at least 18 years old. This includes, but not limited to, any parent, legal guardian, grandparent, etc. Only one p...

What can parents do in the App while waiting for the card?

Your child's Spend Card should arrive in the mail in approximately 8-10 business days. If the Card was not received after 10 business days, parents...

How do parents manage all of the Family Money accounts?

Parents may view kid’s accounts (Vault and Card) balances in the App by navigating to Overview.  My Wallet reflects the money in the parents Family...

What are the transfer and spending limits of a Family Money account?

For security and protection, the Family Money Program has the following transfer and spending limits.   Maximum Balance for a Primary Card Acco...

How do Spend Cards work?

The Spend Card is a reloadable Visa® prepaid debit card—not a credit card. Use of the Spend Card will not build credit history. It cannot be used f...

What does a parent need to sign-up?

You, the parent, will need to create a login for the Family Money App, and provide necessary information for identity verification. We’ll need your...