Family Money is a U.S. Prepaid Card Program (“Card Program”) offered by Metropolitan Commercial Bank (“MCB”) and includes a Prepaid Visa® Card issued by MCB to your children that you enroll, the Family Money mobile application (the “app”) offered by Cellco Partnership d/b/a Verizon Wireless, the Card Program manager (“Verizon,” “we,” “our” or “us”), and the Family Money website offered by Verizon. Family Money is intended to help parents teach their children ages eight and older about money management. The app allows a parent to link a bank account and fund an online wallet, and then helps parents assign, monitor, and pay children for chores and allowances. The app also allows children to notify parents of completed chores, receive funds from parents for allowance and completed chores, monitor savings, transfer funds from a sub-account linked to the parent’s primary account to the prepaid card, and use the prepaid card to make purchases. The educational content section of the Family Money app gives parents and children access to articles, educational modules, and quizzes about financial concepts and strategies.
Information we collect and how it is used.
Information we collect from you.
We collect information when you establish a Family Money account, including your name, address, email, date of birth, Social Security Number and other profile data, as well as information about the financial institution and account you wish to use to fund your Family Money account. This information is collected for identity verification purposes and to comply with legal requirements applicable to the financial institutions who have partnered with us to provide the Family Money services. Before creating a sub-account for a child, the primary account holder parent or legal guardian must: 1) provide the name, address, email, and date of birth of the children, and 2) consent to our collection of information from the children, in order for them to use the app.
We also collect information about your device and your use of Family Money service. This information includes your mobile number, device identifiers, device type and operating system, and information about the app features you use (including articles, quizzes and other content you access and complete) and your interactions with them. This includes account usage, money transfers, purchases, feedback you provide and in-app communications.
We obtain information from MCB (the Family Money prepaid card issuer) when you permit it in response to our request within the app. We use this information to personalize the communications and offers we send you about Verizon services that may be of interest to you. We may combine the information with other information we have about you for these purposes. You can opt out at any time from the settings menu in the Family Money app.
This includes your name, email address, mailing address phone number, the familial relationship between you and other Family Money users on your account, account and card activation status and onboarding date, ACH transfer history, Family Money length of trial, billing cycle date, Family Money plan information, and the number of children subscribed
Information we collect from your child. When your child uses the Family Money app, we collect a user name, password, profile picture, device information (including device type and operating system details), information about the app features your child uses (including usage, money transfers and card lock activity, and articles, quizzes and other content your child accessed and completed), and in-app communications from your child to you, such as notifications and pictures of completed chores.
We also receive information from MCB about your child’s card activity including purchases your child makes which we display to you in the Family Money app.
Information we collect is used to deliver, maintain, support and improve Family Money service.
We do not collect more information from children than is reasonably necessary for Verizon to render Family Money service. Family Money does not enable children to make their personal information publicly available.
Information we collect from others. Plaid Technologies, Inc. (“Plaid”) provides information that Family Money uses to link bank accounts, verify that you own the bank account you use to fund your Family Money account, verify the sufficiency of funds in your funding bank account, and determine how to process the transfer of funds to your Family Money account. We also use this information to determine how soon the funds may be available in your Family Money account.
This includes a score that Plaid creates using real time data analysis of bank account transfers their banking network performs. Plaid also provides information about the bank account you use to fund your Family Money account such as account nickname, bank name, account type, bank verification information and the last four digits of the bank account number.
Information we share.
We share information with service providers who work on our behalf. These service providers may use personal information shared with them only for purposes related to providing Family Money service.
If you have allowed MCB to share information with Verizon you can change your choice at any time in the Family Money app settings or by emailing Privacy-FamilyMoney@verizon.com.
Before adding children to Family Money service through the Family Money app, you must provide consent for us to collect information from your child. Specifically, parents are asked to provide consent to collect information for all children for whom sub-accounts will be created including login credentials, profile picture, device information, app activity, money transfers, and in-app communications to parents.
You may revoke your consent to collect, use or maintain information collected from your children at any time, however, Family Money services will not be available to your children without consent. You may review the information collected from your children. To revoke consent or request to review information, please contact us at Privacy-FamilyMoney@verizon.com.
Last update: April, 2022