Verizon introduces a new money management app that can be used by parents to educate their children on how to manage money. This Verizon Family Money app is easy-to-use and includes various functions like a savings account and prepaid debit card. You can avail of the first 30 days for free. Here are the details of the app and how to use it.
Verizon, one of the biggest multinational telecommunication companies, which provides internet, TV, and phone services is now offering another service. The company wants to help children and parents achieve financial literacy by the help of their app. This will allow children to save, earn, and spend more responsibly with a prepaid Visa card and app. Moreover, parents know that teaching their kids these things at an early age may be difficult. However, since they are all into their phones, why not use an app?
As mentioned, parents will also be involved in the app as they have the power to monitor and put a limit to their kid’s spending. As early as today, they can teach their kids how to be independent and financially responsible by then allowing them to budget their money to what they need through allowance deposits. No need to be the one in control, they can just see their kids be the one to do it. And it is exciting to see how it goes.
Since the app includes an option for online payments and transactions, it is also important that parents are aware of what their kids purchase. With that, this app also has the function to give real-time alerts to parents when their kids are spending. Parents may also use this as a way to provide rewards every time the kid does some chores. And from there, they can start saving using a Savings Vault.
“With Family Money, we’re showing what’s possible when tech and financial services come together. It’s the perfect way to help kids learn the ins and outs of managing money.” said Todd Oberstein, Verizon’s executive director of product management and development. It is definitely a great way to maximize the use of applications to instill a life skill they must have.
How To Use It?
As reported by CNET, both Verizon and non-Verizon customers may try the app and account which will be free for 30 days. Afterwards, it costs $5.99 per month. This charge already accounts for a maximum of 5 children aged between 8 to 17 years old. You can simply download the Verizon Family Money app from the Google Play and Apple App Store then create your account.
Take note that for Verizon customers, you will not be charged on your Verizon bill. The fee following the 30 days will be charged to the parent’s Wallet saved in the app.
This tech company partnered with Galileo, the API standard for card issuing and digital banking, to make sure that the app is safe and easy to use. On the other hand, Metropolitan Commercial Bank issued the Family Money Prepaid Visa Card.
If you are interested, you may go to this link. Hopefully, children get to be financially responsible through different ways including the use of this app.