NEW YORK—Verizon has launched Family Money, a prepaid card on the Galileo platform issued through Metropolitan Commercial Bank.
The goal is to help provide a tool for parents to help their children learn financial management skills at an early age, Payments Journal explained.
Parents link their checking account to the Family Money app, which creates the means to load funds onto their kids’ cards.
The card comes with controls that can block certain transaction types and establishes spending limits. A savings account is also a part of the service. The cost is $5.99 per month for up to five prepaid cards, which is higher than many introductory checking accounts at traditional financial institutions, Payments Journal noted.