Verizon introduces financial literacy program for kids, offering parents peace of mind
June 15 2021 - 10:00AM
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.
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
Ibarraana.ibarra@verizon.com
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