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Glossary of FamilyMint Terms

 

Field Name Field Location
Description
User Type Create/Edit Profile/  Bank Settings Banker - manages the family “bank”.  A banker sets up child accounts and has access to see (and change!) everything within these accounts.  There can be 1 or more bankers.  (If more than 1, the bankers will work together to manage the family “bank”).

Child – user that actually tracks their money within FamilyMint. 
Nickname Create/Edit Profile/  Bank Settings This is what everyone calls you, i.e Daddy, Scooter.  Your nickname is used throughout the application.  Nickname defaults to your first name if you do not fill in this field.
User Name Create/Edit Profile/  Bank Settings Choose a unique username that you will use to sign into your FamilyMint account.  Try something like “john_doe" or “jdoe1234". Use at least 3 characters.  Your username must be unique.
Password Create/Edit Profile/  Bank Settings A minimum of six characters is required with a mix of characters and numbers.   Password is case sensitive.
Characters allowed are:  0 - 9,  A - Z,  a - z and  _(underscore).  Example: 6Lt_9b
E-mail (banker) Create/Bank Settings Please use a real email address.  We will never give away your address or send you spam.  This allows you to receive email notifications for transactions and if you lose your password, this is where we'll send you a new one. 
E-mail (child) Create/Edit Profile Please use a real email address.  We will never give away your address or send you spam.  This allows you to receive email notifications and if you lose your password, this is where we'll send you a new one. 
Allowance Create/Account Information An amount of money given to your child for a designated purpose.  (Also called "commission" by many.)  Here you can set your child’s allowance and the frequency it is paid.   Allowance will be paid on;
    Weekly:  allowance paid every Friday at 12:01 AM
    Bi-Weekly:  allowance paid every other Friday at 12:01 AM
    Monthly:  allowance paid last Friday of the month at 12:01 AM
Interest Create/Account Information Here you can set an interest rate that is truly motivating and will allow your child to see the value of compounding interest, even with low balances.  Interest is paid either weekly, every Friday at 12:01 AM or monthly on the last Friday of the month at 12:01 AM.
Rate (APY)  Create/Account Information This is the Annual Percentage Yield (APY) rate you will pay your child.  Type in a number, say 12% and select the interval for payment and we’ll show you what that percentage rate will look like in actual dollars.  
Goal Name Create/Manage Goals This is what your saving up for, i.e. college, car, vacation, ect…
Goal Amount Create/Manage Goals How much is this goal going to cost?  Include sales tax if applicable.
Contribution Amount Create/Manage Goals How much do you want to contribute to this goal on a weekly or monthly basis?  If you know when you want to reach this goal by, enter the date and your contribution amount will automatically be filled in for you.
Contribution Frequency
Create/Manage Goals This is how often you plan on contributing to your goal.
Begin Saving On Create/Manage Goals This is when you will be making your first deposit.  It defaults to today, but the date will reflect when you make your first deposit towards this goal.  Once the deposit has been made, the date cannot be changed.
Reach Goal By Create/Manage Goals This is the target date at which you wish to reach your goal.  If you know how much you can afford to contribute towards this goal, then enter that and your reach goal by date will automatically be calculated for you.
Match This Goal Create/Manage Goals Add a little more incentive towards a goal your child is saving for, e.g. college.  If the goal is matched, then it is automatically locked.  Child cannot withdraw or transfer money within a locked goal.  Think of it as a 401K.
Matching Amount Create/Manage Goals Matching percentage of each deposit towards matched goal.  For example, if you enter 20% and your child makes a goal deposit of $10.00, then an additional $2.00 (matching amount) is automatically deposited in that goal.  The net deposit is $12.00. 

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