WHERE ARE THE FUNDS BEING HELD?

In by | November 13, 2018

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.