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MYDOH
BACKGROUND INFORMATION
FOUNDED: 2016
FDIC: Yes
CURRENCIES: CAD
ATM LIMIT: $100 / day
ATM FEE: FREE
PREMIUM OPTION: NO
APP: iOS, Android
CUSTOMER SUPPORT: Email, Live Chat
IBAN: YES
MONTHLY FEE: 1 Month FREE Trial ($4.99 / Month after trial)
TRANSFERS: Inter account
LOADING OPTIONS: Bank transfer or Check
CARD CHARGE: $0
What Is Mydoh? 📖
Mydoh is a service that’s designed to teach kids about financial literacy. The app allows parents and guardians to manage chores and allowances. It was also created to provide kids with a certain level of financial independence. It’s easy to register for Mydoh and set up the app. Once the app has been downloaded, you just need to authenticate your details and set up an account for each of your children.
How Does Mydoh Work? 👨🏫
Once you have set up Mydoh and downloaded it to your own device, you can download it to your child or children’s. Your child will gain access to a daily list of chores and track their earnings. They will also gain access to a Smart Cash Card. This is a prepaid Visa card that can be used both online and offline. The app also comes with trivia games that have been created to teach kids about financial literacy and spending smarter.
You can either sign up for Mydoh as a parent with an RBC Online Banking login or use your government ID so your identity can be verified. Once you have taken these steps, you’ll be able to set tasks and allowances up for your child and send cash to them if you wish. You’ll gain full access to their earnings and spending activity and will be able to both lock and unlock their cards.
Key Features Of The Mydoh App ⚙️
Your child can use their app to mark their chores as complete. They can also spend cash with their Smart Cash Card, with parents setting spending limits. Earnings can also be tracked by your child, as can spending. Your child will be able to see their current balance in the app. A physical card is available if you want to provide one. This will allow your child to make payments in physical stores and online as long as Visa is accepted by the retailer. Many parents are choosing to increase spending limits once their children have exhibited good financial behaviour whilst using the app. Managing small amounts of money can help your child get to grips with financial literacy. Many parents are saying their children are now more enthusiastic about completing their chores now they have access to the Mydoh app.
How Much Does Mydoh Cost? 💸
You won’t have to pay anything to use Mydoh during the trial period. After this, you will be charged $2.99 per month if you’re an existing RBC client or $4.99 if you are not. These prices are in line with what most companies offering debit cards for children will charge you.
The Mydoh App 📱
The Mydoh app is available for users of the Android and iOS operating systems. It should only take a few moments for you to download and install the app. The app is designed to help kids get used to earning their spending money or allowance. The Mydoh Smart Cash Card can be used in conjunction with the app. As the card is a prepaid one rather than a credit card, you don’t need to worry about overspending. The app can give your kids a financial head start and help them understand basic money concepts. It can help them identify the difference between desirable and essential products and services. Pay Day falls on Saturdays. Weekly paydays help your child understand the importance of budgeting and making their money last. You can also lock or unlock the card at any point via the app.
Is Mydoh Safe and Secure? 🔒
As Mydoh is powered by the Royal Bank of Canada, you can rest assured that your funds will stay safe. Your child’s card details are not stored, and they are displayed securely when your child asks for them. This means the details aren’t even visible to members of the Mydoh team. All card data is encrypted in transit.
Advantages of Mydoh 👍
- Teaches financial literacy
- Simple to use
- Encourages completion of chores
Disadvantages 👎
- $4.99 a month may be costly for some
- Need an Android or iOS device
Conclusion 💭
If your child is too old for a piggy bank and wants to spend money online, MyDoh could be the ideal solution. The app is designed to teach kids financial skills that they can use throughout their lifetimes and avoid falling into debt in future years. As there is no overdraft involved, your child can’t spend more than what’s in their account at any point.
The Mydoh app gives your child the freedom to make purchases without having to ask you for money. You can monitor your child’s financial activity constantly to maintain all the transparency that you need. Services like this help your child to feel more financially free without giving parents any major cause for concern. The app is also great for kids who have started working for an employer for the first time and need somewhere to put their earnings. Your child can use their reloadable payment card anywhere that Visa is accepted.
Another fun feature offered by Mydoh is that it allows parents to react to their child’s spending. For instance, they can provide reactions to purchases their kids have made with emojis. If you’re ever worried about what your child is spending their money on, you can lock the card at any point so they can’t use it until it’s unlocked. No age is too early to start teaching your kids about financial literacy. Mydoh can help your child prepare for adulthood when they’ll easily be able to access loans, credit cards and other risky forms of borrowing so they can make better decisions.
If you ever need to get in touch with the team at Mydoh, it’s easy to do so. To contact Mydoh, simply send an email to support@mydoh.ca or simply use the Chat facility within the app. There’s also a handy FAQ section in the app that should answer most queries you might have about the app.
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