on
LEAVE A COMMENT!

Preserve Financial Dignity For Your Loved Ones

Elderly woman receiving a hand

Recently, I received one of those heartbreaking cancellation notices we always dread. Jean wrote:

“Unfortunately, my Mom passed away so the card is no longer needed.”

It’s always so sad to hear of a loved one’s passing.

Jean was kind enough to include some additional detail:

Like this? Please share it!

on
LEAVE A COMMENT!

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:

Like this? Please share it!

on
LEAVE A COMMENT!

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.

Like this? Please share it!

on
LEAVE A COMMENT!

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.

Like this? Please share it!

on
1 COMMENT

Days To Reload? My Kid Needs Money Now!

A new FamZoo parent asked me:

“How can I make same-day deposits to my kids cards? If there were an emergency, for example, and they needed money immediately, is there a way to get money from my bank to their cards right away? Up to 3 business days for a bank transfer seems a little ridiculous.”

Agreed. Up to three business days is indeed ridiculously slow. We can thank the killer combo of fraudsters and crusty old bank technology for that. But I digress...

Are you a Venmo user? Check out this instant reload option.

Most FamZoo parents deal with the emergency cash issue the way I did with my 5 kids: I kept an ample buffer on my parent card so I always had excess funds on hand for an instant card-to-card transfer whenever a financial crisis cropped up.

Then, I’d initiate a reload whenever my card balance dipped below a low water mark. Turning on activity alerts for my Bank of Dad card made it easy to know as soon as the threshold was crossed.

Eventually, I got a bit smarter though.

Like this? Please share it!