FamZoo

Financial education for children is something that should be taught at schools. Parents oftentimes don’t have the means or time to teach these important – and lifelong – skills to their children. Looking for website, applications, and resources available to teach children the value of savings, spending, and earnings. Without the need for textbooks and reading matter, getting first-hand experience of such concepts and principles will educate children to the importance of the various aspects of money and financial understanding required for live as an adult. One such company is called FamZoo. Reading about this company on LuminaBlog will help you to learn about its processes, products, policies, and procedures, so that you can make better-informed shopping decisions. The more information you know about the company, you’ll be empowered to make the right decisions for you and your hard-earned money. About FamZoo: FamZoo was founded in 2006 by Bill Dwight. This company is an online business focused on financial education for children through a concept developed by Bill Dwight of a Virtual Family Bank.  It offers a family finance application for kids, teens, and parents. The company is located in Los Angeles, California, United States. Products and Services of FamZoo: The products and services of FamZoo are an online website that features an online banking interface. There are three services available to customers to use the FamZoo Virtual Family Banking system: IOU accounts, pre-paid card accounts, and the virtual family banking system. The Virtual Family Bank allows parents to issue children with online access to their online wallets and accounts on their family’s virtual family bank. Here parents can make transfers, schedule transfers, and control their children’s bank accounts from their portal. This allows children to know exactly how much money they have, what they’re savings account looks like, and what their chores and work has earned them in the recent past. Pre-Paid Cards and Facility of FamZoo: The pre-paid card accounts are linked to the central Virtual Family Bank account of the parents. Parents can make payments to these pre-paid card accounts for children to use for online and off-line purchases as the cards are issued and linked to MasterCard. These reloadable cards take no fees, offer no risk, and no credit facilities. IOU Accounts of FamZoo: The IOU accounts are based on the earnings of children through savings and completed chores around the home. These funds are transferred to the child’s account for them to view their earnings. It can also be used as a portal in which they can see a schedule of payments and monies they could earn for particular chores and activities. This gives children savings goals. Virtual Family Bank Policies of FamZoo: The Virtual Family Bank is connected to the parent/owner of the account. It is not linked to a bank account, so it doesn’t allow for funds to be withdrawn from the account holder’s bank account. Payment Methods of FamZoo: Customers can create accounts with FamZoo by using PayPal and their down debit and credit cards from Visa, MasterCard, and American Express.