It's quick and easy to get into a groove with the GoHenry app. As your kids start benefitting from the financial independence that having their own debit card will give them, you need to know the funding options available to you for adding money to their cards.
Here's an overview of how you can add funds to your kids debit card and GoHenry account.
Adding money to your kid's debit card
Adding funds to your GoHenry parent account can be done electronically with your debit card. You'll need a debit card connected to your checking account. Currently, GoHenry does not accept prepaid debit cards, checks, or American Express cards to add money to your parent account.
You can link your debit card to your GoHenry parent account when signed into the website or app. Money can then easily be transferred from your parent account directly to your kid's debit card — in real-time.
Steps for adding money and connecting your debit card to your account:
- Log in to your account on the website or app
- Click “Add money," enter the amount then click "Add a new card"
- When prompted, enter your card details and click "Confirm" to transfer funds from your card to your GoHenry account
If your debit card is already connected to your account:
- Log in to your account on the website or app
- Click "Add money," confirm the amount, then click "Add money now"
If you want to add a different debit card to your account:
- Log in to your account on the website or app
- Click “Add money"
- On the app, you will see a list of cards connected to the account. Select “Add a new debit card" (FYI: This screen won't appear on the website)
- Enter the amount then click "Add a new card"
- When prompted, enter your card details and click "Confirm" to transfer funds from your card to your GoHenry account
When you add funds to your GoHenry account, those funds will stay in the parent account until you have requested or set up a transfer to the child's account. Funds will only transfer to your child's debit card via allowance, tasks, or quick transfer. Otherwise, the funds stay in your parent account.
There are no fees for adding money into your account. You (and others) may also give monetary gifts via GoHenry using the Giftlinks feature. As a reminder, GoHenry's monthly fees come out of your parent account balance—they are not charged directly to your child's debit card or taken from their account.
Know the limits
When loading funds to your parent account, the minimum amount you can add is $2. However, there is no minimum transfer amount when transferring money from your parent account to your child's debit card — for weekly allowance, tasks, etc.
There are limits on the maximum amount of money you can add to your parent account each day. You can add funds up to three times per day, with a maximum load value of $500 per day. So for example, if you were to add the entire $500 to your account at a time, that would be the maximum you could add to your parent account for that day.
Make it easy to manage your funds
Auto-funding makes managing your parent account easy. You can set it up so that your parent account always has funds to cover allowance and tasks without having to remember to add or transfer funds.
Once your parent account dips below $5, auto-funding will add the amount needed to cover upcoming payouts (allowance, tasks, etc.) and leave your account with either the default amount of $10.00 or an amount that you customize. For example, if your account balance is $4, the weekly allowance is $5, and tasks are $4.75, your account will top up with $15.75. This covers the allowance and tasks of $9.75 and leaves your account with a $10 balance.
Stay in control
One of the perks of a debit card for kids is that it helps offer a balance between giving your child financial independence while monitoring closely with parental controls. Something to keep in mind is that if the GoHenry app is on a shared device and you were the last person to log in, the device will automatically default to the last account that was signed in.
If your child ends up accessing your parent account, they will be able to accidentally transfer funds from your account directly to their debit card. (This is something our Support team has encountered before.) For that reason, it's a good idea to log out whenever you finish using the app.
Enjoy the benefits
Using their GoHenry debit card, you will watch your kids develop spending and saving habits by managing their own money on a day-to-day basis.
Giving your kids access to their own cards and finance app empowers them to make their own financial choices, while you still keep tabs on where they are spending and how they are getting money. (In case you need to step in with some guidance!)
