1. How much does it cost?
Zefty is completely free. We may add premium features down the road, but for now the all-you-need basics are at no cost to you, whatsoever.
2. Does it tie into a bank account or real money?
No. Zefty uses all virtual money with virtual accounts. Parents and kids are under the honor system to collect and pay funds from their Zefty accounts. Think of the parent as the bank, and Zefty is merely the software that helps both kids and parents track their accounts.
3. Is my information safe?
Zefty keeps minimal personal information about you, namely your email address and first names, neither of which we give to third parties under any circumstances.
4. How much allowance should I pay my child?
That's a tough question to answer. ZeftyCalc has been written to help guide you -- it takes in your household income, child's age and the level of their chores to give you a rough estimate, but in the end -- it's always whatever the parent considers reasonable.
5. Can kids make deposits/withdrawals without my supervision?
No, much the same way a bank account works -- you, the parent, are the teller (and the safe). Kids can use Zefty to see how much they have, and print out a ZeftyCheck to give to you for redemption.
6. Does Zefty really teach my child sound money management skills?
Money management is taught by example. Therefore, we encourage parents to teach proper financial responsibility. Zefty is a convenient tool to allow you and your child to better deal with the financial workings of the modern world.
7. How do we print out a ZeftyCheck?
ZeftyCheck is a feature for kids only. When they log in, they will see "ZeftyCheck" in their menu. They can enter the amount they would like (it does not allow them to withdraw more than what's in their account) and click the "Print Check" button. It then redirects them to a page that fills out the check for them automatically. They can then print, sign, and hand to the parent for cash redemption. The parent logs in to Zefty, and can make the withdrawal, specifying the Check Number. In the future, Parents will be able to simply enter the check number, and Zefty will handle the withdrawal. It's a fun and easy way to show your kids how Checking accounts work, and that they aren't simply "Free Money" vouchers ;)