What is a Fast Funds card?
What is the difference between a prepaid card, a debit card, and a credit card?
What are the benefits of a Fast Funds card?
Why is the Fast Funds card safer than carrying cash?
How does automatic loading make budgeting easier for parents?
How does Fast Funds help teens with budgeting?
Can parents set spending limits?
Why is Fast Funds a great way for family and friends to give gifts?
How does the Fast Funds card work?
Why may a purchase be declined?
Who is authorized to use the card?
Do I have to activate my First Tennessee Bank Fast Funds card?
Do I need a password to activate my card?
How do parents add money to the card?
Why is it so important to always know the balance on the card?
What if a merchant puts an item through without prior authorization?
How do teens keep track of their balance?
How do parents and teens find out the card balance?
Do merchants ever tie up more funds than the intended purchase price?
If I see unauthorized transactions on my card, can I dispute them?
What if the Fast Funds card is lost or stolen?
Is identification required to use the card?
Can teens use the Fast Funds card at an ATM?
Will my card lose value if I don't use it?
What number do I call if I have any problems with the card?
What happens if I don't use all of the funds on the card before the expiration?
What do I do when the funds on the card are depleted?
Can items purchased with the card be returned for credit?
Can the Fast Funds card ever be suspended?
Will the card impact the teen's credit rating, if misused?
How do I get a Fast Funds card?
Can more than one teen be on the same Fast Funds account?
Chip-Enabled First Tennessee Bank Visa® Fast Funds Card
- What is a chip Card?
- Does First Tennessee charge any additional fees for using the chip cards?
- Where can I use my chip-enabled Fast Funds Cards?
- Do I need to use a PIN with my chip-enabled Fast Funds Card?
- Can I still use my chip-enabled Fast Funds Card for all the same things as my old card?
- Is there a difference in how cardholders use the chip cards?
- What if my chip card doesn’t work when I insert it into the chip terminal?
Fast Funds is a prepaid, reloadable card for teens and young adults who are at least 14 years old. The Fast Funds card gives teens and young adults the independence and purchase power of a Visa® debit card, and it gives parents the peace of mind that comes with knowing they can help their teen manage spending and monitor purchase activity without worries about overdraft fees. The card can be used everywhere that Visa® debit cards are accepted—in retail stores, over the phone, and online. Parents enroll their teen in the program and control the spending limits by the amount they choose to load on the card.
The prepaid Fast Funds card looks similar to a credit card or debit card. Unlike a credit card, Fast Funds cardholders do not have a credit line; teens are allowed access only to the prepaid amount of money that’s on the card. Merchants will accept it everywhere Visa® debit cards are accepted, and the money is automatically deducted from the account as purchases are made or cash is withdrawn from the ATM.
The Fast Funds prepaid card helps put an end to last-minute ATM trips and constant requests for money. With easy loading options—online, telephone, and automatic—combined with parental controls like spending limits, the Fast Funds card makes it easy for you to provide your teen with spending money while teaching them financial responsibility. Fast Funds enables you to monitor spending, and it’s safer than cash, because your teen is protected by Visa’s Zero Liability commitment if the card is ever lost or stolen. Also, it gives your teen the freedom to use it everywhere Visa® debit cards are accepted. Fast Funds is perfect for schoolbooks, supplies, music, food, and travel, and it is great for peace of mind in case of emergencies.
When cash is lost, it’s gone forever. If a Fast Funds card or card number is ever lost or stolen, you’re protected by Visa’s Zero Liability commitment. In case of a lost or stolen Fast Funds Card, either you or your teen should call 888-222-5056 immediately. Your teen’s card will be replaced and the balance will be transferred to the new card for a replacement card fee of $5.00. The replacement card usually arrives in seven to ten business days.
Automatic loading through First Tennessee Bill Pay is a convenient way to set up allowances or budget how much money is given to a teen. Every week, once a month, or whenever deemed most appropriate, a pre-selected amount can be transferred from your credit card, debit card, or checking account to your teen’s Fast Funds card. It’s quick and easy and helps take the stress out of giving teens cash. Make sure you confirm completion of transfer before your teen tries to use the funds.
Fast Funds supplies teens with an account history, so they can keep track of purchases, get a card balance, and find important financial information and tips. Account history and information can always be accessed at www.ftb.com/fastfunds.
Yes, you determine how much money gets loaded on the card, as well as when and how the card is loaded. You also can log on www.ftb.com/fastfunds to review your teen’s spending and suspend the account at any time, for any reason. In this way, the Fast Funds card offers teen's financial independence within safe, comfortable, and structured limits.
You can authorize family members or friends to put gift money on the Fast Funds card. Itís faster and safer than mailing a check or giving cash, and it enables the teen to get what they want. After youíve completed the initial sign up at www.ftb.com/fastfunds, a gift-giver is automatically provided with instructions on how to go to the financial institutionís Fast Funds web site and add a gift to the Fast Funds card.
The Fast Funds card is a prepaid card, so spending limits are set by the amount of money parents load onto the card. When a teen makes a purchase with the Fast Funds card, the purchase amount is deducted from the card balance. When the card balance is low, parents can add money to, or "reload," the card from their credit card, debit card, or checking account. (Note: Transferring money using a checking account can take five to seven days.) Parents can even schedule automatic loading to provide an allowance on a regular basis. It’s a perfect tool for parents and teens to talk about budgeting, spending, and financial responsibility.
The Card's available balance may be less than the purchase amount. The card holder may inform the merchant of the remaining balance on the Card and use another form of payment to pay the difference, subject to the policy of the merchant. And remember that use of the First Tennessee Bank Visa® Fast Funds Card at some merchants - for example, some restaurants, and hotels - requires the Card to have an available balance greater than the purchase amount to ensure sufficient funds for tips or incidental expenses. As the cardholder, you agree not to use the card for illegal transactions and internet gambling and understand these transactions may be declined.
Only the teen whose name appears on the card is authorized to use the card. The account owner has access to set limits for the account and manage the account directly.
Yes. Your card cannot be used to make purchases or withdraw cash from an ATM until it has been activated. Activating your card allows you to select a Personal Identification Number (PIN) and easily monitor your card activity. It also ensures you will be eligible for a replacement card in the event your card is ever lost or stolen.
Yes. The first time you activate your card, you will enter the last 4 digit of Social Security or TIN and the 3-digit number printed beside the signature panel on the back of your card. This is commonly referred to as the CVV number. After you sign-in the first time, you will be prompted to choose your own password for future log-in.
Adding money to the Fast Funds card is the quick and easy way to make sure your teen has money for everyday uses, travel, and emergencies. Just log on to www.ftb.com/fastfunds or call 888-222-5056 anytime. Remember to verify transfer of funds before your teen uses the card. You can setup a transfer from any Visa® or MasterCard debit or credit card to fund the First Tennessee Fast Funds card as a one-time transfer or you may elect to setup recurring transfers. Cash can also be loaded onto the card by visiting any First Tennessee financial center.
Merchants cannot tell how much money is on the card until your teen tries to make a purchase. Any attempt to make a purchase that is for an amount greater than the cardholder’s available balance will be declined. It is important for the cardholder to keep track of their available balance to help avoid this situation. To make a purchase greater than the balance on the card, your teen can use a second payment method (cash, check, or a credit or debit card) in combination with the Fast Funds card, if allowed by the merchant. It’s okay for the card to fully deplete funds. If this happens, simply follow the appropriate steps to replenish the card.
Occasionally, a merchant does put an item through without prior authorization. If the purchase amount exceeds the available balance, the cardholder’s account will have a negative balance. If the balance becomes negative, you will be notified to load more funds onto the card.
We recommend that teens visit www.ftb.com/fastfunds to view their account on a regular basis. By regularly tracking their activity, your teen will always know how much they are spending, where they have spent it, and how much is on the card. This helps them to understand budgeting and the value of money, and Fast Funds makes shopping easy .
You and your teen can check the card balance by logging onto www.ftb.com/fastfunds, or by calling 888-222-5056.
It is important to know that some merchants, such as restaurants , reserve more money (up to 20% more) than your teen may actually plan to spend. They do this to cover variable costs, such as tips or a tank of gas. Make sure your balance can accommodate the additional 20%, or else your transaction may be declined. Within three days, the reserve is cancelled and the reserved funds over the actual transaction amount become available again on the Fast Funds card.
If you use your card at the fuel pump, the authorization and hold amount could be as much as $75. If you do not have that amount available on your card, the transaction may be declined. It is recommended that you pay inside at the counter. This will allow the exact amount of your purchase to be deducted from your available balance.
Confirm your account profile information is correct at www.ftb.com/fastfunds or by calling us at 888-222-5056 before you attempt an online purchase as most online merchants will perform an address check to make sure the address on the card matches the billing address you entered. Merchants may also ask for the 3-digit code which you can find on the back of the card (CVV number).
The available balance on the card should be treated and managed like cash. If you see unauthorized charges on your card activity records, you should notify us immediately by calling 888-222-5056. Upon notification, we can block the card and prevent future transactions from being authorized. We can transfer the balance minus a $5 Card Replacement Fee to a new card that will be mailed to you.
In the case of a stolen Fast Funds card, either you or your teen should call 888-222-5056 immediately. And remember to always keep your card number in a safe place—you’ll need it for a replacement card. Your replacement card will arrive in seven to ten business days and you will be charged a card replacement fee of $5.00.
As a security measure to protect the teen, a merchant might ask to see a teen’s ID, which could be a school ID or a driver’s license. If the teen doesn’t carry ID, the merchant can match the signature on the back of the card to the teen’s signature on the receipt.
Yes; the card can be used at ATMs where you see the PULSE, ®PLUS or Interlink logos. To use your Fast Funds card at an ATM, make sure you select a PIN (personal identification number) when the card is activated. When using an ATM other than a First Tennessee ATM, ATM fees may be assessed anytime by the bank or merchant who owns the ATM and by First Tennessee after the first transaction at a non-First Tennessee ATM each month. The maximum amount that can be withdrawn from an ATM is $200 per week. Parents may elect to establish a lower weekly withdrawal limit by logging into the account and setting individual usage restrictions.
After 12 consecutive months of no usage, an Inactivity Fee of $3.00 will be assessed each month in which there is no activity. This fee will be assessed until the balance on the card reaches $0.00. To stop the recurrence of this fee, simply conduct a transaction (a purchase, ATM withdrawal or new Load).
Please call toll-free 888-222-5056 if you experience problems with the card. Customer Service Representatives are available 24 hours a day, 7 days a week.
The card will expire at the end of the month printed on the card, but the funds do not expire. After the expiration date, the card may no longer be used until replaced. A replacement card will be issued to you automatically and mailed to the address of record on your profile. To update your profile information, call 888-222-5056 or visit www.ftb.com/fastfunds. There is no fee to replace an expired card.
You may continue to add funds to the card and use the card as long as needed. If you determine the card is no longer needed, simply use the funds remaining and call 888-222-5056 to have your account closed so no monthly fees will be assessed.
Items purchased with the card can be returned for credit per store return policy. The return credit may take from three to seven days to be reflected on the card. Check your balance regularly to determine when your card has been credited for the return.
Either you or your teen can suspend the account at any time, for any reason. If the account is suspended by the parent, the Fast Funds card cannot be used again until it is reactivated by the parent. To reactivate the card, simply call 888-222-5056 or login to the account at www.ftb.com/fastfunds.
Since the Fast Funds card does not offer a line of credit, it will not impact the teen’s credit rating. However, if the card is being misused, you can suspend the account at any time.
You can sign up immediately at www.ftb.com/fastfunds.
No. Each teen in the family is required to have a separate card with their own unique card number.
A chip card uses an embedded micro chip which protects your information by creating a unique transaction code that changes with every transaction. This helps to prevent stolen data from being fraudulently used.
No, First Tennessee does not charge any additional fees to use the new chip technology.
The card can be used everywhere Visa® Debit cards are accepted. Many merchants across the US are beginning to accept chip card transactions and this acceptance will continue to grow in the next few years. Chip technology is already used in 130 countries around the world so you will have greater acceptance when traveling internationally. If the merchant does not accept chip cards, you will still be able to use your card with the magnetic stripe.
In most cases, you’ll use your PIN for ATM transactions and either sign or enter your PIN for debit purchases, just like you do today.
Yes, you can still make purchases as you always have – by entering the card number online, providing it by phone or swiping your card at merchant locations that do not yet have chip readers. You can also continue to use your card at ATMs.
Yes, cardholders will insert or “dip” the chip card at a chip enabled terminal. The card will stay in the terminal during the transaction. Once the transaction is completed the cardholder will remove the card from the terminal and store it safely.
Some merchants may have chip terminals, but they may not be activated to accept chip cards. If you are unable to insert your chip card into a chip terminal, you can always swipe your card to complete the transaction.
For More Details visit www.firsttennessee.com/chipcard/