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 convnient 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 ;)
8. Who are you?
Although you will see a lot of "we" and "us", there's one man behind the curtains at Zefty. My name is Brandon, web developer and father of three (soon to be four!) daughters, and I wrote Zefty initially for my own use. I found it increasingly difficult to remember who was paid their allowance, who did their chores (and who didn't!). With three daughters who all love shopping, I also wanted to show them the value of money -- that it just doesn't appear in my bank account for them to spend, or "grow on trees" as my parents would say. So I wrote Zefty as a simple banking system for allowances. I wanted a tool that was easy-to-use, useful, hassle-free, and helped teach my kids about basic money management.
I then wondered if other parents would find it useful, and so far it's taken off really well -- over 2,000 parents, nearly 3,000 kids are currently registered with Zefty, and it keeps growing. We've been featured on numerous blogs, news websites, television programs, and some magazines, which is very exciting!
Regardless of Zefty's success -- it's more about saving, less about profit. Zefty will always be a tool from a parent, for parents, and by parents (your feedback is always welcome). My kids use this, and rest assured your child's privacy is #1.