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It is never too late to start a savings strategy for children. At PiggyBanc®, getting started is easy.Your Child’s Future Starts Here!
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Frequently Asked Questions (FAQ)
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1. | How do I get started? |
| The first thing to do is sign up for a PiggyBanc membership. You can do so by clicking the Sign Up link Top | |
2. | Do I need to become a member? |
| In most cases, the answer is yes. If you want to receive money you must have a PiggyBanc Saver membership. If you want to give money, it is advisable to have a PiggyBanc Giver Membership to make it easier to make repeat gifts to family and friends. You can however give to a PiggyBanc Saver without having an membership if you know their PiggyBanc username and email address. Having a membership also allows you to establish your savings network, allowing you to view the profile pictures and message of the day from everyone in your savings network. Membership is FREE so you might as well create one! Top | |
3. | I want to create a PiggyBanc membership for my child. Do I need one too? |
| Having your own membership in addition to creating one for your child(ren) is a good idea. You can link your account to theirs which makes it easier to give money, allows you to view their profile picture and their message of the day. Top | |
4. | What information is required to open a PiggyBanc Membership? |
| PiggyBanc requires at a minimum your name, email address, phone and birthday. If you want to receive money, PiggyBanc requires the name and member number of your credit union, so we can transfer the money to your savings account. Top | |
5. | Is PiggyBanc a bank? |
| No. PiggyBanc is not a bank. PiggyBanc is a savings vehicle allowing anyone to give money to your account no matter where they are. PiggyBanc receives these gifts via Credit Card or eCheck on your behalf and then transfers them to YOUR savings account held at YOUR financial institution. Top | |
6. | Are the accounts insured? |
| The insurance depends on your financial institution. PiggyBanc is not a bank. We do not hold your account. Please refer to your financial institution for details about your account’s insurance. Top | |
7. | What interest rate does the money earn in my account? |
| The interest rate depends on your financial institution. PiggyBanc is not a bank. We do not hold your account. Please refer to your financial institution for details about your account’s interest rate. Top | |
8. | Do I need a savings account to enroll in PiggyBanc? |
| You need a savings account in order to receive money through PiggyBanc. After creating a PiggyBanc membership, you will be able to enter the credit union name, member number and savings suffix of your savings account into your profile. Top | |
9. | Why does PiggyBanc require my credit union name and member number? |
| PiggyBanc requires the credit union name, member number and account suffix of your savings account so that we can transfer gifts made to your PiggyBanc account into your savings account. Top | |
10. | Where does the money go? |
| When someone gives to a PiggyBanc Saver, the funds are withdrawn via Credit Card or eCheck and transferred into PiggyBanc’s holding account. Once the funds have cleared, they are transferred into the PiggyBanc Saver’s savings account held at their financial institution. Top | |
11. | How long before a gift arrives in my savings account? (i.e. How long does it take from the time someone makes a contribution to my PiggyBanc account until the money arrives in my actual savings account? |
| The whole process typically takes about 5 business days. Top | |
12. | How can I check the status of a gift? |
When you log into PiggyBanc.com, you can view your gift details by going to the "My Profile" page. The "My Profile" page allows you to view both gifts made into your account, as well as gifts you’ve made to other accounts (if applicable). Each transaction is listed in detail. The "Date Submitted" indicates the date that the contribution was initiated. The "Status" indicates the current status of the transaction:
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13. | How do people give to my account / How do I give to someone else’s account? |
For PiggyBanc members:
For Non-PiggyBanc members:
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14. | Can my Aunt in Des Moines give money to my son’s account? |
| Absolutely. She can easily create a PiggyBanc Giver membership for herself and give a gift to your son’s account or can make one without creating an account. This can all be done on the Give page. Top | |
15. | Can a non-PiggyBanc member give to my account? |
| Yes. They can just go to the Give page and give money. They are certainly free to make an account for themselves first to make subsequent gifts easier and to join your savings network. Top | |
16. | What are some example reasons for giving? |
| Allowance, reward for a great report card, savings goals, holidays, birthdays, extra chores around the house, babysitting, etc... There are limitless reasons to give to a child’s savings account. PiggyBanc is great for adults as well. Anytime you want or need to give money to someone else, PiggyBanc provides you the ability to do so. Top | |
17. | What types of payment are accepted? |
| Credit Card or eCheck (requires routing and account number of checking account) Top | |
18. | Are there any fees? |
The PiggyBanc service is completely free to its members. PiggyBanc never charges convenience fees to contributors or gift recipients. PiggyBanc allows givers to give money via Credit Card or eCheck. PiggyBanc absorbs the cost charged by the financial institutions for processing transactions. Credit Card companies charge an additional fee that is passed back to the giver. eCheck verification fees are also passed backed to the giver and are necessary for their safety and protection. If you give using the eCheck method, there will be no fee added to your transaction.
As a contributor, you are free to use whichever payment method suits your needs. Top | |
19. | What is my Savings Network? |
| Your savings network is your circle of family and friends that you are linked to at PiggyBanc.com. You can view the profile pictures of members of your savings network as well as read their message of the day. You can also easily give to members of your savings network. The savings network is a way to keep you in touch with the people you care about most. Top | |
20. | How can I add people to my Savings Network? |
| In the "My Profile" page, you can view your Savings Network as well as click the Add to Your Savings Network button link your account with another PiggyBanc account holder. All you will need is their PiggyBanc username and their email address (for verification). Also, when a logged in PiggyBanc account holder gives to a PiggyBanc account, their accounts will automatically be linked together in both of their Savings Networks. Top | |
21. | What does linking an account mean? |
| This is the process of adding someone to your Savings Network. Top | |
22. | How do I modify my profile information? |
| Once you are logged in and at the My Profile page, you can click the Edit Profile Details button under the Manage Profile tab. Top | |
23. | What if I forget my PiggyBanc username? |
| Go to the Forgot Username page Top | |
24. | What if I forget my password? |
| Go to the Forgot Password page Top | |
25. | Can a child’s account be setup so that a Parent will be cc’d via email on gifts, account changes, etc...? |
| Yes. This can be done at either account creation time, or later on by editing the child’s profile details via the Edit Profile Details link. The parent would just enter their email address in the "CC/Parent Email" field. From then on, the parent will receive an email copy whenever a gift is made to the child’s account or any of the child’s profile details change. Top | |
26. | What if my email address changes? |
| You can update your email address by using the Edit Profile Details button on the My Profile page. Top | |
27. | How do I change my profile picture? |
| From the My Profile page, you can either click the (Change Your Profile Picture) link directly under your profile picture, or you can select a new picture under the My Profile tab. To upload a new picture, you must first click the "Browse" button to select the picture on your computer’s hard drive (.jpg or .jpeg), and the click the "Upload New Picture" to upload the picture. Top | |
28. | What is the message of the day, and how do I change it? |
| The Message of the Day allows the PiggyBanc member to post a message for everyone in their Savings Network to see. They could declare a new savings goal, update information about a recent event, etc... It is a nice way for people in your Savings Network to keep up to date with what is going on in your life. Top | |
29. | How do I reset my password? |
| If you are logged in an want to change your password, you can visit the Password Reset link. If you forgot your password, it can be reset via the Forgot Password page Top | |
30. | Is using PiggyBanc.com secure? |
| PiggyBanc.com takes security very seriously. Rest assured your account and transaction information is secure. You can view more details of our security policy HERE Top | |
31. | What is PiggyBanc.com's privacy policy? |
| Read about PiggyBanc’s privacy policy Top | |
