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How To Reload Your FamZoo Prepaid Card Instantly From Venmo

Venmo Instant Transfer Confirmation

Typically, reloading your FamZoo card electronically takes 1 to 3 business days via ACH transfer. There is, however, an electronic instant reload option that many of our Zoomer cardholders have been using heavily: Venmo Instant Transfers. It’s an excellent alternative to instant cash reloads which must be done in person at a local retailer.

I tested it myself a few weeks ago. Here’s how it works:

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What's the Difference Between Prepaid Card Accounts and IOU Accounts?

“Why can’t we get the money out of my daughter’s savings account? It seems to have disappeared!”

We get that panicked question from time to time.

When money mysteriously “goes missing” in FamZoo, an IOU account is almost always the culprit.

In a typical scenario, the parent inadvertently sets up an IOU account for savings and allocates a portion of allowance or chore payments to it. Later down the road, the parent is dismayed to find that no real money has accumulated in the account. Instead, an unanticipated debt has accumulated that must be paid off to the child.

To understand how this happens, let’s back up a bit. Think of the classic money jar system that parents often use with kids for separating spending, saving, and giving.

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Why Your Kid's No-fee Overdrafts Carry a Hidden Cost

We never ding kids (or parents) for overdrafts. Trying to spend more than the amount loaded on a FamZoo card results in a harmless decline without a fee. Of course, I hope the decline induces a slight twinge of embarrassment as a reminder to check the balance next time. 😳

So, no-harm-no-foul if our kids repeatedly hammer away at the cards with Xbox, Spotify, and iTunes charges they can’t cover, right?

Not quite.