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FamZoo News

End of August, 2021
Preparing kids for the financial jungle.

TIP OF THE MONTH

Apple Instant Transfer

Four options for instant reload.

“I need to get more money on my FamZoo card. Right. Now.

I hear that often from panicked parents.

Good news on that front! Apple just joined the instant reload party.

On August 5th, Apple added instant transfer support for MasterCard debit cards — like ours. I tested it myself the following weekend. Worked like a charm. 99 bucks to my Bank of Dad card instantly for a $1 fee. (Apple has since bumped up the fee from 1% to 1.5%.)

That brings the digital wallet instant transfer support count to three: Apple, PayPal, and Venmo. So, if you have money sitting in any one of those digital wallets, you can move it over to FamZoo within minutes.

All three digital wallets now charge the same fee for instant transfers: 1.5% of the amount, with a minimum fee of 25 cents and a maximum fee of $15.

Unfortunately, CashApp is the one remaining instant transfer hold out. CashApp doesn’t support linking the FamZoo card as a debit card yet. So, only the slower 1 to 3 business day transfer option is available there.

Here’s a summary of the FamZoo reload support for the major digital wallets:

Digital Wallet Instant
Transfer
(1.5% fee)
1-3 Business Day
Transfer
(Free)
Apple Cash
PayPal
Venmo
CashApp

To perform an instant transfer:

  1. Move some funds into your digital wallet (if you don’t already have a balance).
    Apple Cash Instructions
    PayPal Instructions
    Venmo Instructions
  2. Add your FamZoo card as a debit card to your wallet.
    Apple Cash Instructions
    PayPal Instructions
    Venmo Instructions
  3. Initiate an instant transfer from your wallet to your FamZoo card.
    Apple Cash Instructions
    PayPal Instructions
    Venmo Instructions

If you aren’t in a hurry and want to avoid the fee, you can add your FamZoo card account as a bank account to your digital wallet instead. Then, select the slower 1 to 3 business day option when transferring. To add your card as a bank account, you’ll need its routing and account numbers which you can find on the FamZoo Card Information screen.

Pro Tip: you must enter your card’s routing and account number manually, not by searching on the FamZoo bank name. That’s because the FamZoo card program has a special routing number at South State Bank. It’s different from the South State Bank’s traditional retail banking routing number that you’d find in a name search. So, if you’re prompted for a bank name on a search screen, type in "add manually" instead of the bank name. That should yield an alternate screen allowing you to type in the numbers explicitly.

Not digging the Internet’s digital wallet scene? No worries!

There’s always the trusty in-the-real-world option number 4: the “sneakernet” option. Hoof it down to your nearest Walmart, CVS, Rite Aid or other participating retailer with some real cash in your real wallet. You can reload your card within minutes at the register — typically for a flat fee of $4.95. See here for instructions and store locators.

So, that’s 4 ways to reload your parent card in a pinch. Right. Now.

COMMUNITY POSTS OF THE MONTH

The FamZoo parent community.

It takes a zoo.

Recently in the FamZoo parent community:

  • Dan asked about the best way to separate the allowance money the kids have earned and the money parents provide to buy food and other essentials. 🍴
  • Elizabeth asked if there is a way for grandparents to send money directly to the kids’ cards. 💸
  • Jennifer asked about the cleanest way to let one child pay another. 🧒 💰 🧒

Got an experience or tip to share? A question?

JOIN THE GROUP

QUOTE OF THE MONTH

Interesting...

I’ll bust out this Ben Franklin favorite for back-to-school time:

“An investment in knowledge pays the best interest.”

On that note: are you using FamZoo’s parent-paid interest feature to teach your kids about the incredible power of compounding? It’s an infinitely more effective educational and habit-forming tool than a traditional yawn-inducing youth savings account.

Knowledge and interest — all wrapped up in one motivating package!

SHOUTOUTS OF THE MONTH

🙏 A big THANK YOU to...

  • Carrie H’s son Grant — for reporting a subtle bug in money requests that was blowing up FamZoo. We weren’t gracefully handling the case where a money request involved an IOU account that had since been deleted. Fixed! 🐞 🔨
  • Horton’s Kids — for empowering children growing up in DC’s most under-resourced communities so that they graduate from high school ready for success in college, career, and life. The program has incorporated FamZoo cards as a hands-on tool to coach and support kids’ growth with financial literacy and competency.
  • PTgamer121 — for this detailed and candid review in the App Store: “We were looking for a way for our kids to manage their own money and have their own debit cards. But when I started looking into it, both are too young to get a debit card from our bank. This was the perfect solution. All money on the kids’ cards is loaded from the parent account, so I know exactly where the money is at all times, can move money between accounts easily, and can see what is being spent. The only thing that was a bit of a pain was loading money to the parent card. I didn’t want to set up an automatic direct deposit from my paycheck, but adding money via my PayPal account took nearly a week for the funds to get to the parent card (this appears to be a PayPal issue not a FamZoo issue, but either way it was annoying), but once I got Apple Cash set up, it takes just seconds. Now the kids can use their own debit card to make purchases. And the card will not allow you to overdraw the account. So no worries about going into debt or racking up overdraft fees. If they don’t have the funds, the purchase can’t be made. The price to set up the FamZoo accounts and get the cards was very reasonable. We got a debit and a savings card for each child and encouraged the kids to split their deposits so some money goes into each account. It has worked really well for our family.”

    Since we don’t advertise, your positive reviews on Facebook and the app stores are greatly appreciated!

ALWAYS HAPPY TO HELP

Dear Bill...

Got a question, comment, concern, bug report, suggestion?

I’m no robot, just an everyday dad on a youth financial literacy mission. Hit reply, and I’ll respond.

Or catch up with me on Facebook or Twitter.

Best to you and your family,
Bill

Bill Profile Picture
Founder, FamZoo.com

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