The current balance in an IOU account is the amount that you currently “owe” your child. IOU accounts simply track money you’re holding elsewhere on behalf of your child. GOTO TOP | GOTO FAMZOO.COM What are IOU accounts? Start super simple, and add sophistication gradually as your kids mature. You can set up any combination of automated allowances, rewards for chores and odd jobs, “payroll” withholding for saving or giving, penalties for missed work, parent-paid interest on savings, expense sharing, matching contributions, budgets, loans, and much more. ![]() You define the rules of your private family banking system and economy in a way that matches your unique values. Your kids sign in separately to access their own accounts, while you maintain visibility and control through a shared online dashboard. You can manage your kids’ funds in either IOU accounts, or prepaid card accounts (subject to eligibility), or a combination of the two. You are the “banker,” and your kids are the “customers.” GOTO TOP | GOTO FAMZOO.COM What is a virtual family bank?Ī virtual family bank is a private online family “banking” system designed to help you teach your kids to earn, save, spend, and give money wisely. Can I get paid for referring new families to FamZoo?į is a virtual family bank that helps insanely busy parents (that’d be you!) to teach their kids good money habits with minimal hassle through hands-on practice.Do I need a mobile phone to use FamZoo?.How do I get to the FamZoo “desktop” web application pages from my mobile device?.Can I access FamZoo using text messages?.Can I access mobile FamZoo from any smartphone?.Is there a FamZoo app for my Android phone?.Is there a FamZoo app for my iPhone or iOS device?.Can I turn off the weekly account summary report?.Can I change the delivery day used for the weekly account summary reports?.How do I track a loan repayment from my child?.How do I set up an automatic recurring charge to an account?.Can I prevent my kid from changing checklist items?.How do I change the starting day for the week?.How do I change the order of items on my checklist?. ![]() Oops, didn’t mean to check that item off! How do we undo?.How can I be alerted when something happens on my checklist?.When do upcoming items appear on my chore chart or checklist?.What are the different ways I can view checklist items?.How do I make a shared wish list for gift ideas?.Can I make a points-based non-monetary reward system?.How do I withhold chore payment until after parental review?.How do I split a chore payment between accounts?.How do I create a “first dibs” chore chart where the first kid to complete the chore gets paid?.What’s the best way to set up chore charts for multiple kids?.How can I put an allowance on hold while we’re on vacation?.How can I schedule a semimonthly allowance?.How do I edit the settings of an allowance or split?.What is the difference between an allowance and a split?.How do I set up a parent-paid investment account to encourage investing?.How do I set up parent-paid interest to encourage saving?.How do I change the currency for our IOU accounts?.How do I download the transaction data from an account?.How do I delete a virtual bank account?.How can I hide an account from normal view?.Can I let my child enter and edit transactions?.How do I split a deposit between accounts?.How do I edit the settings of a virtual bank account?. ![]() How do I add a new virtual bank account?.How do I change family level settings like our family sign-in name?.How do I edit the sign-in info, password, and settings for a family member?.I can’t find the answer I need in your FAQs.How do I cancel my subscription or free trial?.How do I update my billing info or switch payment plans?.Can I give FamZoo as a gift to another family?.Do you have some examples of clever family bank setups?.How do I set up my virtual family bank?.Why can’t I sign in on my browser? Clicking Sign In does nothing.Tip: Use the Jump To Section link in the footer of the page to navigate quickly between main topics. Tip: type “famzoo” followed by a search phrase into Google to locate individual entries rapidly, or use our Help Robot. Prepaid Card FAQs - specific to families using our prepaid cards.General FAQs (below) - applicable to all FamZoo families.You’ll find answers to frequently asked questions on two pages:
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