Verizon has announced a new initiative to help improve children’s financial literacy, helping them save, earn, and spend wisely with a Visa Prepaid card and app. Verizon Family Money will include a expense account and savings safe, with parents able to control and cap spending, and set up allowance deposits.
The app will track spending, allow kids to check off household chores for parent rewards, save money, and give parents real-time spending alerts.
Verizon and non-Verizon customers can try the app and create an account for free for 30 days, after which it costs $ 6 per month. Fees include accounts for up to five children ages 8 to 17.
“With Family Money, we’re showing what’s possible when technology and financial services come together,” said Todd Oberstein, executive director of product management and development at Verizon. “It’s the perfect way to help kids learn the ins and outs of money management.”
The Visa prepaid card is issued by the Metropolitan Commercial Bank, and Verizon has partnered with the Galileo digital banking platform to create the app.