What is Wallit™?
Wallit is a digital wallet and money app for families with teens. Wallit makes it fun and easier than ever to manage, save, send and spend money wisely. Wallit offers a safe and fun way for parents to help their teens learn about money in the modern world.
How does Wallit work?
Parents can link their checking or savings account(s) and share an account directly with their teen. Parents can also link their teen’s joint account. Your teen’s account will help them understand earning, budgeting, goal planning, saving and spending, and help them learn healthy financial habits. Money your teens earn from doing tasks you assigned them can be withdrawn to a connected bank account or spent through Wallit with gift cards from top retailers and brands.
Your kids can only spend the money available in their Wallit balance, and there is no danger of debt or overdraft. For parents, this is a straightforward and easy way to manage their pocket money and automate allowances online. Whether you want to set a weekly allowance, make a quick transfer, or set tasks for your kids to earn money, Wallit makes your life easier.
What are Co-Parents and what can they do?
A Co-Parent is another person in your household (aged 18 or older) responsible for raising your teens with you. Co-Parents have the ability to approve and edit allowances paid from your Wallit balance. Co-Parents are not currently able to transfer or receive money.
How do I sign up?
You can sign up by going to my.wallit.app and signing up with a username and either a password or mobile number. During the sign-up flow, you’ll create your profile, invite your family members, and link your checking or savings accounts.
What personal data do you collect and why?
During the sign-up process, we’ll ask you for your full legal name, an email, mailing address and the last 4 digits of your social security number. We use this information to verify your identity so we can link your savings and checkings accounts.
How do I create an account for my teen?
You can invite your teen during the sign-up flow or later by going to your ‘Profile’ and selecting ‘Family’. At the bottom of the list of currently invited family members you’ll see the options to invite an additional co-parent or teen.
How old do my kids have to be to use Wallit?
Wallit is meant for all ages! As soon as your kids are ready to start earning an allowance and learning how to responsibly save and spend the money they earn, they can start using Wallit.
How do I link my teen's checking or savings account?
Only Parents can link checking or savings accounts and link them to Wallit. Simply add your teens’ accounts by going to the ‘Accounts’ section on your dashboard and hitting the ‘Add an Account’ button.
Once you’ve added an account, select it and find your teen’s name from the ‘Share Account With’ drop-down menu. By doing this you are giving your teen the ability to deposit and withdraw money with this account, even if the account isn’t in their name.
Can we still use Wallit if my kid doesn't have their own checking or savings account?
Yes! Teens can save the money you give them and spend it on gift cards. You can also share one of your linked accounts with them to give them the ability to withdraw their earned allowance to that account. Sharing an account is a great way to give your teens the freedom of their own account without actually making one for them at a bank.