Verizon introduces financial literacy program for kids, offering parents peace of mind
Verizon Family Money gives parents tools to help kids save, spend, earn, and become money-savvy; on the network they trust
What you need to know:
- Verizon Family Money enables parents to help kids save, spend, earn, and become money-savvy, all within an easy-to-use app and prepaid debit card.
- Kids get an experience designed with them in mind, including a spending account with a prepaid debit card, and a savings Vault to save for future goals. Parents are always in control and can have peace of mind with tools to help teach financial literacy.
- Try Family Money for 30 days on Verizon1.
BASKING RIDGE, N.J., June 15, 2021 (GLOBE NEWSWIRE) — Today, Verizon introduced a new tool for parents to help their kids as they take charge of their financial future. Starting today, Verizon and non-Verizon customers can try Verizon Family Money for 30 days on us1— a new, easy-to-use app and prepaid debit card that allows kids to save, spend, earn, and become money-savvy. Parents can step back and watch their kids become financially responsible as they help manage from the sidelines. Verizon partnered with Galileo, the API standard for card issuing and digital banking, to create the fintech platform Family Money is built on. The Family Money Prepaid Visa Card is issued by Metropolitan Commercial Bank2.
With Family Money you can:
- Empower them to learn: kids can track spending, complete chores, and grow their savings with app features that encourage financial skills.
- Watch them grow: parents can monitor spending, set up allowance, see purchases, and let kids make decisions while watching them succeed.
- Stay in control: make rules, lock cards or set spending limits for up to 5 prepaid debit cards in the app.
What you get
Kids get an app designed with them in mind, including a spending account with a prepaid debit card to make purchases online and at retail stores and a savings Vault to save for future goals.
Parents are always in control and can have peace of mind with tools like blocked spending categories. Parents can also:
- Set chores, assign rewards and manage allowances.
- Instantly transfer money from the parent Wallet to kids when needed.
- Get real-time alerts and spending notifications.
- Lock or freeze a card if lost or stolen
“With Family Money, we’re showing what’s possible when tech and financial services come together. Building on the success of products like the Verizon Visa® Credit Card and the tools we already have for families as they grow with us, like the Verizon Smart Family service and GizmoWatch, Family Money provides even more value to our customers based on their unique needs. It’s the perfect way to help kids learn the ins and outs of managing money and yet another way we’re providing real benefits to our customers outside of the reliable connectivity they know and love us for,” said Todd Oberstein, Executive Director Product Management and Development at Verizon.
Start the 30-day trial now, on us1
Not a Verizon customer? Not a problem, Verizon and non-Verizon customers can download the Verizon Family Money app from the Google Play and Apple App Store. Then, create a Verizon Family Money account and link a verified bank account.
At the end of the 30-day trial period, the service auto-renews for $5.99 per month. Family Money customers will not be charged on their Verizon bill. The $5.99 fee, which includes up to 5 kids, will be debited from the parent’s Wallet in the app. Customers must be 18 years or older to create a parent profile in the app. Kids accounts are designed for kids ages 8-17. To start your Family Money trial, visit www.verizon.com/familymoney.
Peace of mind at every stage
In addition to Family Money, Verizon has the products, solutions and plans you need to help your family stay connected in safer and more responsible ways at every stage of your digital journey. To learn more about products and solutions for families at Verizon, visit https://www.verizon.com/family-tech/.
1 No commitment. Plan automatically renews until cancelled. Cancel at any time.
2 (Member FDIC) pursuant to a license from Visa U.S.A. Inc. “Metropolitan Commercial Bank” and “Metropolitan” are registered trademarks of Metropolitan Commercial Bank ©2014.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is one of the world’s leading providers of technology, communications, information and entertainment products and services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $128.3 billion in 2020. The company offers data, video and voice services and solutions on its award-winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control.
Galileo, the API standard for card issuing, virtual card solutions and digital banking, is a global payments processing platform that powers world-leading fintechs, challenger banks, neobanks, financial services and investment firms by removing the complexity from payments. Galileo makes it fast and easy for many types and sizes of businesses to innovate and deliver amazing financial services user experiences to their customers. Headquartered in Salt Lake City, Galileo has offices in Mexico City, New York City, San Francisco and Seattle.
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Media contact:
Ana Ibarra
[email protected]
