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Transactions - Performing Deposits, Withdrawals and Transfers

Just like you do with your own bank, your child is getting the opportunity to transact.  They give you, the Bank, their money and make a deposit into their account.  When they want to buy something, they make a withdrawal from their account and you, the Bank, give them their requested funds.  They also have the ability to transfer money around between their different unlocked goals as their priorities change.

Transaction buttons are blue and are placed along the top of the Transactions window within the Parent and Advanced Child interfaces.

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Transactions in the Junior interface are performed on the pig or by clicking on General Savings or any created goal.

  • Plus+ icon - Click here for Deposits
  • Arrow icon - Click here for Transfers between accounts
  • Minus- icon - Click here for Withdrawals

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Can I edit a transaction once I post it?

No.  Just like an online bank, once it's out there, you can't edit it.  However, a child can cancel a transaction if it was made in error.  The banker can deny the transaction too if approvals are turned on.   This way, there is always a complete history of everything that happened in your bank.

2 Comments

  • Avatar
    Tom Henske

    My child has an ongoing charity goal which periodically we use the money when we hit a goal and the amount of money in that particular "bucket" goes down.  For example, when he has $100 and wants to take $40 out to give to the charity I'm not sure how to do that in the system.  Can someone help me learn how to do this? Thanks!!!  sbcshops@optonline.net

  • Avatar
    Jeff Eusebio

    Hi Tom,

    When the goal hits the $100 mark, just have your son make a withdraw of $40 specifically from that account.  Since you are acting as his banker, then you can give him the cash (or put it on your credit card, etc.) to give to the charity.   The account will fluxuate up and down in value based on the balance he has available at any point in time to give to charity. This same setup can be used for recurring expenses like a cell phone.

    Another way to "fill up" the charity goal is in conjunction with the FamilyMint Savings Plan.  Whenever your son earns money, have him make the deposit in FamilyMint and select "Savings Plan" from the goal account list in the Deposit pop-up.  If you have the Savings Plan set up, this will automatically funnel 10% of his earnings toward charity, 30% toward long term savings, or whatever percentages you choose. 

    Thanks!

    Jeff

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