The FamZoo virtual family bank and prepaid cards offer current members a $15 bonus for each new member that you refer, plus new members will receive an extra free month of FamZoo when you sign up via a current member’s referral.
FamZoo is an online virtual family bank that helps parents teach kids good money habits and distribute allowances or rewards.
How FamZoo Works
Basically, the parent is the “banker” and the kids are the “customers,” so that you can teach your kids to earn, save, spend, and give money wisely.
You can manage your kids’ funds in either IOU (I Owe You) accounts or prepaid card accounts (subject to eligibility), or a combination of the two.
Your kids sign in separately to access their own accounts, while you maintain visibility and control through a shared online dashboard.
You define the rules of your private family banking system with automated allowances, rewards for chores, “payroll” withholding for savings or giving, penalties for missed work, parent-paid interest on savings, expense sharing, matching contributions, budgets, loans, and more.
You can add any number of family members and IOU accounts, and you can add prepaid cards at any time for eligible families.
Check out FamZoo.com for more information about this virtual family banking program.
How Much FamZoo Costs
For IOU accounts, there is a 2-month free trial, and no payment info is required up front, unless you order prepaid cards.
For prepaid card accounts, which allow you to store money on multiple prepaid cards that are linked together, you’ll get 1 month free, and you can get 4 cards for as low as $0.63 per card per month.
After the free trial period ends or when you order prepaid cards, FamZoo is $5.99 a month for the whole family if you pay monthly.
If you choose to pay up front for a block of 6, 12, or 24 months, you can get an even better deal, like 24 months of FamZoo for just $59.99, which is the equivalent of $2.50 a month for a whole family pack of cards.
FamZoo Referral Program
FamZoo offers a special Referral Program that allows current members to earn extra rewards for referring new families.
If your family has an active FamZoo primary funding card and your FamZoo account is in good standing, you’re eligible to receive a $15 bonus for each family that signs up and subscribes to FamZoo using your special referral link.
For each family you refer, when you receive your referral bonus, they’ll receive an extra free month of FamZoo as well, so everybody wins.
To share your referral link, just sign into the FamZoo application as a parent, click on the Store tab, click on the Referrals viewing link, click on the Refer a Family action link, and on the Refer a Family page, you’ll see several different ways to share your referral link.
FamZoo deposits a $15 referral bonus on your primary funding card as soon as the referred family pays at least $15 in subscription fees.
At that time, FamZoo also credits the referred family with an extra free month of FamZoo.
You and the referred family will both receive an email notification from FamZoo when the bonuses are delivered.
You will only receive your referral bonus if the referred family does not cancel before paying at least $15 in subscription fees.
Your primary funding card must be active and your FamZoo account must be in good standing when they attempt to deliver your bonus.
If you participate in FamZoo, please feel free to share your FamZoo referral links in the comments below this article.