Why Was BusyKid Created?
Generally, the U.S. stinks 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 a robust, easy to use platform that helps build strong character traits and provides real “teachable moments” by allowing kids to earn 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 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 key decisions kids make, but the process is as simple as answering a text message.
Do I Need To Link My Bank Account To Join?
At this time, yes. In the near future, we’ll have other options.
What If I Don’t See My Bank Listed?
While we have most of the large financial institutions we work with listed, you can search for the one you are associated. Just type in the name on the search line and select the bank you will be connecting.
Where Are The Funds Being Held?
The funds in your BusyKid Account are held 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.
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 by 3 p.m. CT, 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 delete the activity that wasn’t completed and the allowance total will automatically adjust.
This can also be accomplished by using the “Move Money” option. 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?
As your child completes chores or activities, you will be notified via SMS, however you will only be asked permission to move money (pay allowance) on Payday. If you approve, money will be moved.
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.
What Is a Payday?
Wherever possible, we created BusyKid to simulate real life, so “Payday” is when your child gets paid. Each Friday, the allowance your child has earned (Friday through Thursday) will move from their holding account to their save, share and spend areas depending upon the allocation percentages set by parents.
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.
Our partner IAV allows customers and WL partners to verify account ownership instantly via secure channels. This functionality is a method of account verification which customers have found convenient, sensible and fast. Leading companies leverage similar solutions such as Mint and PayPal.
IAV works by passing bank account credentials to a trusted 3rd party over a secure (TLS) and lightweight channel. At no time are credentials stored, written to disk, cast into log files or at risk of exposure due to an exception, rather, used 1 time to validate account ownership and then purged. Our partner has carefully reviewed this integration and we are comfortable with this solution for our customers.
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.