Verizon introduces financial literacy program for kids, offering parents peace of mind
Verizon Family Money is a new app and prepaid debit card designed to help parents teach their kids about money management. Available for a 30-day free trial, it empowers children aged 8-17 to save, spend, and earn money while parents maintain control. Key features include a spending account, a savings Vault, and tools for parents to monitor activities and set limits. The service auto-renews at $5.99/month after the trial. Verizon aims to enhance financial literacy for families while expanding its suite of customer services.
- Launch of Verizon Family Money app enhances financial literacy for children.
- 30-day free trial encourages adoption among both Verizon and non-Verizon customers.
- Integration with Galileo enhances the fintech capabilities of Family Money.
- None.
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
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
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.
VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/news. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.
Media contact:
Ana Ibarra
ana.ibarra@verizon.com
FAQ
What is Verizon Family Money?
How can parents use Verizon Family Money?
What is the cost after the free trial of Verizon Family Money?
Is Verizon Family Money available to non-Verizon customers?
