U.S. Bank Partners with Greenlight for Family Banking Tool
Greenlight debit card and app

U.S. Bank Partners with Greenlight for Family Banking Tool

The family finance FinTech Greenlight has announced a new partnership with U.S. Bank.

About the partnership:

U.S. Bank and Greenlight are working together to help raise financial literacy for families. Now, eligible U.S. Bank checking account customers will have complimentary access to Greenlight’s debit card and app. This includes accounts for up to five children. To get started, customers can enroll in Greenlight via the U.S. Bank mobile app or site.

With the complimentary Greenlight account, parents will be able to teach their children and teens about money by allowing them to earn, save, and spend — all with parental controls. For example, with the app, parents can manage chores and enable their kids to earn an allowance that can then be spent via the Greenlight debit card. Additionally, kids can earn 1% rewards on their savings.

Those who already have a Greenlight membership and are new or existing U.S. Bank customers can still take advantage of this offer by updating their funding source. To do so, users can visit the U.S. Bank app, head to account services, and click the “Connect to a Greenlight account” link.

Despite the U.S. Bank partnership and the branding on the debit card design, the Greenlight card is issued by Community Federal Savings Bank. As a result, the terms state that using the Greenlight debit card for U.S. Bank ATM transactions may still result in transaction fees and surcharges.

What they’re saying:

Commenting on the partnership, U.S. Bank’s vice chairman of consumer and business banking Tim Welsh stated, ” U.S. Bank has a long-standing commitment to powering the potential of our clients and communities through financial education. For families, there is no better way for kids and teens to build confidence and money skills than with hands-on experience. Our partnership with Greenlight revolutionizes how our clients can teach their kids about money, by providing trusted and proven financial tools that create positive money habits.”

Similarly, Greenlight CEO and co-founder Tim Sheehan said, “At Greenlight, we’re always looking for new ways to help more young people develop healthy financial habits for a better future. Partnering with U.S. Bank allows us to bring Greenlight to millions of new families, preparing the next generation with the financial knowledge, skills, and confidence they need.”

My thoughts:

For as much as I’ve admired the Greenlight platform as I’ve read about it, the biggest downside was that the account came at an additional monthly cost. Therefore, I think it’s awesome that U.S. Bank customers will now be able to utilize the platform without that expense.

That said, I am curious about a couple of aspects of the deal. First, the fine print noting that Greenlight debit cards used in U.S. Bank ATMs might still incur fees is kind of mind-boggling and seems like something they’d be able to work out. Secondly, while it appears that U.S. Bank members will effectively be getting access to Greenlight’s Core plan, I do wonder if they’ll be able to upgrade and pay the difference if they so choose.

Those questions aside, this sounds like a great partnership that is sure to help families and children become more financially literate.


Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Fioney's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

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