Mydoh serves as a mobile banking system which teaches young users about money management. The new app lets young people gain practical money management lessons by using their everyday life. Through Mydoh, parents can create child accounts for their children to learn money basics, including earning through work and saving. Children use their prepaid card to spend money, but parents check their transactions first before the approval goes through. Mydoh teaches young people how to handle money safely by offering tools for managing tasks and payments with spending controls. Mydoh safeguards all user banking transactions through its secure system. The app lets children handle money while you stay involved in every phase of their learning experience.
Tasks and allowances
Through the system you can define tasks for your children and approve their completion while also sending payment to them in a basic process. The system lets you give your children their weekly allowances while they keep doing their regular tasks or not.
Spend with your card
Children receive both digital and physical cards through Mydoh Smart Cash. They can use these cards at physical retailers and websites except for ATMs.
The card empowers children to oversee their spending and they can use it to purchase products online or in physical stores, but not at ATMs since it operates as a prepaid card without a credit facility. So, no debts and no surprises. Children over 13 can link their Mydoh card to their Apple Wallet on iPhone 6 models and later to use it for Visa and Apple Pay purchases at physical stores. Through the app you gain instant control over your kids’ Smart Cash Card by locking and unlocking it.
Custom card
The Smart Cash Card service now offers Canadian youth the option to design and own their own “Mydoh by Me” customized payment card. Your child can personalize their payment card through this VISA prepaid option.
You can get a special card for $6.99 by uploading your child’s photo through Mydoh’s system or selecting a photo from their gallery and adding stickers. Mydoh will ship your order from 5 to 7 working days after design approval.
Saving goals
The Mydoh app helps children learn smart saving by managing money in separate Goal and General Savings accounts. They define their savings targets for desired items by setting up savings goals within the “Goals” section. They can create their savings in the “General Savings” category without a particular purpose. The app shows kids their past savings and lets them enjoy their success.
Track kids in the app
What’s more? You control all your children’s activity within the app, including how they create financial targets and save for them while monitoring their spending habits.
With online banking, your children access financial education tools while you monitor their activities.
Add a parent
You can easily link another parent to your Mydoh account without paying more by following basic steps in the app. When you join forces with your partner as a second parent, you can both use Mydoh tools to teach money management to your children. The system lets both parents create child tasks and pay rewards, plus establish budget amounts while adding funds to your child’s account. Users can view their spending and saving targets jointly. Get the whole family involved.
Safe and secure
The company Mydoh developed with Royal Bank of Canada’s support offers parents financial protection and comfort through their services. RBC extends its banking services to develop solutions that enhance lives and resolve everyday issues. The Mydoh Smart Cash Card functions safely under Royal Bank of Canada’s leadership and operates using Visa payment technology.
Try Mydoh today
Practical learning produces the strongest results. The product comes without monthly charges. Open a Mydoh account today. It’s fast and easy. Visit mydoh.ca to learn more.
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