While studies continue to show the U.S. ranking far behind other major countries in regards to what kids know about personal finance, 49% of parents say they don’t know how to discuss money in ways they think their child would understand. BusyKid was created to help close the gap and provide parents a tool to drive home important financial skills.
BusyKid gives kids hands-on experience earning and managing money, but parents play a vital role in the process. Parents approve allowance earned, bonuses or when a child tries to take money outside the system (buy stock, get cash or add money to a BusyKid Spend Card). Kids have the freedom to move money between accounts and make purchases with the Spend Card without a parent giving their consent.
While it’s free to link a bank account as an allowance funding source, there is a small transaction fee when using a credit card. The fee is 2.9% of the amount, plus $.30. So if you’re doing a $10 transaction, the fee would be $.59. Total cost of the transaction would then be shown as $10.59.
The majority of large financial institutions are listed but there is a slight chance yours is missing. In this case, search for your bank by typing the name in the space provided. If you still don’t see it listed, X-out of the screen and another window will pop up asking for more information.
The allowance you’ve paid your child is held in a BusyKid account at a FDIC insured bank for your benefit (Insured up to a balance of $250,000). BusyKid itself is not a bank therefore does not have an FDIC insurance number. We also make no money from the allowance being held.
The funds are FDIC-insured on a “pass through” basis, meaning that each individual user’s balance is protected by FDIC insurance, up to the limits established by the FDIC.
It’s easy! 1) Sign into the parent account. 2) From the drop down menu select “Manage Users”. 3) Add or delete someone. Currently, two parents can be on the account but only the main account holder is allowed to approve allowance.
No, you will only have to sign in the first time you install the app for you or your children. Once the app is downloaded onto a device and you’ve signed in, the app will begin at the family page each time. From the family page, only a PIN is needed to enter an account.
Every family member downloads the app, then:
1. Main parent logs into that device with parent username and password and checks “Remember Me”.
2. A “Family Page” will appear. (This is where the app will begin each time your family comes back)
3. Have your child enter his/her PIN and everything is set. (Remind the child to never share this PIN)
Yes! BusyKid uses push notifications for all parent approvals, especially payday. Parents must accept (or allow) notifications. BusyKid will never send marketing materials through notifications.
The majority of large financial institutions are listed but there is a slight chance yours is missing. In this case, search for your bank by typing the name in the space provided and follow the linking steps.
If you still don’t see the bank, X-out of the screen and another window will pop up asking for more information. This is the start of the micro-deposit verification process.
If your bank was missing and you had to enter account information, you’re verifying through micro-deposits. Within 1-2 days of completing the provided space, you’ll receive 1 or 2 small deposits from BusyKid. Upon receiving the deposit (s), go to the MY ACCOUNT section of the menu off the parent dashboard and scroll down to the VERIFY BANK ACCOUNT tab and follow the steps. Until your account is verified you will not be able to order Spend Cards, provide a bonus or pay allowance.
BusyKid can be used by anyone with a US-based phone number, US-based bank account (or any credit card) and uses U.S. currency.
It’s easy! 1) Sign into the parent account. 2) From the menu select “Manage Users”. 3) To add someone, press the “Add” button. To delete someone, press the trash can symbol next to their name. Currently, two parents can be on the account (and provide a bonus) but only the main account holder is allowed to approve allowance.
1) Sign into the parent account. 2) From the menu select “My Account”. 3) Scroll down to bottom of page and select “Cancel Subscription”. There is no penalty for cancelling but there are no partial refunds on a family subscription and no refunds on BusyKid Spend Cards. We will, however, return any money remaining in the accounts of your children. Money on BusyKid Spend Cards will remain on the cards.
If you’re on a free trial, you must cancel your subscription at least 24 hours prior to the trial ending to ensure you won’t be charged. Once charged, you will not be eligible for a refund.
Located on the parent and child dashboards, the Activity Register is where every transaction is listed including anything done on a Spend Card. This is also where a parent can disapprove payment for a chore not completed correctly and approve allowance being paid if missing the payday window. Remember, a chore is considered approved (and will be paid) unless a parent disapproves it.
A parent has the option to remove a chore or activity from the weekly allowance through the Activity Register. Just disapprove the chore/activity and the allowance total will automatically adjust. Remember, a chore is considered approved (and will be paid) unless a parent disapproves it.
This can be accomplished within the kids account and clicking on the “SAVE” Tab and then selecting the “Get Cash” option. A parent can just move the desired amount back to the main parent originating bank account.
This is accomplished on the Parent Dashboard. Just pick a child (or multiple children) and press the “Add Chores” button.
From the Parent Dashboard, pick the child or children and click one of the chores or activities listed below. When it pops up, you will have the option to edit or delete.
If parent approval is done on time, a child will be paid every Friday. If the payday approval window is missed, children will be paid the following Monday or Tuesday. If approval is denied, the allowance figure will rollover to the next week. Currently, parents can’t select a specific day to pay allowance.
Our process is … Parent must say YES to a Thursday morning push notification to trigger the payday process. Parents have until 3 pm (CST) to OK the transaction to ensure a Friday payday. If missed, parents can still approve the payday through the activity register but will see a delay of 1-2 business days. If the parent fails to respond or says NO, the allowance amount will roll over to the following week.
Actual money only moves from your account on payday (Friday) or when you pay your child a bonus.
You may notice the weekly balance for a child going to $0 on Thursday … this is normal. This big box only represents the weekly allowance and if you said yes to the push notification, those funds are moved to a holding area in preparation for payday.
Everyone likes to be rewarded for a job well done, so provide your child a bonus by hitting the “Send a Bonus” button and add the amount you want to give. It will be posted to the account in 1-2 days, but weekends or bank holidays could cause a longer delay.
The “GET CASH” feature allows a child to send money from the Spend Area back to the parent bank account. Then the parent can provide the child cash to make a purchase.
The percentage which dictates how much money goes into each area can only be changed by a parent. From the parent dashboard, click “Edit Allocation” found just above the Save/Invest area of a specific child, and decide the percentage you want. The three percentages can be any number you wish but must add up to 100%.
Allowance does not automatically go onto the BusyKid Spend Card. Your child will need to do this by pressing the “Transfer to Card” button and enter the amount to be moved. Then press the “Get Balance” button located on the card image to ensure the transfer was completed.
There are three options – Get Cash, Stock or the BusyKid Visa® Prepaid Spend Card. To Get Cash, your child just presses the “Get Cash” button of the Spend area and the desired amount moves back to the parent account. The parent then provides the cash due. To buy Stock, your child will press the “Get Stock” button inside the Save area. Before using the BusyKid Spend Card, your child must load the card with funds from the Spend area. Just press the “Transfer To Card” button and money will move onto the card.
Yes, please contact us at feedback@busykid.com and we’ll contact the organization about joining our platform.
Yes. All your child needs to do is press the “Move Money” button and pick where to move it. It’s important to know that there is no parent approvals for money moves between these areas.
No. The first time your child selects a stock to be purchased, a parent will be asked to open a custodial account through our partner Stockpile. It’s also important to note that there are no transaction fees on buying stock when going through the BusyKid platform, but there is a small fee when selling stock through Stockpile.
The BusyKid Visa® Prepaid Spend Card is a real reloadable Visa® debit card that can be used to make purchases. The card costs an additional $7.99 per child each year ($8.52 if using a credit card as a funding source) and it has the same protections (and limitations) as other reloadable Visa® prepaid cards. The $7.99 (or $8.52) is charged annually to allow the BusyKid account to be linked to the card. You may decide to opt-out of this service at any time but the money on the card will stay on the card until all spent. A card can be cancelled by calling 866-203-8721. By request, remaining funds can also be returned via check.
Members are not required to use the card, but it’s the most popular way children spend their earned allowance.
The BusyKid Prepaid Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa USA Inc. All cardholder’s funds are insured by the FDIC in accordance with the FDIC’s applicable terms and conditions. For more information about the card’s terms and conditions including the Visa® Zero Liability policy click here.
Only for a BusyKid Spend Card. There are some additional pieces of information we are required to pass on to the card provider. This “standard” information does not reside with BusyKid but is needed for the sole purpose of identity verification and card (or cards) approval.
MONEY DOES NOT AUTOMATICALLY MOVE TO THE SPEND CARD. After you activate the BusyKid Spend Card, you will need to move money from the spend area to the card. This can be done by either the parent or the child, but the task must be completed from the child account. Once in the account, tap the spend box and this will bring up a button that says “Transfer to Card”. Tap the button and add the amount you want to move. PLEASE NOTE – you will not be allowed to move money from any other area directly to the spend card. Only the spend area.
To reorder a Lost/Stolen Spend card:
1.) Parent signs in and goes through menu to “Manage Users”.
2.) Select card symbol next to the child needing a new card.
3.) Follow the steps to replace but understand there is a replacement fee.
Users may encounter fees when using these cards. These fees are:
– Card to Card Transfers $1.00
– Paper Statement (upon Request) $5.00
– Reissue of Lost/Stolen Card $5.00
– Currency Conversion 3% of transaction
– POS Signature Purchase (International) $2.50
– POS/PIN Purchase (International) $2.50
PLEASE NOTE: Your child will get charged for using the card prior to funds being loaded or for insufficient funds. For a full list of fees, click here.
The BusyKid Prepaid Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa USA Inc. All cardholder’s funds are insured by the FDIC in accordance with the FDIC’s applicable terms and conditions. For more information about the card’s terms and conditions including the Visa® Zero Liability policy click here.
Cards are created and delivered within 7-10 business days. Please call the phone number on the sticker to activate the card. Please know that when a card is shipped, it becomes available for loading within 1-2 business days. If you’ve waited more than 10 days and the card hasn’t arrived, please contact us at support@busykid.com.
Since we use identity verification services to help determine the identity of anyone ordering a BusyKid Spend Card, members must be in compliance with VISA® requirements. There could be several reasons why you received an error message while trying to ordering a card, however, the biggest are information entered wrong or it’s not matching data which exists in other databases. Here are some common errors:
Address Error
This error generally occurs because an older address is on file with the verification service or because a PO Box number is used. Please use your domestic street address and if you need a BusyKid Spend Card sent to a PO Box or other address, please contact our card issuer Cliq at 866-203-8721 to update your mailing address information.
Date of Birth Error
Usually a date of birth or ID error is related to information provided and is usually a typo. Please verify the information you used is correct and that the date of birth is in MM/DD/YYYY format.
ID Error
ID errors generally occur because of the legal name provided on the account or improper formatting of the SSN. If you have recently married or changed your name, please try your former name and remove any extraneous dashes from the SSN. If you continue to receive this error, you will receive an email within a few days with instructions to complete the process. If you do not receive a notification within 3 business days, please contact us at support@busykid.com.
Bank Account Must Be Linked
This error occurs because a bank account has not been linked in the system or your microdeposit account has not been verified. If no account is set up, navigate to https://app.busykid.com and login. You should see a prompt to enter your bank information. If a microdeposit account was previously provided (you provided a routing and account number to link your account), navigate to the My Account screen and enter the two deposit amounts from BusyKid (some banks only display one deposit amount.) Please check your email for detailed step-by-step instructions to verify your microdeposit account.
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 receive a message on how to set a new PIN.
While BusyKid does collect personal data on you and/or your child, 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. For more information, please read our Privacy Policy.
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The BusyKid Prepaid Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa USA Inc. All cardholder’s funds are insured by the FDIC in accordance with the FDIC’s applicable terms and conditions. For more information about the card’s terms and conditions including the Visa® Zero Liability policy click here. The BusyKid Visa® Prepaid Spend Card costs $7.99 when bank account is linked. A $.53 transaction fee will be added to orders using a credit card. There are some additional fees to the BusyKid Spend Card, please see our FAQs for more information.
