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FamZoo Prepaid Debit Card

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Famzoo Prepaid Debit Card

 

Table of Contents

  1. FamZoo Overview
  2. Best Prepaid Card For Kids & The Entire Family
  3. FamZoo Fees: How Much Does FamZoo Cost?
  4. Which Bank Does Famzoo Use?
  5. Is Famzoo a Safe Prepaid Debit Card?
  6. Famzoo vs Greenlight
  7. FamZoo vs Serve
  8. FamZoo Android App Review

 

FamZoo Review

FamZoo Prepaid Debit Card

FamZoo Overview

Famzoo is one of the best reloadable cards for kids. One of the things we love about FamZoo is that an entire family can share the same balance but have different Famzoo prepaid cards. This unique feature definitely separates FamZoo prepaid debit card from the competition. Our complete review of FamZoo will cover fees, unique features, how it compares to other prepaid cards and our final thoughts on whether or not we recommend this card.

Best Prepaid Card For Kids & The Entire Family

Created by Bill Dwight, a Princeton graduate, in 2006 as a way to teach his kids how to manage money, FamZoo is now one of the best prepaid cards not only for kids, but for the entire family. However, if you are searching for a reloadable card only for yourself, this card would not be your best option.

Here's What We Love About FamZoo:

  • Unique Features - From the FamZoo dashboard parents are able to reward their children and give them allowances for successfully completing chores around the house. On the other hand if their kids forget to do their chores parents can penalize them by taking money away from their account. Other useful features include the ability to pay interest on their kids savings and allowing them to take out "loans". These set of unique features enable parents to give their kids a real-world banking experience.
  • Fees - FamZoo prepaid debit card is not heavy on fees. FamZoo offer users flexible monthly fee options which can cost users $2.50 per month up to $5.99 per month. We are  not fans of prepaid cards that charge an unwaiverable monthly fee but we'll discuss the fees in detail below and why it's not as bad as you may think.
  • It's Different - We have said many times on this website that many prepaid card companies launch a new card and state they are different but they really aren't. FamZoo is truly a different and unique card. Besides it's unique features, it's actually designed to teach kids and allow the entire family to share a single balance. Not only is it creative, but very useful.

FamZoo Fees: How Much Does FamZoo Cost?

FamZoo charges a monthly of $5.99 without the option to waiver it. This fee is comparable to most other prepaid cards (slightly lower) but other cards offer users the ability to waive the fee if they were to load the card with $500 - $1,000. That is not the case with FamZoo, however, users are given the option to pay the monthly fee 12 months in advance which will ultimately cost users $2.50 per month ($30 total). The $5.99 monthly fee is per family and not per card. So if you have a family of 4 that all have a FamZoo prepaid debit card it will only cost $5.99 per family and not $23.99 per family. It is worth mentioning that FamZoo is one of very reloadable cards that does not charge an ATM withdrawal fee. There's also no activation fee, pin or signature transaction fees. Learn more about FamZoo fee disclosures.

FamZoo Fees

Which Bank Does Famzoo Use?

While most prepaid debit cards uses Bancorp bank and Metabank, FamZoo prepaid card uses CenterState Bank N.A. CenterState Bank N.A. is an FDIC insured bank and once your funds are transferred to the bank (shortly after you add funds to your FamZoo card) your money will be insured for up to $250,000. CenterState Bank and South State bank has joined forces and is now called South State bank N.A. South State bank & CenterState bank combined are located in 300 locations in:

  • Florida
  • Alabama
  • Georgia
  • North Carolina
  • South Carolina
  • Virginia

Th banks combined also serve more than 1 million customers and hold an asset of $34 billion dollars.

Is Famzoo a Safe Prepaid Debit Card?

FamZoo is completely safe and reliable card to use. FamZoo have a great reputation with little to no complaints from  current cardholders and the bank that is holding your money is FDIC insured and serve over 1 million customers. FamZoo is also one of the only prepaid cards that offer new users a free trial...another reason we love them.

Famzoo vs Greenlight

FamZoo and Greenlight are very similar because both of the prepaid debit cards are designed for kids and their parents. Both FamZoo and Greenlight offers a unique dashboard where parents can add or subtract funds from their kids account for chores and missed assignments, parents can provide their kids with allowances and rewards and  add interest to their child's savings. Below are some highlights on how they differ from each other.

Establishment - FamZoo was established in the summer of 2006 whereas Greenlight was officially launched in 2014. The date a company was established play a part in trustworthiness because many new prepaid cards are launched and then go out of business within the first 5 years. The longer a company has been around doing business the more people can trust the company. Greenlight has been around for 6 years which is great, and FamZoo has been around for 14 years which is even better.

Fees - FamZoo offer users a multitier (many) monthly fee option. Users can pay $5.99 a month per family, pay 2 years in advance which will cost users $2.50 per month ($60 upfront payment). Between those two fees are several other fee structures. Greenlight on the other hand charge users a $4.99 monthly fee which is lower than FamZoo standard fee but higher if you were to pay your FamZoo monthly fee 2 years in advance.

Design - Although the FamZoo prepaid card is a great card, the actual card design is quite horrible. Considering that it's a prepaid card designed for kids it should be more festive than the current mossy green that is being sent out. Greenlight card was equally as horrible however, they've realized that their prepaid card should be more exiting to kids so the company did a redesign. The current Greenlight card is much more festive and appealing to look at. Greenlight also offer the service of having kids picture printed on the front of the prepaid card which is awesome.

Famzoo vs Serve

We've mention in our article "Best Prepaid Cards for Teens" that American Express Serve card can act similar to the FamZoo card. Current Serve members can create what's called a "sub account" which is several other Serve accounts all linked to the main Serve card. The primary Serve card can add or subtract funds to other linked cards. However, Serve does not offer a unique dashboard for the parents like FamZoo does.

Fees - Serve monthly fee is $6.99. a little on the high end of the spectrum. For parents who load $500 or more per month on the card that fee is waived so parent's are ultimately paying no monthly fee. As we have mentioned FamZoo monthly fee is $5.99 but can be as ow as $2.50 per month depending on which payment plan the parent chooses. FamZoo also have an edge because the company do not charge an ATM Withdrawal fee. Serve and most other prepaid card does, it's their 2nd primary source of revenue besides monthly fees.

Functionality - FamZoo has a very unique parent friendly dashboard to handle the many tasks that parents need. That's because FamZoo is specifically designed to be a prepaid card for kids and a family debit card. Serve prepaid card is designed for an individual user who wants to make purchases on and offline, track their balance and manage their money. FamZoo can provide kids with a real word banking experience, while Serve cannot fully do the same.