FamZoo is a prepaid debit card program targeted at families with teenagers. This card helps parents teach their kids how to manage their finances by setting them up with a customizable account that can incur interest and be connected to monthly allowances for chores and other household tasks.
FamZoo allows parents to recreate a banking experience for their kids to prepare them for what managing their finances in the future will be like. Parents have complete control of how much money goes into the FamZoo prepaid debit card as well as what chores, tasks or non monetary rewards are attached to the cards.
FamZoo also allows parents to open and manage up to four prepaid debit cards for free and open additional accounts afterwards for only a one-time fee of $2.
This allows families with multiple children to manage all their debit cards under one account and make the entire process much more streamline.
You can also freely transfer money between all the cards under your account instantly.
One of the only drawbacks of the FamZoo account is that you need to pay a monthly subscription of $5.99 in order to set up your account. However, this fee can be lowered if you prepay your FamZoo account for a year.
Additionally, the interest money the savings accounts on the cards incur will be funnulled from the parent’s existing bank account and not actual interest provided from the FamZoo account.
Regardless of these minor cons, the FamZoo account is still one of the best ways to teach young adults about finances. Parents can monitor their children’s spending, cut off access to a card instantly should they need to and have access to over 30,000 ATMs to withdraw cash from for free. What’s not to love?