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.
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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.