Famzoo vs greenlight

How many ace cards are there in a 52-card deck? What is a vanilla MasterCard? You can send money to your child’s card , and also receive money back from it. This will give you control over exactly how the card is used. In the FamZoo universe, the parents are effectively the bank, while the children act as banking customers.

They can help parents looking to introduce their children to the world of credit. FamZoo is a family-friendly prepaid Mastercard that lets parents become virtual bankers for their kids, even those younger than 13. The idea is a parent can pay out of their own pocket any interest they wish on whatever money a kids saves instead of spending out of his or her allowance.

Here are our reviews of other online banks. Greenlight stands out for a feature that other prepaid cards. Based on all my research, Z and I decided to with FamZoo. FamZoo , Current, and gohenry, are among other variations – would help me set spending. Visual Learning Tool.

Traditional bank accounts have such a small amount of interest that kids have trouble seeing how the money grows over time. You get real-time money requests, instant transfers between FamZoo cards and detailed spending alerts when your kids use their cards. The card focuses on teaching kids how to save, spend and give, so it’s a great option for parents with young kids. There are options to manage your funds or kids funds via IOU accounts or prepaid card accounts. FamZoo prepaid cards are not credit cards — you cannot spend more than what is loaded on the card.

Reload Fees: $for direct deposit from payroll. Fees vary by provider for other load methods and some are free. FamZoo does not assess any load fees on top of what the provider charges. See a list of load options here.

Sign in to FamZoo web application, and click on the Contact Us link at the top of the page. Not signed in or can’t sign in? How it Works: This app links directly to your bank account, and you can then send money straight to your kid’s greenlight debit card. This card is geared more towards giving your child spending money, but it can also be used for allowances (see my tip below for how). One of the best options for price and features is FamZoo.

Your annual membership includes four free prepaid debit cards. When paying by the month, membership costs $5. This is the most expensive option as FamZoo charges as little as $59. You can “ greenlight ” a purchase or a store at which your kids can shop. Is FamZoo right for you?

Our user reviews can help you decide. Learn more about this company and what people are saying about it. The biggest challenge here, however, is that it may not be as easy to track the money going in and out of your child’s account.

Gregg Murset, a Phoenix-based certified financial planner, told us he launched BusyKid because he wanted kids to exhibit the successful money habits his clients showed. There isn’t a minimum age restriction when a parent creates an account. There’s also no fee for direct deposit. FamZoo advertises its prepaid card as being ideal for kids from preschool through college. Of course, it’s a financial product that’s intended to be supervised and managed by parents.

The feature that distinguishes this card from the others that are available in the prepaid realm is that it offers a way to set up and divert money to. There are other prepaid cards — such as BusyKid — that are free to use once you pay the one-time card fee. Parents can choose the exact stores where their children can spen manage chores and allowances, set parent-paid interest rates on savings and more.

We were looking for a new vendor for our prepaid card reward as one of the prizes we offer in our program. Our existing vendor at the time was having shortcomings with customer service and online tools, so we looked elsewhere.