Frequently Asked Questions
What is Till?Till is a collaborative banking app that engages the whole family to turn kids into smarter spenders. It enables parents to easily move money to kids and for kids to spend that money everywhere a Visa card is accepted. Each transaction on Till builds confidence and skills for kids to navigate expenses once they leave home, without having to run back for help.
What are Till's features?
Till enables U.S. residents over the age of 18 to sign up as a Family Owner, set up a family account, and invite others to join that Till family—including kids, family, grandparents, and other supporters (more on that below). Kids ages 8 to 18 can join the family and spend with their own virtual Till debit card (anywhere Visa is accepted).
Parents can easily move money from their account to every dependent linked in their family—but with purpose. That means giving money for allowance, specific chores completed, and responsibilities upheld (we call them Tasks). When kids ask for money, parents can establish specific conditions to instill smarter spending, like a 50-50 split or repayment timeline (look for Agreements in the app).
Till encourages kids to do more than just ask for money - with Till you can also establish goals and timelines that allow them to save and spend for bigger things. The key to guiding the journey toward smarter spending is the support of the community in the Till family. Grandparents, aunts, uncles, and that close friend who has always felt like a family member can contribute to a Till kid’s goal and celebrate with them when they reach it. Over time we’ll be adding rewards from brand partners congratulating kids for their success, too.
How much does Till cost?Till does not charge its customers any subscription fees (monthly, yearly, transactional, etc). Through our banking partners, we have fee-free ATMs all over the country, and finding the nearest one is super easy with the Till app.
What do I need to do to sign up?You’ll need to verify your phone and email address to set up your Till profile. Because we’re moving money and take that seriously, as you onboard you’ll see a series of identity verification questions similar to what you’d see while opening a bank account. We’ll ask for your social security number and an address so we can confirm your identify. Once a Family Owner is established, they can invite dependents or other admins (people who can move money and see the dashboard too). Those users will get an invite code for easy joining.
Is my money insured by the FDIC?Banking services provided by Coastal Community Bank, Member FDIC. Till accounts are FDIC insured up to $250,000 per depositor through Coastal Community Bank, Member FDIC.
How do I move money on Till?
There are two core ways for any parent or community member to move money to a kid: Quick Gives and Contributions.
Quick Gives: you select the kid, the amount and what account or goal you want to give money to.
Contributions: are automated, recurring agreements between a kid and adults within your Till family. All you have to do is select a kid and choose one of the three contribution types you can create.
- Recurring Contributions are weekly recurring payments for specific expenses. Select the amount, the payment destination, and the day of the week to automatically transfer money.
- Matching Contributions are intended to encourage the kid to continuously add more to their savings accounts or goals. Select the percentage of a kid’s contribution you want to match so that every time a kid adds money to the selected savings or goal, the contribution will be triggered.
- Savings Interest Contributions act like interest rates on a savings account. Select the percentage of the account or goal and frequency of the payment. Now that the money is flowing, the kid can check their dashboard to monitor their account balances, goal progress, and recent activity.
Additionally, there are some other mechanisms that allow for money movement:
Allowance: is an easy, structured way for Family Admins and the Family Owner to set up a weekly payment into their kids Spend Balance.
Transfers: are another way to move money within Till, reserved for kids, Family Admins and the Family Owner. Transfers are how a kid can move money from their accounts and goals within Till. Once a kid or a Family Admin submits a transfer, the Family Owner has to approve it. Once approved the money moves into the selected destination account or goal. This is how matching contracts will be triggered.
Tasks: allow Family Admins and the Family Owner to set up individual dollar amounts for specific actions their kids can complete daily. Once a task is completed, the Family Admin or Owner that set it up must approve it before the money gets moved.
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