Why Was BusyKid Created?

Study after study show the U.S. is far behind other countries when it comes to teaching our kids about personal finance. The same studies show that kids which combine a solid work ethic with a basic knowledge of financial principles have a greater chance to be successful in life. BusyKid was created to be an easy to use platform that helps parents build strong character in their kids and provide hands-on experience in regards to earning money and making financial decisions.

What’s Different About BusyKid?

BusyKid stays in line with basic chore charts but we’ve spent years building a modern platform with the help of feedback from parents. It’s the only system that pays real allowance directly from parents to children who are wanting to save, share, spend or invest.

Do Kids Make Decisions Without Parents?

No. Parents still have approval power when it comes to allowance earned, bonuses and when a child asks to take money outside the system – buy stock, a gift card or add money to a BusyKid Spend Card. However for parents, it’s as simple as answering yes to a text message.

Do I Need To Link My Bank Account To Join?

A funding source must be linked. This has to be a bank account or credit card. Over 90% of our parents have safely linked a bank account.

What Is there a fee to use a credit card as a funding source?

While it is free to link a bank account as an allowance funding source, there is a small transaction fee when using a credit/debit card as an allowance funding source. The fee is 2.9% of the amount, plus $.30. So if you’re doing a $10 transaction, the fee would be $.59.

I Want to link my bank but don’t see it listed?

We have the majority of large financial institutions listed but yours might be missing. You can search for a bank by typing the name in the space provided, but if you still don’t see your bank, X-out of the screen and a new window will pop up asking for more information.

Where Are the Funds Being Held?

The allowance you’ve paid your children 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. BusyKid also makes no money from the allowance being held.
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?

BusyKid is currently only available to families living in the United States or individuals living outside the U.S. that have a US-based phone number and address. 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 handling payroll, funds must be approved by a particular time in order for payroll to process. In our system, if a parent OK’s the Thursday morning Payday SMS message within 2 hours of receiving it, the child will be paid on Friday. If the parent responds late (but by Thursday @ midnight), the child will be paid on Monday. Not responding at all forces the amount to roll over to the following week.

How Do I Add or Delete Someone After The Family Has Already Enrolled?

It’s easy! 1) Sign into your account from our web-platform (www.busykid.com); 2) Go to the top righthand corner of the parent portal and click “Manage Users”; and 3) Add or delete someone.

How Can I Cancel My Subscription?

To cancel your family membership, just go to “My Account” inside the main menu of the Parent Portal on either the app or web-platform. 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.

CHORES & ACTIVITIES
How Can I track what my child does?

Located on the parent and child dashboards, the Activity Register/Tab is where a parent or child can see every transaction (chores, money earned, shared or invested). This is also where a parent can disapprove allowance for a chore not completed correctly.

What If My Child Said He/She Did Something But It Wasn’t Done?

A parent has the option to remove a chore or activity from the weekly allowance through the “Activity” Tab of the Parent Portal. Just disapprove the activity that wasn’t completed and the allowance total will automatically adjust.
If you have paid the child and then later discover the chore wasn’t completed right, a parent can take money back from the child account. This can 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 Don’t See A Chore or Activity I Want, Can I Add One?

Yes. Through the parent portal, just pick a child and press the “Add Chores” button. It’s very simple. You can also delete a chore or activity, by selecting it and pressing delete when prompted.

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.

How Do I Pick The Days of The Chores or Activities?

All chores and activities start in the “Daily” position, but you can make them “Once” or “Weekly”. If you pick “Once” or “Weekly”, you’ll need to select the actual days.

I’m Not Sure What My Child Can Do For His/Her Age?

We have removed the guesswork from assigning chores by recommending plenty by age. As your child gets older, new chores and activities will be automatically uploaded. It’s also easy to add your own chores or activities inside the parent portal.

ALLOWANCE
To Be Clear, I’m Paying The Allowance?

Yes. We have made paying your children allowance extremely simple. For your child, it’s basically direct deposit – another term they will need to know later as adults.

How Much Allowance Should I Pay Each Week?

Recent U.S. studies show that parents are paying an average of $65 a month for completed chores. However, you should set up a schedule and allowance which fits your family lifestyle and budget.

BusyKid Moves Real Money?

Yes. BusyKid allows a child to complete chores/activities for real allowance. No more points, IOU’s, stickers or cartoon characters. Children learn best by doing, so finishing chores and activities for allowance teaches children many valuable lessons they will need to know as adults.

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.
You may notice the weekly balance going to $0 on Thursday but this is normal. The funds are just moved to prepare for Payday.

Is Friday The Only Day I Can Pay Allowance?

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.

What Is The Bonus Feature?

Everyone likes to be rewarded for a job well done. So we have provided parents, grandparents or anyone else the opportunity to give a cash bonus to a child who goes above and beyond. A “Bonus” is a one-time payment for doing better than expected. Because a “Bonus” is outside the normal allowance window, it will take 1-2 business days before it shows up in the child account.

How Can I Change Percentage Of Allowance Going To Each Area?

Currently the percentage can only be changed from the parent portal of the web-platform (www.busykid.com). Click “Allotment Settings” above the balance box. The three areas can be any number you wish but it must add up to 100%.

SAVE, SHARE, SPEND & INVEST
How Can My Kids Spend Their Money?

There are threefour options – Cash Out, Gift Cards, Stock or the BusyKid Visa® Prepaid Spend Card. To Cash Out, your child just presses the “cash out” button and money moves back to the parent account. Then the parent provides the cash due or makes a purchase for the child. To buy a Gift Card, the child selects the company and put in the amount to be placed on the card. The bought card will be stored in the “My Cards” area of the “Spend” page. To buy Stock, your child will do the same as buying a gift card. The stock will be kept in the “My Stock” area of the “Save” page. To use the BusyKid Spend Card, your child will have the opportunity to move allowance onto the card and spend it like a normal debit card.
(Note – BusyKid Visa® Prepaid Spend Card owners will not have the ability to purchase gift cards.)

How Much Money Goes In Save, Share & Spend Areas?

It’s really up to the parent. We have preset the percentages, but you can change them by pressing the “Edit Allocation Settings” on your child’s page in the parent portal.

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”. We have provided some highly requested charities that would love support, however in the future, we plan to provide others.

Does My Child Donate Directly?

No. When a child goes to make a donation, a text message will be sent to the parent that they would like to donate. Once you approve the transaction, the donation funds will be moved back to the parent account so a parent 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. It’s important to know that there are no text messages to parents when money moves between these areas.

Does My Child Have A Brokerage Account?

No. When your child selects the 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.

BusyKid Visa® Prepaid Spend Card FAQs
What is the BusyKid Visa® Prepaid Spend Card?

The BusyKid Visa® Prepaid Spend Card is a real reloadable Visa® prepaid card that can be used to make purchases. The card costs an additional $5 per child each year ($5.46 if using a credit card as a funding source) and it has the same protections (and limitations) as other reloadable Visa® prepaid cards. The $5.00 is charged annually to allow the BusyKid Wallet to be linked to the BusyKid Spend Card. The fee is assessed annually based on the date in which the card was issued to you. You may decide to opt-out of this service; however, it would limit your ability to utilize the Wallet to add funds to the Spend Card. BusyKid members are not required to use the card and there are no age restrictions. (BusyKid recommends the card for children 10 years of age and older, however, the company leaves the decision to the parents.)

Once ordered, your card will arrive by mail within 5-7 days. If you order a card during a free trial but cancel the service prior to the trial ending, there will be no refund for cost of a card ($5). Allowance placed on the card will remain on the card until spent or card is cancelled by calling 866-203-8721. By request, remaining funds can also be returned via check.

Why Do You Need My Information?

Because you have selected to add a BusyKid Visa® Prepaid Spend Card to your account, there are some additional pieces of information we are required to collect and provide to the financial institution providing the card. This “standard” information does not reside with BusyKid and is needed for the sole purpose of identity verification and card (or cards) approval.

How do I add Money To The Spend Card

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.

What are the card fees?

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.

My Card Hasn’t Arrived

Cards are shipped and arrive within 7-10 business days. When a card is shipped, it becomes available for loading within the BusyKid system within 1-2 business days. Your child (after logging in) should see a ‘Transfer to Spend Card’ button which allows them to transfer funds to their new spend card. If you have successfully ordered a card and this button is not present on their screen through either the mobile app or the web app, please contact us at support@busykid.com to resolve the issue.

I Have Duplicate Cards

Please contact us at support@busykid.com with the last 4 digits of the card that you would like activated. BusyKid will receive an error when trying to transfer funds to a duplicate card so this card cannot be used until the other card is deactivated.

our card has been lost or stolen, how do we get a new one?

Do not contact BusyKid. You must call 866-203-8721 and the cost will be $5.

we tried to order a card but received an error message, why?

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 data bases. 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.

SECURITY
How Do we Set PIN’s?

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.

How Safe Is My Information?

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.