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A Golden Alternative To Nickel Prepaid Cards

Nickel Card Alternative - FamZoo.com

On November 11, the venture-backed youth prepaid card startup, Nickel Labs, announced it was folding up shop. As of December 11, 2016, families will no longer be able to use the Nickel cards or services.

I’m saddened to see them go. Nickel was clearly a thoughtful, mission-driven player in the youth prepaid card space. They garnered some ardent admirers during their brief run. The youth financial literacy market needs more earnest players like Nickel, not fewer.

Nickel didn’t indicate why they’re shutting down, but as a 10 year veteran in this space, I can tell you it takes (borderline insane) dedication to the mission and tremendous patience to build a business. It’s a fledgling, yet — I believe — promising, market. It simply may not be sufficiently ripe for venture-backed startups (like Nickel) or established players (like PayPal with their recently defunct Student Accounts). Yet.

Timing is everything in new markets. Lots of runway and patience sure helps.

So, if you’re a Nickel prepaid card fan searching for a suitable and stable alternative, here’s how FamZoo stacks up:

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Give Kids Selective Control Over Money Transfers With This Checklist Hack

Move Money Between Spending And Savings

FamZoo always puts parents in charge of moving money between the family’s prepaid card accounts. Kids can initiate money requests for subsequent parent approval and execution, but they can’t perform transfers themselves. That’d be just a bit too risky.

But, sometimes parents want to entrust their kids with the authority to perform some very specific transfers: like moving money from spending to saving, or even vice versa for older kids.

We don’t have an elegant solution for this just yet, but we do have an inelegant hack that might fit your needs. It takes advantage of the reward/penalty capability of FamZoo’s checklists.

Here’s how it works.

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A Proven Alternative to PayPal Student Accounts That Teaches More Money Lessons

FamZoo: The Perfect PayPal Student Account Alternative

At the end of August, PayPal dropped the following message in the inbox of PayPal Student Account customers:

Effective September 29, 2016, the PayPal Student Debit MasterCard, and all related services, will be closed. This means that following this date, you or your student will be unable to use your PayPal Student Debit MasterCard. Additionally, as of this date, PayPal Student Accounts will no longer be able to be used to make purchases online or in stores. You or your student will still be able to transfer funds to your designated bank account, or to send money to either the associated parent’s PayPal account, or to another recipient, following this date. Effective November 15, 2016, all student Accounts will be closed, and any remaining funds in them will be transferred to the associated parent’s PayPal account.

That means parents with kids under 18 are out of luck completely. And those with kids 18 and over will no longer enjoy a centralized place to manage accounts, transfer funds, and view transactions across the family.

One disappointed mom summed up the PayPal Student Account value proposition nicely in a Reddit post when she lamented: