Family Money

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. 

Verizon’s privacy practices are covered by the Verizon Privacy Policy as well as the specific privacy practices described here. In the event of a conflict between the Verizon Privacy Policy and the Family Money practices described here, the Family Money privacy practices govern when you are using Family Money services provided by Verizon. 

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 the Family Money Service. This information includes your mobile number, device identifiers, device type and operating system, and information about the app features you use and your interactions with them.  This includes account usage, money transfers, purchases, feedback you provide and in-app communications. 

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 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 the Family Money Service.
We do not collect more information from children than is reasonably necessary for Verizon to render Family Money services.

Family Money does not enable children to make their personal information publicly available.

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 the Family Money Service. 

Family Money parent accounts are provided through an agreement with MCB.  We share information with MCB to provide the Family Money Service to you including your MCB account and children’s prepaid cards.  This use of information is governed by MCB’s privacy policy.

Family Money uses Plaid Technologies, Inc. (“Plaid”) to gather and process the data required to establish and maintain the banking relationships between your financial institution and your Family Money account.  By using Family Money, you allow Verizon and Plaid to act on your behalf to access and transmit your information between the relevant financial institutions in accordance with this privacy policy as well as the Plaid Privacy Policy.

Before adding children to the 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:  June 15, 2021