FamZoo Prepaid Debit Card For Kids and Teens

FamZoo is a family-friendly financial education and management app that teaches kids and teenagers essential money skills. Combining virtual family banking with real-world financial tools, it aims to help parents and guardians raise financially savvy children.

FamZoo was founded in 2006 by CEO Bill Dwight to offer a virtual family “banking” system to help parents teach kids to earn, save, spend, and give money wisely.

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How FamZoo Works

FamZoo creates a virtual family bank where parents can pay interest on savings, provide loans, and track repayments, mimicking real financial transactions. Parents act as the “bankers” and children as the “customers.”

There are two account options:

1. Prepaid Debit Cards

Parents can order prepaid debit cards for their children, which allows them to make purchases while they learn about spending. These reloadable prepaid cards give kids real-world spending experience with parental oversight.

2. IOU Accounts

Track money you’re holding elsewhere for your child. They show the balance you have for your child, adjusting for automated payments like allowances, rewards, or penalties. When you spend or give cash on your child’s behalf, you deduct the amount from their IOU account to keep the balance accurate.

Pricing & Fees

• Monthly Plan: $5.99 per month (Get 1 month free trial)
• 6-Month Plan: $25.99, which averages to $4.33 per month.
• 12-Month Plan: $39.99, which averages to $3.33 per month.
• 24-Month Plan: $59.99, which averages to $2.50 per month.

All plans include access to all features and a set number of prepaid debit cards, with additional cards available for a small fee.

Pros and Cons

Pros

• Comprehensive financial education
• Parental controls
• Customizable allowance and chore Management

Cons

• Initial setup can be complex for some users
• Reliance on prepaid cards might not be suitable for all families

Who is it best for?

FamZoo is ideal for families with children and teenagers who want to instill strong financial habits.

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Our FamZoo Review

FamZoo is a legitimate service and trustworthy company. It offers a standout financial education app that combines learning with practical experience. Its unique approach of using a virtual family bank, along with real prepaid debit cards, provides kids with invaluable hands-on experience in managing money.

The app’s features are robust and cater to different aspects of financial education, from chore management to budgeting and savings goals.

In researching reviews on FamZoo, we learned that the prepaid debit card and the app received 4.7 out of 5 stars in the App Store, with 250+ reviews. Most users cited great customer service and customizable app features.

There is no FamZoo customer service number available. However, you can email customer support and receive a response within 45 minutes during business hours (Pacific Time).

FamZoo review conclusion: The platform provides a safe, controlled environment where young users can learn about budgeting, saving, and responsible spending. Parents will appreciate the extensive controls and the ability to tailor financial lessons to their family’s needs. The pricing is competitive, especially with the longer-term plans, making it an affordable option for most families.