Why Was BusyKid Created?
Generally, the U.S. far behind other countries when it comes to teaching our kids about personal finance, even though there isn’t another subject they will use more after graduation. Kids that combine a solid work ethic with a basic knowledge of financial principles have a greater chance to be successful in life. BusyKid is working hard to be the easy to use platform that helps families build strong character traits in kids and provides real “teachable moments” when it comes to earning money and make some of the same decisions they will make as adults.
What Decisions Are Kids Making?
Kids have the opportunity to decide how to save, share, invest or spend their allowance. These are the same major decisions they will need to manage as they grow up. It’s called budgeting!
Do Kids Make Decisions Without Parents?
No. Parents still have approval power over the key decisions kids make, but for parents, it’s as simple as answering a text message.
Do I Need To Link My Bank Account To Join?
At this time, yes. However, in the near future there will be other options.
What If I Don’t See My Bank Listed?
While we have a majority of large financial institutions listed, you can search for yours just by typings the name in the space provided. If you still don’t see your bank, X-out of this screen and another window will pop-up asking for more information.
Where Are The Funds Being Held?
The money you’ve paid your kids is held in a BusyKid Account at a FDIC insured bank for your benefit and are insured up to a balance of $250,000. BusyKid itself is not a bank therefore does not have an FDIC insurance number. BusyKid also makes no money off money in this account.
The funds are FDIC-insured on a “pass through” basis. This means that each individual user’s balance is protected by FDIC insurance, up to the limits established by the FDIC.
Can BusyKid be used outside the United States?
While you can be living outside the U.S., BusyKid is only available if you have a bank account at one of the listed financial institutions in our platform. The only currency available right now is the U.S. dollar.
When Does My Child Get Paid?
Your child should be paid every Friday. However, just like any company handles payroll, funds must be approved by a particular time in order for payroll to process. In our system, if a parent OK’s the Payday SMS message within 2 hours of receiving it on Thursday morning, the child will be paid on Friday. If the parent responds late, the child will be paid on Monday.
How Do I Add or Delete Someone After The Family Has Already Enrolled?
It’s easy! Go to the top righthand corner of the parent portal and click the arrow. You can add or delete someone in the “Manage Users” section.
How Can I Cancel My Subscription?
To cancel your family membership, just click the button under the settings tab inside the Parent Portal. There is no penalty for cancelling but there are no partial refunds on a family subscription. We will, however, return any money remaining in the accounts of your children.
CHORES & ACTIVITIES
What is the Activity Register?
Located at the top of the parent portal, the Activity Register is where a parent can see everything a child has done, money earned and money shared or invested.
What If My Child Said They Did Something But They Didn’t?
A parent has the option to remove a chore or activity from the weekly allowance through the “Activity” section of the Parent Portal. Just disapprove the activity that wasn’t completed and the allowance total will automatically adjust.
This can also be accomplished by using the “Get Cash” option of a childs account. A parent can just move the paid amount back to the originating account.
I Need To Delete Or Edit A Chore/Activity, How Do I Do It?
From the page of your child in the Parent Portal, click one of the chores or activities listed below. When it pops up, you will have the option to edit or delete that event.
When Is Money Moved From My Bank Account?
Actual money only moves from your account on payday. You will need to give permission before money is moved.
Do I Have To Pay Allowance On Friday?
As of right now, yes. We have attempted to set up BusyKid as the first job for your child. Since most teenagers will get paid weekly (or bi-weekly), we thought that each Friday would be best.
SAVE, SHARE, SPEND & INVEST
Do Kids Have To Donate?
No, but we believe that sharing is an important part of the basic financial principles and kids should be doing this from a young age. We have set the sharing at 10% each week, however a parent can change this percentage at any time by selecting “Edit Allocation Settings”.
Does My Child Donate Directly?
No. When they go to make the donation, a text message will be sent to you that they would like to donate. Once you approve the transaction, the money to be donated will be moved back to your account and you can make the donation.
What If A Charity Isn’t Listed, Can I Add One?
You are not able to add one at this time. We have, however, partnered with several very special organizations who would appreciate the support. In time, you will have the ability to donate to their favorite charity or church.
Can My Child Move Money Between Save, Share & Spend?
Yes. All your child needs to do is press the “Move Money” button and pick where to move it.
Every family member is required to have a unique PIN when logging into the platform. If you ever forget your PIN, just select the “Forgot My PIN” and you’re receive a message on how to set a new PIN.
How Safe Is My Information?
While BusyKid does collect limited personal data, the company has implemented high security standards. We do not keep banking information, though we have partners who may collect some PII (Personal Identifiable Information). BusyKid is not responsible for any PII collected by our partners.
Should I Be Worried That BusyKid Is Connected To My Bank Account?
While you should always be careful who you share financial information, BusyKid doesn’t store your banking information. This information is handled through our partners who we have entrusted to secure.
Our partners are ISO certified, performs SSAE16 audits annually and undergoes routine ethical hack and code reviews. Data is encrypted utilizing AES 256 encryption and all web services are HTTPS/SSL.